Millennials might want to snap up a piece of real estate soon, as research shows that the next generation is moving into the market.
More than 50 per cent of college-aged kids, dubbed generation Z, are hoping to buy a home in the next few years, a survey from Re/Max of Western Canada found.
The real estate agency asked 18-24 year olds living in the Greater Vancouver and Greater Toronto areas how they felt about the housing market.
The survey found that 75 per cent of Vancouver-area generation Z are stressed about buying a home, in comparison to 71 per cent of those in the Greater Toronto area.
Despite that, nearly two-thirds of the next generation thought buying a home was “a good plan for the future,” while 27 per cent found it to be “a good investment.”
However, it also found that 57 per cent of Greater Vancouverites felt undereducated about home buying.
“Gen Zers are interested in learning more, and a greater effort needs to be made to educate them about the benefits and potential risks of home ownership,” said regional executive vice-president Elton Ash.
“While the survey showed interesting trends across two of the hottest markets, the Gen Zers we speak to are eager to become informed and excited about the future of home ownership.”