Millennial & Gen Z Canadians Are Exploring These ‘Workarounds’ To Actually Buy A House

You better get creative if you want to buy a house!

Millennial & Gen Z Canadians Are Exploring These ‘Workarounds’ To Actually Buy A House
Antonio Guillem | Dreamstime, Fallsview | Dreamstime
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A new report from RE/MAX proves just how difficult it is for young people to buy a home in Canada these days.

According to the data, one in three (33%) prospective homebuyers in Canada are getting creative and exploring alternative options to get into the real estate market.

Of the Canadians that are looking into alternative buying options, 54% are Millennials and Gen Z. So, what are the "alternative options" they're looking into?

Many people are looking into renting out a portion of their primary residence once they buy. In fact, 21% of people who are exploring alternative options said that was their plan.

Another 13% are considering pooling their money together with friends or family in order to buy. In addition, 7% are looking to live "with like-minded neighbours in a co-op/shared living arrangement."

There also appears to be a lot of young people who are seeking out financing options to try and make buying a home a little more accessible and affordable.

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  • Britanny Burr
    Britanny Burr was a Staff Writer at Narcity Canada, who drove growth within Narcity's Western coverage and readership. Having lived between her hometown, Canmore, Alberta and Calgary, Montreal, Vancouver, and NYC over the past 10 years, she is obsessed with finding the best local hot spots. She holds a B.A. in English and has over six years of professional writing experience as Head Writer and Editor for YUL.Buzz in Montreal, and Creative Copywriter at JAKT in NYC. News by day, poetry by night — the written word is Britanny's nearest and dearest.

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