Canadians in the 18-34 age range were found to be the most likely to have more than one residential property compared to older generations, with 44% of the youngest investor cohort owning two or more investment assets. Nearly seven in 10 (67%) younger investors (ages 18-34) also owned their primary residences.
“It is clear that possessing real estate remains a desirable means for building wealth over time,” said Phil Soper, president and CEO of Royal LePage. “Despite the hurdles of low home supply and increased lending rates, young people are more inclined than ever to make real estate investing a part of their financial planning for the future.”
Soper added that the results of the study indicated that younger Canadians tend to prioritize investment properties over owning their primary residences.
Single-family detached homes were the most popular type of investment property in Canada, with 44% of investors owning this asset class. This was followed by condos (37%) and townhomes (11%).
The main motivations for purchasing investment property were the opportunity for long-term value appreciation (69%), positive monthly cash flow (54%), and low maintenance costs or variable expenses (44%).