Survey Shows How People Save for a Home

According to a Real Estate Council of Ontario (RECO) survey.

Among Ontarians aged 18-35 38 per cent are currently saving towards the purchase of a home. In comparison, eight per cent of those aged 35-54 and only four per cent of those aged 55+ are saving. The survey also founds that Ontarians are willing to cut back on indulgences to make home ownership a reality.

Non-essential spending like entertainments (70 per cent), vacations (69 per cent) and electronics (51 per cent) are most likely to see cut backs when saving towards a home purchase.

Ontarians aged 35-54 are more likely to cut back on vacation spending (76 per cent) than younger Ontarians aged 18-35 (53 per cent).

Many of the written responces in the ‘other’ option centered around cutting back on food, dining out and a combination of all options.