78% see it as a priority and a significant milestone
Canada's next generation of potential homebuyers view real estate as a valuable long-term investment. A recent survey conducted by Royal LePage, conducted by Hill & Knowlton, revealed that 84% of Canadian adults in Generation Z and younger millennials—aged 18 to 38 and born between 1986 and 2006—consider homeownership a good investment.
Among those who do not currently own a home, 74% see it as a priority and a significant milestone they're working towards. While young buyers are aware of the high cost, only 54% believe it is an attainable goal, while 26% are uncertain and 20% feel homeownership isn't achievable.
"It is not surprising that young buyer hopefuls see immense benefits in homeownership," said Phil Soper, president and CEO of Royal LePage. "What is both surprising and promising in these findings is the practical and purposeful manner in which these people are tackling affordability barriers. They are well educated on the state of the real estate market and the wide variety of government programs put in place to assist young families find homes.
“They are hyper-focused on saving for a down payment, which is often the biggest hurdle buyers face. And, they are open to creative solutions, such as shared ownership with friends and family, or buying a property with the express intention of renting a portion of the home to a tenant."
For many of these Canadians, the desire to own a home is driven by the need for long-term housing security. Nearly 73% of next-generation homebuyers who prioritize homeownership want a permanent place of their own, while 57% believe that owning a home offers stability. Similarly, 45% feel that renting is restrictive because of landlord policies, and 32% see homeownership as part of their retirement plan.
