Pre construction condos scarborough . 25% of young people bought houses during the epidemic. The latest survey by Royal Canadian Real Estate found that about half of Canada’s young people between the ages of 25 and 35 own their own homes, of which 1/4 of young owners bought homes after the outbreak.
The report points out that 84% of the “shellless people” of this age group have a strong desire to buy a house. Of the 68 per cent of respondents who plan to upgrade to owners in the next five years, 16 per cent expect to buy a house within one year, 14 per cent plan to buy a home within one to two years, and 39 per cent expect to buy a house within two to five years.
Su Bo (Phil Soper), president and chief executive of Royal Real Estate, said that the accident of the epidemic brought an opportunity for young people to buy their own homes. Interest rates on home loans have fallen to historic lows, and competition for all types of homes has been relatively reduced.
Many investors who traditionally rent houses to foreign students sell their properties, and customs closure also hinders the arrival of new immigrants and short-term tenants.
Su Bo pointed out that the market demand has increased, but many property owners are reluctant to release the market during the epidemic, resulting in a housing shortage almost to the level of crisis. He said that many young people who live with their parents or share with others feel that the living environment is too crowded because they work from home. Some people regard the current property market as a rare opportunity for affordability in 10 years. On the other hand, many older owners shelve their housing exchange plans temporarily because they are able to meet the needs of working from home.
Research shows that 72% of young people are confident about their short-term financial situation in the future, 40% of their personal savings have improved since the epidemic, and 11% of their savings have increased significantly. 92% of young people believe that home ownership is a good investment.
He said that the epidemic has cost young people a lot of fun, unable to eat out, no concerts or holidays, and no new clothes to show off in videoconferences. The advantage is that increased savings can be invested in real estate.
The report points out that 63% of young people who are working or are looking for a job believe that it is important for employers to allow them to work from home. 52% said they were more likely to move to other towns farther away from the company if they could work remotely. 39% were affected by the epidemic and wanted to move to sparsely populated areas, while 46% had planned to live in less populated areas.
The survey found that 45% of young people prefer to live in cities because of walking, recreation, multiculturalism and more employment opportunities.
Forty-seven percent of young people who like to live in small towns or suburbs yearn for outdoor space, lower house prices and can afford to buy larger properties.
He said that young buyers are more accustomed to surfing the Internet, so they are well adapted to virtual houses or electronic contracts, and the epidemic will also accelerate the digitization of the real estate market.