Over 10% Of Gen Z In Canada Have Already Bought Their Own Homes & This Isn't A Joke

According to a survey, a good chunk of Canada's Gen Z population has already bought their own homes and no, this isn't a joke.

On December 8, a new generational trends report was released by Sotheby's International Realty Canada and Mustel Group that surveyed people in Canada between the ages of 18 and 28 on how they feel about the housing market.

The results showed that 11% of young Canadians in that age group said they own their home already.

Broken down by major cities, it works out to 15% in Vancouver, 12% in Calgary, 11% in the Greater Toronto Area and 8% in Montreal.

Despite that, half of the people surveyed said they've "given up on their dream" of buying a single-family home and 34% of those said they've thrown in the towel because of the high costs of homeownership.

About half noted that their most likely first home purchase will be a high-density one like a condo, townhouse or duplex. Only 39% said their first buy will be a single-family house.

A recent report from the National Bank of Canada revealed how much money people need to make to afford a house in some of the country's biggest cities and apparently "affordability has worsened the most in a decade" throughout this past year in Canada.

For example, if people in Toronto want to buy something other than a condo, they need a household income of $205,342 annually and to save up for 27.5 years!

During the throne speech in November, Justin Trudeau's federal government announced plans to make buying a house more affordable, which include initiatives like the First-Time Home Buyer's Incentive and a Rent-to-Own program.