The Bank of Montreal Says Millennials Are in No Hurry to Buy Real Estate

According to recent survey by the Bank of Montreal, millennials have plans to buy real estate .... eventually.

The survey's findings

70 percent of respondents said they prefer to delay their decision to buy a home, despite the fact that 60 percent percent are tired of renting properties.

So why wait? 66 percent are worried the value of the property could diminish and 67 percent are concerned they may find something wrong after their purchase.

42 percent reported they would rather spend on travelling, starting a business or furthering their education, while 38 percent didn't want to lose all of their disposable income.

Explained BMO's director of home-financing Damon Knights, "The return on a home purchase is important to millennials and they take a thoughtful approach to how their home will fare in the current housing market."

Of those surveyed, only 26 percent of respondents said they plan to buy home within the next year.