More than half of millennials and Gen Z determined to buy a home: Poll

The dream of home ownership

Over half of millennials and Gen Z (56%) still report the current economy is negatively impacting their finances, causing delays in their home-buying plans. Concerns about the impact of the economy on home-buying plans have grown since 2021 (+12%), particularly among older Canadians (+16%), while affordability concerns among younger Canadians (18-34) remain steady over the years.

In spite of these significant challenges and concerns, this cohort's long-term plans to buy a home remain largely unaffected.

Over a third (37%) of Gen Z and 31% of millennials have moved up their home-buying plans given an improved financial standing over the past year, much higher than the 15% of Gen X and 10% of boomers.

As well, Gen Z places the highest importance on the ability to complete the entire mortgage application process online (35% vs. 5% for boomers).

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Successful home owners

Over a quarter of millennials and Gen Z (27%) report lacking confidence in understanding the steps needed to buy a home, higher than the 15% of boomers. It starts at the beginning, with 63% of Gen Z and 54% of millennials are looking for clearer and more accessible information from their financial institutions on the homebuying and mortgage process.

However, when it comes to those who have already purchased homes, many younger Canadians are fast approaching mortgage renewal. Nearly three-quarters (72%) of Gen Z homeowners and half (48%) of millennial homeowners will be renewing their mortgage for the first time, compared to only 14% of Gen X homeowners and 10% of boomer homeowners.

Even with declining interest rates, this remains a major concern for 68% of Canadians across generations, especially those renewing their mortgages, with 44% prioritizing a competitive rate when choosing a mortgage.

Survey methodology

The survey was conducted on behalf of Scotiabank by Maru Public Opinion from September 5 to 6, surveying 3,017 Canadian adults, including 1,858 homeowners and 1,235 renters. Results were weighted by education, age, gender, and region (and in Quebec, language) to reflect the Canadian population according to census data.