Of those millennials that haven’t yet put money down on a home of their own

HOMEFINDER: Poll: Millennials plan to buy in next five years

Once they do buy, many young home purchasers struggle to stick to a budget

The dream of owning a home is not in fact dead for Canadian millennials — at least, for some — despite ever-present challenges to save money.

That’s according to a new poll recently released by HSBC, which questioned 9,000 young people across nine countries – including 1,000 living in Canada.

About 34 per cent of millennials in this country already own a home, and eight in 10 of those who haven’t already made a down payment, plan to do so in the next five years.

The problem is that this group is still having a hard time saving, or isn’t bothering at all.

Almost 30 per cent of respondents in Canada reported having no savings plan, while 53 per cent have an “approximate budget.”

About 37 per cent of millennials who already own a home went to the “Bank of Mom and Dad,” according to the survey, while about 20 per cent moved back in with their parents to save cash.

The group Generation Squeeze adds to the bleak picture: it takes millennials in B.C. about 16 years to save for a 20-per-cent down payment – more than a decade longer than it took in 1976. In Vancouver, it takes a further seven years.

“The reality is, it’s a challenge,” Larry Tomei, executive vice president at HSBC said. “So I can’t stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.”

When millennials finally buy a home, almost half of them struggle to stick to a budget within the first two years – often overspending, leading them back to Mom and Dad’s wallets.

More than half know saving would require spending less on leisure activities and going out. One third said they’re even prepared to delay having children.

editor@goldstreamgazette.com

GREATER VICTORIA MARKET UPDATE » MONTH TO DATE Mar. 6/17 COURTESY VICTORIA REAL ESTATE BOARD

» 107 / 1,121 — NET UNCONDITIONAL SALES / TOTAL, MARCH 2016

» 209 / 1,445 — NEW LISTINGS / TOTAL, MARCH 2016

» 1,581 / 2,618 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, MARCH 2016

 

Just Posted

Langford considers regulating sale of spray paint following string of vandalism

Regulations could involve restricting sale to minors, locking up spray paint

French Open at Bear Mountain serves a winner

The US Open is scheduled for Sept. 3 to 8 on the hardcourts at Henderson Park in Oak Bay

Union Club of B.C. votes in its first female president

16-year member Grace Van den Brink previously served as vice president

Convicted drug trafficker asks Victoria courtroom for chance to ‘turn this around’

Horst Schirmer sentenced for convictions on five counts of possession related to trafficking

Alzheimer Society calls for helpline volunteers in Greater Victoria

Charity is in ‘urgent need’ as calls on the rise

VIDEO: Trans Mountain expansion project gets green light, again

Prime Minister Justin Trudeau announced the decision in Ottawa on Tuesday afternoon

Greater Victoria wanted list for the week of June 18

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you support the government’s decision to approve the Trans Mountain pipeline expansion?

The federal government announced Tuesday its approval for the Trans Mountain pipeline… Continue reading

Man to be sentenced for sexual abuse of young girl in Nanaimo

Stephen Mark Castleden also sentenced for child pornography-related charges

MPs hear retired B.C. nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Horgan says he’ll still defend B.C. coast after second Trans Mountain approval

Meanwhile, one B.C. First Nation has announced plans for a legal challenge

VIDEO: Firefighters stop blaze from spreading after BMW crashes at Saratoga Speedway

Victoria-based businessmen were ‘corner training’ on Father’s Day when incident took place

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

Most Read