Canadians are showing a big boost in confidence when it comes to the real estate market, and millennials are leading the charge. 

A recent poll revealed that homebuying intentions among Canadians are the highest they’ve been since 2010, and the strongest buyer intention comes from millennials.

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According to their data, 50% of those with strong buyer intention were millennials, due to less anxiety about employment (36% vs. 47% in 2017) and less uncertainty about the economy (19% vs. 28% in 2017). 

This age group is also reporting an increased likelihood of buying a home within the next two years. The annual RBC Home Ownership Poll points to resurging confidence in the economy and employment for the increase in buyer intention. 

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And how are they planning to afford it? Just over 35% of Canadians indicated they had received, or would be receiving, financial assistance from their family for a down payment. Almost an equal number of future buyers plan to do it on their own with a dedicated savings account.

However, the poll also showed that 61% of Canadians are concerned about interest rate increases, a jump of almost 10% from last year. Over one-third of those polled said they are thinking about buying a home sooner because of current low interest rates, while another third are thinking of doing so because of a potential increase in interest rates.