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A new generational trends report released today by Mustel Group and Sotheby\u2019s International Realty Canada reveals that an overwhelming majority of urban Canadians across the Baby Boomer, Generation X, Millennial and Generation Z adult demographic remain confident in the long-term financial performance of residential real estate. Despite rising interest rates, stubborn inflationary pressures and economic uncertainty, nearly half (49%) of urban Canadians ages 18\u201377 believe that a residential real estate purchase will perform the same or better than their other financial investments in the next 12 months, while a resounding 60% believe it will perform the same or better than their financial investments in the next 10 years. In fact, over one-third (35%) report that they are even more likely to purchase a primary residence in the next five years than they were in January 2020 before the advent of the pandemic, while one-third (35%) of those who already own a primary home report that they are now more likely to sell within the next five years compared to their intentions pre-pandemic.<\/span><\/p>\n
The Mustel Group and Sotheby\u2019s International Realty Canada \u201c2023 Canadian Real Estate Market Sentiment: Generational Trends Report\u201d is Canada\u2019s first in-depth study comparing the relative confidence levels of Baby Boomers (ages 58\u201377), Generation X (ages 43\u201357), Millennials (ages 27\u201342) and Generation Z adults (ages 18\u201326) as it relates to the current housing market, and to examine changes in consumer sentiment and housing mobility aspirations since January 2020. It is the first in a multi-part report series studying the housing intentions and preferences across multiple generations in 2023 and is based on a survey of 2,000 Canadians ages 18\u201377 in the Vancouver, Calgary, Toronto and Montreal Census Metropolitan Areas. <\/span><\/p>\n
\u201cOne of the most transformative and enduring social and economic outcomes of the pandemic is that Canadians now place a heightened importance on primary home ownership, not only as an investment in their lifestyle and personal security but as an investment in their financial future,\u201d says Don Kottick, President and CEO of Sotheby\u2019s International Realty Canada. \u201cEven though Canadians are now confronting the challenges of steep interest rate hikes, rising inflation, mounting economic uncertainty and significant housing affordability concerns, the results of the Mustel Group\/Sotheby\u2019s International Realty Canada survey reveal that confidence in our real estate market remains high and that demand for housing and housing mobility across every generation is more pressing than ever.\u201d<\/span><\/p><\/blockquote>\n