Survey highlights:

• 72% of millennials in Canada would choose to continue living in their current city or town, if the cost of living was not an issue
• 40% of millennials in Canada say they would change employers to be able to work fully remotely; top motivators include the cost and time associated with commuting
• 68% of non-homeowner millennials in Canada say that owning a home is important to them
• Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years
• Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada, despite cooling market
• Survey chart includes national, provincial and city-level data

 

Ottawa

In Ottawa, 54 per cent of millennials who do not currently own a home believe they will one day. Meanwhile, 33 per cent of non-homeowner millennials in the city do not believe they will ever own a home.

 

The survey found that 53 per cent of millennials in Ottawa are already homeowners. And, 60 per cent of the cohort plan to purchase a home within the next five years. Of those who plan to buy their first home or sell their current home and move within this period, 54 per cent say they will remain in the city, while 35 per cent say they plan to relocate.

 

Seventy per cent of millennials in Ottawa say that if the cost of living was not an issue, they would choose to continue living in the city. However, 45 per cent do not believe their salaries will increase at a rate that will allow them to buy a home in their current location. Twenty-seven per cent of respondents say their ideal work/life scenario would be to live outside the city and work fully remotely; the most popular answer of all options offered. The second most popular option is to live in the city and work fully remotely (15%).

 

According to the survey, 69 per cent of non-homeowner millennials in Ottawa feel that home ownership is important.

 

Royal LePage 2022 Demographic Survey: Canadian Millennials – Data chart:rlp.ca/table_2022-millennials-report

 

Read the full article here

 

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