A new Re/Max survey conducted by Leger says 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.
Generation Z is expected to outnumber the millennial generation within a year and as such, this generation will have a significant impact on the housing market over the next 20 years, says Re/Max. Its survey found that 38 per cent of respondents expressed no desire to own a home. However, about half of both Gen Z groups in B.C. and Ontario agree they have limited knowledge of the housing market but are interested in learning more. This was especially apparent in each of the province’s hottest housing markets, with 57 per cent in the Greater Vancouver Area and 51 per cent in the Greater Toronto Area feeling undereducated.
READ THE FULL ARTICLE: https://www.remonline.com/generation-z-entering-the-real-estate-market-the-next-generation-of-home-buyers/