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
About Qtrade
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