The dream of owning a home is not in fact dead for Canadian millennials B次元官网网址� at least, for some B次元官网网址� despite ever-present challenges to save money.

ThatB次元官网网址檚 according to a new poll recently released by HSBC, which questioned 9,000 young people across nine countries B次元官网网址� including 1,000 living in Canada.

About 34 per cent of millennials in this country already own a home, and eight in 10 of those who havenB次元官网网址檛 already made a down payment, plan to do so in the next five years.

The problem is that this group is still having a hard time saving, or isnB次元官网网址檛 bothering at all.

Almost 30 per cent of respondents in Canada reported having no savings plan, while 53 per cent have an B次元官网网址渁pproximate budget.B次元官网网址�

About 37 per cent of millennials who already own a home went to the B次元官网网址淏ank of Mom and Dad,B次元官网网址� according to the survey, while about 20 per cent moved back in with their parents to save cash.

The group Generation Squeeze adds to the bleak picture: it takes millennials in B.C. about 16 years to save for a 20-per-cent down payment B次元官网网址� more than a decade longer than it took in 1976. In Vancouver, it takes a further seven years.

B次元官网网址淭he reality is, itB次元官网网址檚 a challenge,B次元官网网址� Larry Tomei, executive vice president at HSBC said. B次元官网网址淪o I canB次元官网网址檛 stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.B次元官网网址�

When millennials finally buy a home, almost half of them struggle to stick to a budget within the first two years B次元官网网址� often overspending, leading them back to Mom and DadB次元官网网址檚 wallets.

More than half know saving would require spending less on leisure activities and going out. One third said theyB次元官网网址檙e even prepared to delay having children.

editor@goldstreamgazette.com

GREATER VICTORIA MARKET UPDATE 禄 MONTH TO DATE Mar. 6/17 COURTESY VICTORIA REAL ESTATE BOARD

禄 107 / 1,121 -- NET UNCONDITIONAL SALES / TOTAL, MARCH 2016

禄 209 / 1,445 -- NEW LISTINGS / TOTAL, MARCH 2016

禄 1,581 / 2,618 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, MARCH 2016