58% of gen Z and millennials say they are still determined to purchase property
According to the Scotiabank survey, 56 per cent of gen Z and millennials say the current economy is negatively affecting their finances and delaying their plans to buy a home. However, 58 per cent say they are still determined to purchase property in the next five years.
“Canadians continue to face barriers in today’s challenging housing market,” says Tracy Gomes, senior vice-president of real estate secured lending at Scotiabank. “While homeownership may feel out of reach for many young Canadians, their determination to achieve it remains unwavering.”
Meanwhile, 37 per cent of gen Zs surveyed and 31 per cent of millennials said they have moved up their home-buying plans, thanks to their improved financial standing over the past year — significantly more than the 15 per cent of gen Xs and 10 per cent of boomers who said the same thing.
The report also found that gen Z respondents placed the highest importance on the ability to complete an entire mortgage application process online (35 per cent, versus five per cent for Boomers), while more than a quarter of millennials and gen Zs (27 per cent) say they lack confidence in understanding the steps required to buy a home (compared to 15 per cent of Boomers).
The Scotiabank Housing Poll surveyed 3,017 Canadians. It weighted the results by education, age, gender, and region, as well as language in Quebec.