Calgary families just don’t have a lot of spare cash when it comes to saving for a home, a recent study has found.And that’s often standing in the way of their pursuit of the Canadian d…
Calgary families just don’t have a lot of spare cash when it comes to saving for a home, a recent study has found.
“We embarked on doing research about what constitutes the ‘modern family.’ which really encompasses older millennials and younger Gen-Xers,” says Brad Henderson, president and CEO of Sotheby’s International Realty Canada. The study’s first part — published in November — examined the buying habits of this demographic with respect to their choice of homes. The driver behind the study was the hypothesis that this group was less interested in single-family homes and that the “dream” had shifted to favour the freedom renting offered financially, affording them more cash flow for other priorities like travel.
Across all major metropolitan areas, 39 per cent of respondents indicated this was their biggest challenge, ahead of paying for lifestyle expenses , followed by credit card and other debt . “What was interesting to us is that 71 per cent of down payments came from savings or cash from the person who was buying the home.”Of those who did receive money from family , this sum accounted for less than 30 per cent of the down payment for about 70 per cent of this group.
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