While buying a home is a major cause of anxiety for Canadian millennials, it’s also an important factor when it comes to dating.
According to a new global survey by HSBC Bank of Canada, 61% of Canadian millennials feel anxious about buying a property, compared to just 20% of baby boomers. The Beyond the Bricks survey included nearly 12,000 adults from 10 countries, with 1,077 from Canada.
With buying a home being a cause for anxiety for so many Canadian millennials, it’s not surprising that 39% said shared financial goals and 33% said shared property goals were more important than looks when considering dating partners.
This makes a lot of sense! Buying your first home will be the largest financial decision you’ve made at that point in your life, so you want to make sure the person you’re in a serious partnership with has the same goals in mind.
"The anxiety millennials (and others) feel is justified,” says Barry Gollom, Senior Vice President of Retail Banking and Wealth Management Products and Propositions, HSBC Bank Canada. “Close to 70% of Canadians own their home but less than 30% do so without a mortgage. It's good to be a little nervous about the biggest purchase you'll likely ever make. But you shouldn't be overwhelmed. And we do our part to make our customers sleep a little easier in their new homes."
Having a similar mindset makes sense when it comes to finances and property because it impacts other areas of your life. For example, the survey found that compared to our global peers, Canadians cut back more on our day-to-day spending in order to afford a home (30%). Nearly 30% cut back on major expenditures and luxury items, while 28% cut back on spending in their social life.
If you’re going to have a life partner, they better be on the same page about day-to-day expenses, large purchases, and social outings!
It turns out that millennials are really focused on owning property, with a quarter of them admitting to checking their property value at least once a month. Compare that number to only 8% of Canadians who check their property value as frequently. Under half look into their property value annually.
"Canadians should be looking at their home as a place to live and build memories,” adds Gollum. “On average Canadian respondents had been living in their current home for approximately 13 years. Historically, it's very unusual for the value of a home to decline over the span of a decade so there's no good reason to be checking the value frequently. It just creates unwarranted anxiety."
So, next time you swipe and hit a match, maybe you first question should be about their home ownership goals.