As the real estate market undergoes shifts influenced by economic conditions and interest rate fluctuations, a recent survey sheds light on the challenges faced by homebuyers, particularly millennials. The study, conducted on over 1,600 Zoocasa readers, provides valuable insights into the housing preferences, plans, and outlooks of different generations in the Canadian real estate market.

Impact of Economic Conditions:

  • During the first half of 2023, historically low inventory levels led to heightened competition and a rebound in major markets.
  • The summer saw a softening of buyer urgency as interest rates climbed, creating economic uncertainty and slowing down sales and price growth.
  • The silver lining of the buyer slowdown was the build-up of inventory, resulting in more balanced market conditions.

Homebuying Delay and Hurdles:

  • 62.1% of respondents delayed buying a home, citing rising interest rates (29.4%) and high home prices (27.9%) as the primary reasons.
  • Renters, particularly millennials, faced difficulties entering the market, with 81.1% delaying home purchases, mainly due to high prices.
  • Across generations, 67% of millennials, 69% of Gen X, and 46% of baby boomers reported delaying home purchases, with reasons varying.

Buyer Outlook and Preferences:

  • Despite delays, 65.9% of respondents expressed a desire to buy a home in the near future, with Gen Z (80%) and millennials (75%) showing strong interest.
  • Many buyers plan to wait for interest rates to drop, with 66.5% indicating they will wait a year or longer before purchasing.
  • The top three types of homes buyers plan to purchase are permanent homes (46.1%), smaller homes/downsizing (16.4%), and investment properties (13.7%).

Flexibility in Location and Affordability:

  • Unaffordability prompts 38.3% of respondents to consider moving to another city to afford a home, with 26.1% open to moving to another city or province.
  • Gen X (31%) is the most flexible in terms of location, followed by millennials (26%) and baby boomers (22%).

Financial Assistance and Market Outlook:

  • Only 30.7% of respondents said they needed financial assistance from relatives to buy a home, with millennials being the highest at 46%.
  • Gen Z and millennials have a more positive outlook on housing affordability compared to Gen X and baby boomers.
  • Younger generations (Gen Z and millennials) are more optimistic about the current market, with 42% and 30%, respectively, believing it is a good time to buy.

Generational Perspectives on Homebuying:

  • Different economic climates have shaped generational perspectives on homebuying.
  • 15% of baby boomers believe it was easiest to buy a home 50+ years ago, while Gen Z (3%) and millennials (7%) disagree, thinking it was easiest 10 years ago.
  • Gen X and baby boomers largely feel it was easiest to buy a home 20 years ago.


The survey offers a comprehensive view of the challenges and aspirations of homebuyers in the current Canadian real estate landscape. As economic conditions continue to evolve, the dynamics of homebuying, preferences, and generational perspectives will play crucial roles in shaping the future of the real estate market.

About the Author: Pritish Kumar Halder

Pritish Kumar Halder is a seasoned real estate analyst with a passion for dissecting market trends and providing insightful perspectives. With a deep understanding of the housing landscape, Pritish brings valuable expertise to unravel the complexities of the real estate market. Stay updated on the latest market developments by following Pritish Kumar Halder’s expert analyses.