Only a third of non-homeowners feel confident they will ever own a home
TORONTO, April 30, 2024 /CNW/ - A new study by Léger Research and commissioned by Qtrade revealed that 85 per cent of Canadians believe the dream of owning a home was more attainable for previous generations, while 61 per cent worry that the dream of home ownership may be completely out of reach.
However, the data showed a correlation between the use of online brokerages and the achievement of home ownership. Canadians who use an online brokerage are more likely to be homeowners than those who do not use one. Nearly half (46 per cent) of Canadians who use an online brokerage feel confident they will be able to buy a home, versus 27 per cent among those who do not use an online brokerage.
Highlights of the research include:
- The average budget for potential home buyers with an online brokerage is $711K versus $605k for those who do not use an online brokerage, a difference of $106k.
- Almost three-quarters (71 per cent) of online brokerage users have heard of a First Home Savings Account (FHSA), but awareness falls to 50 per cent for those who do not use an online brokerage. Among non-homeowners, 70 per cent say it's important to have a place they can call their own, but 66 per cent agree that saving for a down payment is a financial challenge.
- Only a third of non-homeowners feel confident they will ever own a home.
"We want to help empower and educate Canadians with investment products and tools to achieve financial goals like purchasing their first home. Surveys like this are important for us to hear from Canadians so that we can continue to offer products and services to meet their evolving needs," said Christine Zalzal, Senior Vice President, Head of Online Brokerage & Digital Wealth, Aviso. "Our online platform Qtrade helps Canadians invest with confidence, and that includes access to an FHSA to help make the dream of owning a home a reality."
Source: Léger Report, January 2024
Qtrade offers self-directed investors a choice of platforms to achieve their financial goals. Qtrade Direct Investing is among Canada's top-ranked online trading platforms, having secured more than 28 first-place wins over the past 18 years in industry evaluations of online brokerages. With more than 20 years' experience, Qtrade operates direct to consumer and through over 300 strategic partnerships with some of Canada's largest financial services institutions. Qtrade believes that Canadian do-it-yourself investors should have confidence in their financial decisions, confidence in the tools we provide to help them make those decisions and confidence in the support we offer. Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade and Qtrade Direct Investing are trade names or trademarks of Aviso Wealth Inc. and/or its affiliates.
SOURCE Qtrade Direct Investing
Media Contact, Astrid-Maria Ciarallo, Senior Manager, Media Relations and Thought Leadership, [email protected], 416-524-1994
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