What do near-future homebuyers in Canada’s hottest markets have to say about home-ownership?
A new RE/MAX survey conducted by Leger found that nearly 51 per cent of Generation Z (age 18-24) in the Greater Vancouver Area would like to own a home in the next few years, while those in Toronto are more inclined to continue to rent or live with their parents.
Perhaps one of the biggest and newest challenges facing RE/MAX Brokers & Agents is how to approach young homebuyers’ uncertainty towards homeownership and lack of understanding of the market.
- 67 per cent of Generation Z in Ontario and British Columbia are stressed when thinking about purchasing a home. In the Greater Toronto Area and Greater Vancouver area this is higher at 75 per cent in the GTA and 71 per cent in the GVA
- 46 per cent of Generation Z in Ontario and British Columbia who don’t own a home, would like to buy one in the next few years
- 50 per cent of Gen Zers in B.C. feel undereducated about homeownership and are interested in learning more, with 45 per cent in Ontario feeling the same
- 38 per cent of respondents expressed no desire to own a home
“While the prospects of home ownership may seem daunting, that doesn’t mean that Generation Z should give up hope,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA Ontario-Atlantic Region. “It will be more important than ever for financial institutions and real estate professionals to educate this generation and reach them through the platforms they frequent, such as social media and online.”
Gen Zers and other young homebuyers are adapting to current market conditions by looking outside of city centres to find affordable properties.
Despite the anxiety felt by many Gen Zers toward the prospect of home ownership, more education and help from the right team of professionals could dispel the fears and assist them in making a sound investment. It is expected that this generation will have a big impact on the Canadian real estate market in the next two decades. Gen Zers and other young homebuyers are adapting to current market conditions by looking outside of city centres to find affordable properties. Government must also play a role in ensuring that these suburban communities are well connected to urban centres, so that this cohort doesn’t become isolated.