Although the widespread perception is that today鈥檚 young Canadians are increasingly giving up on the dream of homeownership and planning to rent long term, the results of a new suggests that this isn鈥檛 the case.
The survey by Leger of Generation Z young adults (18- to -24-year-olds) in 小蓝视频 and Ontario, published August 30, found the desire to own a home is alive and well 鈥� especially in Metro Vancouver.
More than half (51 per cent) of Metro Vancouver鈥檚 young respondents said they would like to own a home within the next few years. That鈥檚 higher than in Greater Toronto, where respondents were more likely to say they鈥檒l continue renting or living with parents for the foreseeable future. Overall, 46 per cent of Gen Z-ers said they鈥檇 like to be a homeowner in the next few years.
However, that doesn鈥檛 mean the prospect of buying a home in Canada鈥檚 priciest markets isn鈥檛 daunting. More than two-thirds (71 per cent) of Metro Vancouver respondents said that they were stressed when thinking about buying a home 鈥� a figure that was even higher in the GTA at 75 per cent.
Re/Max鈥檚 survey also reported, 鈥淎bout half of both Gen Z groups in 小蓝视频 (50 per cent) and听Ontario听(45 per cent) agree they have limited knowledge of the housing market but are interested in learning more. This was especially apparent the hottest housing markets, with 57 per cent in the听Greater Vancouver Area鈥� feeling undereducated.鈥�
As Generation Z ages, this cohort of potential homebuyers is expected to outnumber Millennials within as little as a year, according to Re/Max. 鈥淎s such, this generation will have a significant impact on the housing market over the next 20 years.鈥�
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