2021 RE/MAX Report: Housing Affordability in Canada In a new report exploring housing affordability in Canada in 2021, RE/MAX found that one in three (33%) Canadian homebuyers is exploring alternative options to help them get a foot into the housing market. These include renting out a portion of a primary residence (21%), pooling finances with friends or family to purchase a home (13%) and living with like-minded neighbours in a co-op/shared living arrangement (7%). According to a Leger survey commissioned by RE/MAX, 42% of Canadians said the high price of real estate was a barrier to entry into the market. This is up just 4% over last year – surprising, given the consistent price growth experienced by housing markets from coast to coast over the past year. Among prospective homebuyers, millennials and Gen Z are most likely to consider alternative regions and communities, and/or financing options to keep affordability in play.
Some main findings were - Of those Canadians who are considering alternative ways to become homeowners, 54% are Millenials and Gen Z - 15% OF Canadians reported they were able to grow their savings during the pandemic and plan to use these funds as a down payment on a home in the next 6-12 months - Winnipeg and Regina continue to be two of the more affordable markets in Canada year over year, with an average selling price below $350,000 - St.Johns tops the list of most affordable cities in 2021, with an average selling price of $307,619 - 45% of Canadians agree that a national housing strategy would improve their ability to own a home
Read the full article and click the link: https://blog.remax.ca/housing-affordability-in-canada/ |
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