Buying a home has long been part of the Canadian dream, but it’s always easier said than done.
Rising house prices have made that a difficult proposition, especially for young people, newcomers and low-income earners trying to squeeze their way into one of the priciest housing markets in the world.
But where there’s a will, there’s a way, and many Canadians are finding a way to home ownership by thinking outside the box. In some cases, Canadians are thinking outside their cities, too.
A website called Finder said it conducted a survey earlier this year, which was published Tuesday. The research found most Canadians are willing to leave their cities to be able to afford a home.
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More than half of adults surveyed (54 per cent) said they’d be willing to pack their bags for a place to call their own, compared to 46 per cent who said they wouldn’t. And it appears the younger you are, the more likely you are to say you’d be willing to uproot your life.
Among adults between the ages of 18 and 24, 85 per cent surveyed said they’d consider moving to purchase a property. That percentage drops to 70 per cent when people between the ages of 25 and 44 were asked.
The majority of people between the ages of 45 and 64 say they’d be open to the idea, too, but the number drops dramatically to 26 per cent when folks 65 and older are asked the same question.
And it appears most of those people open to moving for a place of their own have one city at the top of their list.
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Despite being one of the most expensive places to buy a home in Canada, Toronto was identified as the top preferred destination for prospective homebuyers.
The survey suggested adults under the age of 45 were most willing to move to Canada’s largest city. This is despite the fact that the median house price in Toronto was $898,013 in the second quarter of 2019, according to Royal LePage. And that number is expected to rise.
To put things in perspective, the median house price for the same period was $474,049 in Ottawa and $460,089 in Calgary, per Royal LePage.
For those looking for more affordable options, Ottawa and Montreal were also popular picks for younger folks. Meanwhile, Halifax rose in the rankings as the age demographic got older.
Regina, Whistler, B.C., and Windsor, Ont., were almost the least popular destinations to move to in order to buy a place in Canada.
The data compiled for this survey of 1,200 Canadian adults was commissioned by Finder and conducted by OnePoll in March 2019. Northern territories were not included in the findings.