First-time buyers prefer these markets the most…

These cities are characterized by affordability, liveability, and strong labour markets, Sotheby's says...

Calgary and Montreal are the most desirable markets for young first-time home buyers, to the point of drawing these buyers away from other major Canadian cities, according to Sotheby’s.

Aside from magnetizing hopeful homeowners, Calgary and Montreal also exhibit strong retention rates of young households due to the two cities’ comparatively affordable home prices, overall liveability, and strengthening job markets, Sotheby’s said.

“At a time when soaring living costs, policy-driven inflation, and rising real estate prices are eroding the standard of living for many young Canadians, the relative affordability of housing in cities like Calgary and Montreal are a true competitive advantage in retaining and attracting young people striving to buy their first home,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada.

Consumers’ confidence in their likelihood to buy a home in their lifetimes was also the strongest in Montreal (79%) and Calgary (78%), markedly higher than the optimism seen in powerhouse markets like Toronto (73%) and Vancouver (71%).

“It is clear from our research that while rising housing affordability challenges are top-of-mind for Canada’s Generation Z homebuyers, the desire and demand for homeownership and specifically, single family homeownership, has not subsided from previous generations,” Kottick said. “The older segment of this generation is now on the brink of first-time homeownership, and are poised to be both an influential consumer force in the Canadian housing market and a prominent voice in defining housing needs in our communities.”

MBN

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