Although the widespread perception is that today’s young Canadians are increasingly giving up on the dream of homeownership and planning to rent long term, the results of a new Re/Max-commissioned poll suggests that this isn’t the case.
The survey by Leger of Generation Z young adults (18- to -24-year-olds) in B.C. and Ontario, published August 30, found the desire to own a home is alive and well – especially in Metro Vancouver.
More than half (51 per cent) of Metro Vancouver’s young respondents said they would like to own a home within the next few years. That’s higher than in Greater Toronto, where respondents were more likely to say they’ll continue renting or living with parents for the foreseeable future. Overall, 46 per cent of Gen Z-ers said they’d like to be a homeowner in the next few years.
However, that doesn’t mean the prospect of buying a home in Canada’s priciest markets isn’t daunting. More than two-thirds (71 per cent) of Metro Vancouver respondents said that they were stressed when thinking about buying a home – a figure that was even higher in the GTA at 75 per cent.
As Generation Z ages, this cohort of potential homebuyers is expected to outnumber Millennials within as little as a year, according to Re/Max. “As such, this generation will have a significant impact on the housing market over the next 20 years.”
