Newspaper article The Canadian Press

Most Millennials Consider Home Ownership Important, Says Poll

Newspaper article The Canadian Press

Most Millennials Consider Home Ownership Important, Says Poll

Article excerpt

Poll: Owning a home important to millennials

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TORONTO - A new poll by CIBC (TSX:CM) suggests home ownership is just as important to millennials as it is to most Canadians.

The survey shows 86 per cent of millennials view home ownership as important even though 42 per cent of them are renting and 21 per cent live with their parents.

Overall, according to the poll, 85 per cent of Canadians consider home ownership a priority.

Of those, 63 per cent say it makes financial sense to build equity and save for retirement while 59 per cent of millennials in the 18-34 age group say home ownership provides a sense of personal freedom.

Conversely, 15 per cent of Canadians say home ownership is not important, with nearly half saying it's too big of a financial burden

Barry Gollom, vice president of mortgages and lending at CIBC, says it's a myth that millennials don't want to own their own home. …

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