Realty Trends in Canada: 49% Millennials Change Their Housing Plans This Fall

Canada's real estate market is experiencing a significant shift this fall as nearly half of all millennials are altering their housing plans, according to a recent RE/MAX Canada survey report. 
According to report, one in 10 Canadians is planning to purchase a home within the next year. However, the real estate market's trajectory is uncertain due to various factors, especially the Bank of Canada's interest rate decisions. Many potential buyers and sellers are adopting a "wait-and-see" approach, with 33 percent of Canadians planning to buy or sell a home in the next year choosing to observe how interest rates unfold.
However, younger Canadians, including 55 percent of Gen Zs and 49 percent of millennials, are closely monitoring Bank of Canada interest rate announcements to determine the optimal time to buy or sell a home. The research conducted by RE/MAX also reveals that this demographic group are re-evaluating their housing choices this fall. 
One of the primary drivers of this shift is the impact of the Covid-19 pandemic. With remote work becoming the new trend, millennials are increasingly looking for homes that provide functional and comfortable spaces for work and leisure. Many are also opting for larger homes or properties in less urban areas, for less chaos and better work-life balance.
Additionally, the survey highlights the role of financial considerations in millennials' housing decisions. Skyrocketing housing prices and the recent surge in interest rates are some prominent reasons for millennials reconsidering their purchasing plans. A significant portion of respondents also expressed concerns about the affordability of homeownership, leading them to explore alternative housing options or delay their buying plans.
Environmental consciousness is also seen to be one of the significant factors influencing millennials' housing choices. A growing number of young homebuyers are prioritizing sustainability and energy efficiency when searching for properties. This shift is driving demand for eco-friendly features such as solar panels, energy-efficient appliances, and proximity to public transportation.
On the whole, it is understood that millennials are taking a more cautious approach when entering the housing market. Many are conducting thorough research and seeking professional advice to make informed decisions.
To keep up with these developing trends, it is important for real estate agents and developers to take note of the changing requirements while adapting their offerings to cater to this generation’s needs.