Shannon Realty

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Percentage of Millennials Who Own A Home

June 27, 2018 by Editor

According to the 2016 Canada Census, about 68% of Canadian households own their home.

That percentage drops to about 64% in Greater Vancouver, and to 47% in the City of Vancouver.

Percentage of Millennials who own a home.

Percentage of Millennials who own a home. Source Huffington Post

Not surprisingly, for Millennials – the cohort currently in their early- to mid-30’s – numbers are significantly lower in most countries.

With today’s prices it may be difficult for Millennials to catch up – with a possible long-term economic effect.

Canadian Consumer Debt

Consumer debtMortgage debt accounts for 66.5% of total consumer debt, but when looking at consumers’ regular monthly payments, the mortgage share is only 47.0% because mortgage interest rates are lower than most other debt, and the debt is paid off over many years.

There is a strong history of mortgage debt repayment in Canada, and mortgages are secured by collateral, so they are generally considered much less risky to the economy than credit card debt.

Credit card debt accounts for only 5.3% of total outstanding consumer debt in Canada. However, as a share of scheduled (minimum) monthly payments, credit card payments account for 14.6% of monthly outlays – and much higher if balances were to be cleared every month.

Many more consumers hold a credit card (88.5%) than have a mortgage (28.9%).

Source: CMHC

Is There a Role for Social Media in Real Estate Deals?

Both buyers and sellers should be aware of the practical uses of social media. It is common these days for buyers to search information on various sellers to learn more about them and their motivations. Similarly, as soon as an offer is received and buyers make themselves known, sellers will do the same.

It is important for both parties to limit their posts regarding their intentions; knowledge is power and you don’t want to inadvertently give any away. Neither party should ever post anything about negotiations, nor about inspection results.

It is common for buyers to take photos of homes they see to help them remember what they saw when on tour, but it is never acceptable to post these pictures or videos – that is a violation of the seller’s privacy.

Sellers should post a link to their REALTOR’s listing, but refrain from posting any other pictures or information.

Talk to me if you need clarification on any of these issues.

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Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

Monthly Articles

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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