The key to a Canadian Millennial’s heart is property.
So suggests a new worldwide survey sponsored by HSBC.
The Beyond the Bricks survey of about 12,000 adults, including more than 1,000 Canadians, sheds light on Millennials’ priorities, and just how integral real estate considerations can be to a relationship’s foundation.
Of Canadian Millennial respondents, one third say shared financial and property goals trump looks when picking a date.
And, compared to the global set, Canadians generally appear more property hungry in at least one way.
Some 30% say they would trim day-to-day spending in order to afford a home, versus 11% internationally.
However, Canadians are less willing to compromise when it comes to having children.
Internationally, 35% of respondents would delay having a child to afford property, compared to just 6% of Canadians.
In terms of holding off on big-ticket purchases like cars and luxury items, roughly 30% of Canadians are willing to go without. A similar share are open to going out less.
That’s in line with the global results.
Given how Canadians prioritize homeownership in their personal lives, it shouldn’t come as a surprise that they spend hours a week researching property.
In fact, Canadians dedicate 2.08 hours a week to this task.
However, while this may sound like a lot — especially since just 0.81 hours a week is spent reading to their children — Canadians’ property-researching habits pale in comparison to those living in the United Arab Emirates, where 6.6 hours a week are lost to this.
In the US, 4.95 hours a week is sunk in real estate viewing and reading.
HSBC suggests that anxiety is behind Canadian Millennials choosing property prospects over looks, with 61% reporting they are anxious about buying property.
“The anxiety millennials (and others) feel is justified,” Barry Gollom, senior vice president of retail banking and wealth management products and propositions for HSBC Bank Canada, in a statement.
“Close to 70% of Canadians own their home but less than 30% do so without a mortgage,” Gollom adds.