According to a new generational trends report released today by Mustel Group and Sotheby’s International Realty Canada, the Canadian real estate market is set to absorb an influx in demand as the next generation of homebuyers, Generation Z, is primed for first-time home ownership despite challenges with housing affordability.
“This study is the first of its kind in Canada to focus on this influential next generation of home buyers,” says Josh O’Neill, General Manager of Mustel Group. “The findings reflect the sentiments and aspirations of young Canadians, and reveal trends that will have a significant impact on the future of the country’s housing market.”
- 75% of urban Canadian Generation Z adults are likely to buy and own a primary residence in their lifetime; 1 in 10 (11%) already own their home.
- 82% are worried that they will not be able to buy in their community of choice due to rising real estate prices.
- 70% would want to buy a single family home in their peak earning years if budget were not a consideration.
- 50% have already given up on the traditional dream of owning a single family home.
- The top financial barrier for Generation Z when saving money for a down payment is paying for current living expenses, cited by 28%.
About this survey
- An online methodology was employed, using a robust national panel of Canadians who reside in the four greater metropolitan areas of interest: Vancouver, Calgary, Toronto and Montreal.
- A total of 1,502 Generation Z adults were surveyed, using a disproportionate sampling method to enable analysis within each metropolitan area, as well as across the combined metros (Census Metropolitan Areas, CMAs).
- The sample was weighted to match Canada census on the basis of age, household income and home ownership within each CMA and to bring the total sample into proper proportion based on relative populations.
- While the panel sample is demographically representative, margins of error only apply to random probability samples. (The margin of error on a random probability sample of 1,502 respondents is ± 2.5 percentage points, 19 times out of 20, and ranges from ± 4.5 to 5.4 points for 325 – 476 respondents).
- Data collection dates were Oct 25th to Nov 10th, 2021.