Half of Canadians under 30 have given up on owning a single-family home: survey

The vast majority of Canadians between the ages of 18 and 28 worry they will not be able to afford a home in their city of choice thanks to soaring real-estate prices, with half already giving up on their dream of owning a single-family home, according to a new survey.

More than 80 per cent of Canadians between the ages of 18 and 28 – also known as Generation Z – worry they will not be able to afford a home in their city of choice thanks to soaring real-estate prices and increasing cost of living, according to a recent survey conducted by Sotheby’s International Realty.

Half have already given up on the dream of owning a single-family home.

Researchers with the luxury real estate brand surveyed 1,502 Gen Z Canadians living in Vancouver, Calgary, Toronto and Montreal as part of the survey aimed at quantifying the sentiment among the next generation of first-time homebuyers.

The top financial barrier cited by respondents was the ability to save for a down payment while managing their current living expenses – a factor that is not expected to ease thanks to rising inflation rates.