Survey: Canadian Young Adults (18-24) Less Optimistic Than American Counterparts in Homeownership Prospects

Calgary, Canada, July 10, 2018 --(PR.com)-- In May 2018, an online survey of 1000 Canadians and 1000 Americans between the ages of 18 and 24 was conducted by Justin Havre & Associates to measure when these groups believe they will be able to attain homeownership.

While 15.1% of American respondents believed they would be ready to purchase a home within the next three years, only about 9.7% of Canadians surveyed felt they would own a home within that same period.

19.9% of Americans surveyed indicated they would be able to own a home in four to seven years while 18.1% of Canadians indicated that belief.

15.4% of Canadian respondents believed it would take over 16 years to be in a financial position to purchase their first home compared to just 5.7% of Americans surveyed.

Just under 19% of respondents in each group (18.2% Canadian vs. 18.8% American) felt they would never own their own home.

Other comparative notes from the survey include:

More US young adults surveyed already own homes. 24.4% of respondents from the United States already own a home compared to only 15.8% of Canadians.

Canadians in this age group believe it will take them longer to own their own homes than Americans. 38.2% of Canadian respondents believe it will take at least 8 years to buy their own home compared to only 17.9% of Americans surveyed.

35% of US respondents believed they would own a home within 7 years versus 27.8% of Canadians.

The 2,000 people responding to the survey were split 50/50 between Americans and Canadians, each ranging from 18-24 years of age. Respondents were living in a variety of housing markets throughout each country and were not concentrated in any one metropolitan area. The average margin of error for the Canadian survey is +2.25% / -2.33% and for the US survey + 2.21% / -1.96%.