They were barely out of their tweens when Generation Z had already achieved a reputation as cultural disruptors.
They’ve dispensed with periods and capital letters in texts. They’re redefined pajama bottoms as pants. They’re easily bored by cars, cursive and traditional notions of spelling.
They’ve put a whole new spin on their grandparents’ hippie mantra of tune in, turn on, drop out. Tune in is now log on, and the goal is no longer dropping out of the rat race, but disposing of the tiresome emotional attachments required to engage fellow members of the human race.
And yes, Generation Z has that in common, too: They are often targets of harsh criticism from older generations, the same sort of criticism that Socrates is said to have levelled at teenagers of his time. Baby boomers are mystified by them. Generation X dreams of enrolling them in military school. Millennials are just happy there’s a generation more closely critiqued than their own.
With all of this stacked against them, Gen Z has a secret weapon: the ability to surprise. And increasingly, they are proving their doubters wrong across a range of issues, from politics to financial and life goals.
A raft of surveys and reports shows that Generation Z has big plans for the future, and that includes homeownership for many. In fact, more than a third of urban Canadians in this post-millennial generation are confident they will be able to purchase a first home within the next five years.
What is most striking is that the upper age range of this demographic group is currently 25 to 27. That means Gen Z has wasted no time in making homeownership a key life goal. To the surprise of cynics who predicted these young adults would commit to home ownership only in the metaverse, the first wholly digital generation is choosing real estate over virtual reality.
Sotheby’s International Realty Canada saw this trend developing as early as 2022. Their survey of Gen Z adults living in the Toronto, Montreal, Calgary and Vancouver metro areas found that many members of Gen Z had not only set home ownership as a goal, they had also taken significant steps to prepare for a future purchase.
Two-thirds said they planned to use their own savings for a down payment, while a quarter expected to receive help from family. The precise breakdown from the survey revealed that 37 percent of Gen Z adults in the four urban areas planned to buy a home within five years, with an additional 43 percent expecting to buy in five to ten years.
A quarter anticipated buying a condominium, and an equal number said they were likely to purchase a duplex, triplex or attached home.
At first glance, Gen Z’s bullish attitude in the face of price and interest rate headwinds might appear to be an example of youthful idealism, or even wishful thinking. But the report paints a picture of a very pragmatic generation, populated by young adults making prudent decisions and setting life goals early.
At this stage, some previous generations were on the road, intensely focused on finding themselves; or, in more recent years, on the road back home, compelled by high debt and low wages to seek refuge in the family garage.
Gen Z, by contrast, is already lining up financing for that first home purchase. They are quietly setting the stage for the ultimate surprise — their transformation into the sociable, engaged neighbours next door who are happily rediscovering the joys of community.
Virtual Reality to Real Estate: Gen Z Tunes In to Home Ownership
