A recent survey reveals that 83% of adults in British Columbia, specifically those from Generation Z and younger Millennials aged 18 to 38 (born between 1986 and 2006), view homeownership as a valuable investment. Among those who don't currently own a home, 77% plan to purchase a primary residence during their lifetime.

"Young Canadians have a strong positive outlook on owning real estate. Despite the challenges of entering urban markets like Vancouver, this demographic sees homeownership as a significant and worthwhile long-term investment, regardless of the property type," said Adil Dinani, sales representative and team lead of the Dinani Group at Royal LePage West Real Estate Services. "With this goal in mind, many are willing to adjust their lifestyle or explore alternative pathways, such as purchasing with friends or family or relocating to more affordable areas."

Dinani pointed out that high lending rates are a significant hurdle for many young buyers, often prolonging their time in the rental market. "As rates decrease meaningfully, we expect to see more of this demographic transitioning from renting to owning their homes."

In British Columbia, 75% of respondents who don't currently own a home consider homeownership a priority. About half (51%) believe that buying a home is an achievable goal, while 25% are uncertain, and 24% feel it is out of reach.

When asked why homeownership is important, 81% of the next generation of potential homebuyers in British Columbia expressed a desire for a permanent place to call their own. Additionally, 68% believe owning a home provides stability, and 40% find renting restrictive due to tenant-landlord policies. Respondents were allowed to select multiple reasons.

"Homeownership is a highly valued milestone for many in Generation Z and young Millennials, making it a key priority for their future. While some young buyers anticipate financial help from family, others are taking a close look at their finances, making necessary adjustments to achieve this goal," Dinani added. "Young Canadians should remember that opportunities exist in every market, regardless of current conditions. Instead of feeling rushed, take the time to explore, understand, and get comfortable with the opportunities available."

 Click here to download the “2024 Next Generation of Buyer’s” Brochure.