Confidence in Canadian real estate bridges generations as 49% of urban Canadians expect real estate performance to match or surpass financial investments within 12 months, increasing to 60% within a decade, according to a new report from market research firm Mustel Group, commissioned by Sotheby’s International Realty of Canada.
“This report reflects findings from Canada’s first cross-generational study comparing and contrasting the sentiment, confidence levels and housing intentions of several generations in today’s housing market,” said Josh O’Neill, General Manager of Mustel Group. “Results from the Mustel Group/Sotheby’s International Realty Canada survey reinforce the fact that confidence in the country’s real estate market remains resilient despite recent shifts in market conditions.”
An online methodology was employed, using a national panel of Canadians between the ages of 18–77 who reside in the Vancouver, Calgary, Toronto and Montreal Census Metropolitan Areas. A total of 2,000 Canadian adults were surveyed. The margin of error on a random probability sample of 2,000 respondents is ± 2.2 percentage points, 19 times out of 20, and ranges from ± 3.8 to 4.9 points for 400 – 680 respondents, according to the researchers. Data for this report series was gathered from Jan 3 to Jan 10, 2023.
Overall, across all markets, Baby Boomers are the most likely generation to believe real estate will outperform their financial investments in one year, as well as within 10 years, with 28% and 44% doing so, respectively.
For Canadians surveyed, 35% said they were more likely to buy a home in the next five years as compared to their intentions in January 2020 before the COVID-19 pandemic, a finding that is relatively consistent across all metropolitan areas and generations surveyed.