INFOGRAPHIC: This Isn’t Your Mother’s Mortgage

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RateSupermarket.ca’s “Not Your Mother’s Mortgage” survey finds affordability gap between generations

Buying a home today really is less affordable than in decades past, a cross-generational consensus gathered by RateSupermarket.ca reveals.

The “Not Your Mother’s Mortgage” survey finds only 46 per cent of today’s millennials (born between 1980 – 2000) could afford a house in their region, compared to 59 per cent of pre-millennials (born 1979 and earlier).

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Of the millennials who do have the means to buy, nearly half (43 per cent) indicated a condo or townhome is their only affordable option.

The survey, which polled Canadians of all ages on their home buying sentiments, also found that despite being increasingly expensive, 91 per cent of millennials feel home ownership is an important life milestone, with 72 per cent feeling that renting does not provide the same value.

“It’s clear owning your own home is still an important part of the great Canadian dream, despite the financial hardships incurred along the way,” said Penelope Graham, Editor at RateSupermarket.ca. “These attitudes – coupled with today’s record low interest rates – are likely driving housing prices in Canada’s most competitive markets.”

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The survey found a considerable amount of anxiety exists over the future of Canada’s market: 88 per cent and 77 per cent of millennials and pre-millennials respectively worry that prices will continue to rise unsustainably. Despite this, 79 and 85 per cent of these age groups still feel housing is among the safest of investments.

Survey Highlights

  • 84 per cent of millennials and 86 per cent of pre-millennials feel housing in general is less affordable today.

  •  Despite affordability challenges, 72% of millennials expect to buy a home over the next 5 years.

  • 49% of millennials believe today’s low mortgage rates help with affordability, compared to 66% of pre-millennials.

  • 17% of millennials and 13% of pre-millennials believe low mortgage rates are contributing to overheated home prices in Canada.

  • 79% of millennials are discouraged by today’s real estate prices, vs. 76% of pre-millennials

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Related Topics

Buying A Home / First Time Home Buyers / Mortgage News / Mortgages / RSM News

6 thoughts on “INFOGRAPHIC: This Isn’t Your Mother’s Mortgage

    • By all means, please do enlighten us. I’d love to see your take on interest rates, their history and where they are headed along with economical impact or influences. This should be interesting.

  1. in my opinion real estate prices went up. my sister bought a really nice house in a really nice neghbourhood for 170k like 4 years ago and today the same house would cost over 200k. i always look at houses for sale and unappealing houses are so expensive. i live in canada so of course they are far more expensive than usa.

  2. Millennial here Things are more complicated now a days! Stacks of paperwork, hoops to jump through and a larger percentage of our income in needed to purchase. #NotYourMothersMortgage

  3. #notyourmothersmortgage It’s gotten really unaffordable to buy a house. The prices need to come down specially for millennial’s to be able to afford a house

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