The Canadian housing market has always been a hot topic, but lately, it's gone from casual chatter to a significant concern, especially for Millennials and Gen Z. Both generations are resiliently navigating their way into the market, each with their own unique strategies and approaches.

Let's break it down.

A recent Scotiabank survey shows that just 26% of Canadians aged 18–34 own a home, compared to 47% in 2021, a massive drop in only a few years. Despite that, the dream isn't dead: 58% of people aged 18–43 still hope to buy in the next five years. But with high prices and interest rates, many are putting that dream on hold.

According to a Nasdaq article, 5% of Gen Z believe they'll need to earn over $500,000 to afford a home. It might sound extreme, but it highlights just how out of reach the market feels for younger buyers.

The reality is that wages haven't kept up with rising costs, and it's not just about qualifying for a mortgage anymore—it's about making the whole thing work: down payments, closing costs, insurance, and still being able to live.

Millennials mainly aim to buy, often because it fits into family plans and long-term security. Meanwhile, Gen Z is redefining the idea of "home." For them, renting isn't just a temporary stop. It's a lifestyle choice; they want more out of where they live: amenities, flexibility, and community.

Developers are adapting to these changing needs. More are building units with co-working spaces, rooftop lounges, gyms, and pet-friendly features. For Gen Z, home is more than just a property — it's part of their lifestyle and identity. This adaptability of the market brings hope for the future.

In short, both generations feel the squeeze but respond in different ways. Millennials are trying to stick to the traditional path, while Gen Z is reshaping what success in real estate even looks like.

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