The Mustel Group and Sotheby’s International Realty Canada have released a report on generational trends in the Canadian real estate market. The report reveals that the vast majority of urban Canadians across all age demographics are confident in the long-term financial performance of residential real estate, despite economic uncertainty, rising interest rates, and inflationary pressures.
49% of urban Canadians between the ages of 18 and 77 believe that a residential real estate purchase will perform the same or better than their other financial investments in the next 12 months, while 60% believe it will perform the same or better than their financial investments in the next 10 years. In fact, 35% report that they are more likely to purchase a primary residence in the next five years than they were in January 2020, before the pandemic.
The report, titled “2023 Canadian Real Estate Market Sentiment: Generational Trends Report,” is the first of a multi-part series that examines housing intentions and preferences across multiple generations in 2023. It surveyed 2,000 Canadians between the ages of 18 and 77 in the Vancouver, Calgary, Toronto, and Montreal Census Metropolitan Areas.
According to Don Kottick, President and CEO of Sotheby’s International Realty Canada, the pandemic has transformed Canadians’ views on primary home ownership, which is now seen not only as an investment in their lifestyle and personal security but also as an investment in their financial future. He adds that confidence in the real estate market remains high, and demand for housing and housing mobility across all generations is more pressing than ever.
The report highlights that confidence in the performance of real estate over the next 10 years is high across all major metropolitan areas. Six out of 10 urban Canadians between the ages of 18 and 77 believe that a home or residential real estate