Canadian millennials want to date those with similar home dreams

Thursday Jul 25th, 2019

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Canadian millennials hoping to find a match on a dating app should clearly state their financial and homeownership goals.
 
That’s because around 4 in 10 respondents from that generation told a survey from HSBC that shared financial and property goals are more important than looks when choosing potential dates.
 
This desire is probably less to do with desperation in finding a partner and more to do with finding someone who can share the cost of homeownership; 61% of respondents said they feel anxious about buying a property.
 
The poll was part of a global survey by the lender including more than 1,000 Canadians.
 
"The anxiety millennials (and others) feel is justified,” said Barry Golom, Senior Vice President of Retail Banking and Wealth Management Products and Propositions, HSBC Bank Canada. “Close to 70% of Canadians own their home but less than 30% do so without a mortgage. It's good to be a little nervous about the biggest purchase you'll likely ever make. But you shouldn't be overwhelmed."
 
The study found that:
  • The majority of Canadian millennials (62.8%) said financial considerations drove their last house move
  • The top two reasons were getting more house for their money (25.5%), or a lower cost of living (23.4%).
  • The biggest source of tension was accepting money from parents for the purchase (14%).
Checking home values
 
Once they have taken the leap and bought a home, one quarter of Canadian millennials admitted to checking the value of their property at least once per month compared to just 8% of all Canadian adults surveyed with 49% saying they check the value annually.
 
 

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