Part 2 of the Modern Family Home Ownership Trends Report Series released by Mustel Group and Sotheby’s International Realty Canada highlights the impact of escalating costs of living on young families across the country’s major metropolitan real estate markets. The report sheds light on the financial challenges faced by urban Canadian families, including the decision between saving for a home versus saving for retirement, and provides insight into how those obstacles are being overcome.
Mustel Group and Sotheby’s International Realty Canada’s “Modern Family Home Ownership Trends Report: Financing the Canadian Dream” found that for “modern family” homeowners in every metropolitan area surveyed, the main obstacle to saving for a home is the cost of basic living expenses, cited by 33% as their top challenge. Many are also undertaking significant financial, career and personal measures to successfully attain home ownership. A notable 20% of modern family homeowners delayed saving for retirement, 19% secured a job with a higher salary while 14% added a part-time or freelance job to full-time work. 12% chose to delay the decision to have a child in order to save for a home, and 9% moved back in with family.
About this release:
The results are based on an online study conducted from August 9th to September 6th, 2018. A total of 1,743 “modern families” were surveyed, using a disproportionate sampling method to enable analysis within each metropolitan area, as well as across the combined metros (Census Metropolitan Areas, CMAs). The data has been statistically weighted to match Canada census on the basis of age, household income and home ownership within each CMA and to bring the total sample into proper proportion based on relative populations.
The margin of error on a random probability sample of 1,743 respondents is ±2.3 percentage points, 19 times out of 20, and ranges from ± 3.5 to 4.9 points for 400-800 respondents.