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  1. HomeMortgage Industry Reports

    8 in 10 Millennials Intend to Buy in 5 Years
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    About a third (34%) of millennials (Canadians born in the 80s and 90s) are homeowners, finds a new HSBC survey.

    Of those who don’t own, 82% plan to buy in the next five years. But there’s a minor problem: 70% of them haven’t saved enough for a down payment.

    Enter the parental units.

    Dependent supporters are rushing to the rescue of a small chunk of newbie buyers.

    If history is a guide, in 2017:

    roughly 37% of millennials will take parental support for part or all of their down payment
    about 21% will move back in with the ‘rents to save their down payment (recent empty-nesters, don’t turn your basements into storerooms just yet).
    For millennials who can’t qualify for a mortgage (for example, who don’t pass the government’s new 4.64% stress test):

    59% would “consider” spending less on leisure and going out
    37% say they’d consider a smaller than ideal home
    30% would consider delaying children.
    So there we have it, more casualties from the new mortgage rules: theme parks, bars and child-care workers. Bet that wasn’t an “intended consequence.”

    Daily Fact: Twice as many millennials in China own a home; 70%, versus 34% here in Canada.

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