RECENT STUDY SHOWS CANADIAN CONFIDENCE IN REAL ESTATE
A recent study by national marketing firm The Mustel Group and Sotheby’s International Realty Canada reports high levels of confidence in real estate performance over the next decade across the generations. Their “2023 Canadian Real Estate Market Sentiment: Generational Trends Report” is Canada’s first extensive study on the confidence levels of people between the ages of 18 and 77 (Baby Boomers, Generation X, Millennials and Generation Z). Six in 10 of those surveyed believe that a residential real estate purchase will perform the same or better than their other financial investments. In addition, 35 percent of participants said they are more likely to buy a primary residence the next five years than they were before the pandemic. Plus, 35 percent of those who already own a primary residence said they are more likely to sell in the next five years.
The Trends Report is wonderful news for Canada as a whole, as confidence in real estate typically represents a healthy economy. There is a certain pride of ownership that cannot be replicated by renting. Whether a purchaser chooses to live in a low-rise community or a condominium, that person enjoys a sense of belonging to a community.
From an investment standpoint, a home or condominium is a tangible asset, and just look at the return-on-investment real estate has brought over the decades! Remember that even decades ago, it was difficult to save for a down payment. We all realized we had to sacrifice to realize the dream of homeownership. Today’s buyers understand that to own a home or condo, they must forego some luxuries they take for granted. Homeownership remains the Canadian dream – and it is a dream worth pursuing!