26 Aug Royal LePage Survey – Real Estate Trends Among Canadian Millennials
Royal LePage Survey – Real Estate Trends among Canadian Millennials
Six in ten non-homeowner millennials in Canada believe they will one day own a home, but half say they would have to relocate: Royal LePage Survey
- 72% of millennials in Canada would choose to continue living in their current city or town, if the cost of living was not an issue
- 40% of millennials in Canada say they would change employers to be able to work fully remotely; top motivators include the cost and time associated with commuting
- 68% of non-homeowner millennials in Canada say that owning a home is important to them
- Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years
- Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada, despite cooling market
- Survey chart includes national, provincial and city-level data
In Ottawa, 54 per cent of millennials who do not currently own a home believe they will one day. Meanwhile, 33 per cent of non-homeowner millennials in the city do not believe they will ever own a home.
The survey found that 53 per cent of millennials in Ottawa are already homeowners. And, 60 per cent of the cohort plan to purchase a home within the next five years. Of those who plan to buy their first home or sell their current home and move within this period, 54 per cent say they will remain in the city, while 35 per cent say they plan to relocate.
Seventy per cent of millennials in Ottawa say that if the cost of living was not an issue, they would choose to continue living in the city. However, 45 per cent do not believe their salaries will increase at a rate that will allow them to buy a home in their current location. Twenty-seven per cent of respondents say their ideal work/life scenario would be to live outside the city and work fully remotely; the most popular answer of all options offered. The second most popular option is to live in the city and work fully remotely (15%).
According to the survey, 69 per cent of non-homeowner millennials in Ottawa feel that home ownership is important.
For more national, regional and city-level insights into the home buying trends and intentions of Canadian millennials, as well as their thoughts on relocation and remote work, read the full press release here.
Do you have questions about buying or selling real estate in this market? We are very happy to answer your questions or discuss the Ottawa market with you. We are experienced Ottawa and Kanata REALTORS® and we would be pleased to help you, a family member or friend. Feel free to contact us!