I don’t know if housing has always been a loaded conversation in Canada… but it sure seems to be right now.
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.