A whopping 37 per cent of Toronto Gen Z adults actually think they can afford a home
The optimistic ambitions of the Gen Z crowd should serve as an inspiration to us all, as a staggering share of this demographic living in Toronto think that they will be able to buy a home in Canada's second-hottest real estate market.
According to a new generational trends report by Mustel Group and Sotheby's International Realty Canada, 37 per cent of Toronto Generation Z adults (defined in the report as people aged 18 to 28) plan to buy their first home in the city, where aggregate home prices climbed by 20.9 per cent year-over-year to $1,309,800 in just the first three months of 2022.
But despite a real estate landscape stacked against them, the report claims that Gen Z adults are actually not only on good footing to achieve the elusive goal of home ownership, but also are proving to have the financial flexibility to seek out a home that caters to their return-to-work needs.
In fact, proximity to work is among the top-ranking priorities for Gen Zs looking for their first home purchase, with 46 per cent surveyed reporting that buying a home close to work is a key consideration.
You'd think that translates to a higher demand for homes in the downtown area, yet only 16 per cent reported that buying in or close to the downtown core is a crucial location priority.
Only neighbourhood safety ranked higher, with 56 per cent reporting this as their priority consideration for the location of a first home purchase. In third place was proximity to grocery stores at 39 per cent, while transit friendliness and walkability were tied in fourth at 35 per cent.
Despite Toronto ranking among the top cycling cities in North America, only nine per cent of Gen Zs surveyed reported cycling friendliness as a priority. The lowest consideration by far was proximity to nightlife, like clubs and bars, with only three per cent of Gen Zs mentioning this as a key priority in their home hunt.
But while a large share of this demographic living in Toronto would like to maintain their urban lifestyle, an even greater share at 42 per cent say they will seek out their first home in a suburb beyond the limits of major cities. Eight per cent prefer smaller towns, while three per cent want to go full rural.
The remaining 10 per cent are still just trying to figure it all out and are probably the most relatable group out of those surveyed.
Join the conversation Load comments