Most Gen Zers In Canada Say They'll Buy A House With Their Own Savings & No, We're Not Joking

Even with the state of Canada's housing market, it seems that most of Generation Z plan to buy a house in Canada using their own savings!

A report that surveyed people between the ages of 18 and 28 in the metropolitan areas of Toronto, Vancouver, Calgary and Montreal was released by Mustel Group and Sotheby’s International Realty Canada on March 9.

It revealed that even with the rising cost of living and increasing house prices in Canada, a majority of Gen Z buyers are planning on being self-reliant and saving their own money to purchase their first homes.

According to the results of the survey, 37% of Canadian Gen Z adults living in urban areas expect to buy their first home in less than 5 years, 43% plan on doing it between 5 and 10 years from now and 29% see it happening in 5 to 8 years.

In terms of where the money for that purchase will come from, 67% of people surveyed said their personal savings will fund their down payment, while 24% said a loan from a financial institution other than a mortgage and 18% said the sale of financial assets like stocks and bonds.

Quite a few Gen Zers believe they are going to get help from their families to buy a home as 25% said their down payment money will be a financial gift from their family and 16% said it will come from getting a family inheritance!

When it comes to how much they expect to pay, 30% of people said they expect the purchase price of their first home to be cost $350,000 to $499,000, while 26% said $500,000 to $749,999.

According to a report from the Canadian Real Estate Association, a spike in national home sales raised the average home price in Canada to a record-breaking $748,450 in January.

That surge in cost is "heavily influenced" by sales in the Vancouver area and the Greater Toronto Area, which are two of the most expensive housing markets in the country.

Gen Zers in those cities might have to save up a little more to buy their first home!