A new generational trends report released today by Mustel Group and Sotheby’s International Realty Canada reveals that even in light of escalating costs of living and rising housing prices nationwide, an overwhelming majority of Generation Z buyers are self-reliant in saving for their first homes, and are employing diverse strategies to overcome financial obstacles to home ownership.
Survey Highlights for Metro Vancouver region
- 40% expect first home to be co-owned.
- Top personal and financial measures taken to attain home ownership include securing a full-time job with a higher salary (49%), and earning extra income through a second job (45%).
- Generation Z in Vancouver, as well as in Toronto, are more likely than those living in Montreal to believe their most likely first home ownership structure will be co-ownership with family, reported at a rate of 27% in Vancouver.
- 62% report that personal savings will be a primary funding source for their down payment. Other leading down payment sources include a financial gift from family (cited by 31%), loan from a financial institution outside of a mortgage (23%), sale of financial assets such as stocks and bonds (23%) and a family inheritance (21%).
- Vancouver Gen Z respondents, along with their counterparts in Toronto, are more likely than those living in Calgary and Montreal to expect that they will pay more than $750,000 for their first home.
- 86% maintain that home ownership will play a major role in achieving a financially stable retirement, including 44% who “strongly” agree with this sentiment.
Press Release and Media
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.