According to the survey, a third of urban Canadian Generation Z adults (37%) anticipate buying their first home within the next five years. Thirty percent estimate they’ll pay $350,000–$499,000 for their first home, while 26% expect to pay between $500,000 and $749,999
To make their down payment, 67% of respondents said they would use their personal savings as their primary source of funding. Another 25% project they will rely heavily on cash gifts from the family, while 16% intend to pay for it themselves. Twenty-four percent expect to get a loan from a financial institution that is not a mortgage provider.
Some are turning from single homeowners to alternative party arrangements. About 24% expect to co-own their first home with relatives, while another 13% expect to co-own with friends.
The most common way to save for a first home is to find a full-time job with a higher salary, which was mentioned by 51% of respondents. This was followed by a 42% reduction in personal consumption and an increase in income through a second source of income (41%).
According to 83% of respondents, home ownership will have a major impact on their ability to achieve financial stability. Seven in tenth (71%) think a home purchase will perform as well (32%) or (39%) as a retirement investment.
