The housing ‘discussion’ has gotten out of hand… with warring sides yelling their arguments at each other without ever increasing rage.
I find lots of things annoying about this discussion, but a few things rise to the top…
- 1. It’s not about Canada… it’s about Toronto and Vancouver… which really isn’t a Canadian conversation
- It rarely captures what people are actually thinking… like the people that are actually buying the house (not the 100s of people commenting on it)
And so I was really happy to stumble across a survey that tossed some data at a few interesting questions (or at least tried to get some answers from real people):
- What’s the most challenging part of buying a home?
- Do you think buying a home/condo is a good investment?
- Where is the money coming from?
Now, these results aren’t fresh off the boat, they’re from early 2016, but I think they’re still interesting.
For example: did you know that first time buyers looked at an average of 13 HOMES before buying their current home.
Now, I completely understand if this infographic doesn’t change how you feel about housing, but it’s colourful and I poke gentle fun at middle aged folks with a carefully crafted cartoon (calm down boomers we all know that you’ll live forever).
9 out of 10 people believe that buying a house/condo is a good investment
That’s a lot of people.
But what I found really interesting about these results is that when you break that information into generations… the number starts going down the younger you get.
89% of 45 – 54 year olds are on the good investment train… but only 76% of 18 – 24 year olds.
So maybe the housing bears are slowly winning this ‘discussion’ that we’re having… or maybe the big city markets have just broken the spirits of 14% of today’s youth.
At the very least it seems like the statement ‘buying a house/condo is a good investment’ is insanely situational.
Not only is it tied to region, it’s tied to personal situation and life goals and all that other fun stuff.
I find it hard to believe that buying a house/condo is a good investment for 90% of people, but maybe that’s my own bias showing.