A large swath of millennials believe they will own a home someday, despite previous buyer despair during the pandemic from those aged 26 to 41.

A new Royal LePage survey, by Ledger,  found that 60 per cent of this cohort claim they’ll be homeowners, but to achieve this dream 52 per cent said they will have to relocate. The majority would, however, stay put in their current city or town if they could afford the cost of living.

Millennials account for a large proportion of Canada’s population. Those under 35 have more faith they’ll be able to buy in the future, according the June survey of 2003 Canadians. Meanwhile, 25 per cent of non-homeowner millennials across the country do not believe they will ever own a home.

“Many Canadians who are in the stage of life where homebuying is a top priority, especially younger millennials, remain committed to achieving home ownership and are optimistic about the opportunities that lie ahead, due in large part to the example of their parents and family members who have reaped the benefits of our nation’s historically strong real estate market,” Phil Soper, president and CEO, Royal LePage, said in a recent statement.

According to the survey, 57 per cent of Canadian millennials are already homeowners, and 51 per cent plan to purchase a home within the next five years. This figure includes those who intend to buy a first home, a move-on property or a secondary residence. Royal Lepage estimates  more than 4 million young Canadians will be looking to make a purchase between now and 2027, and almost half will be first-time homebuyers.

Of the millennials who plan to buy their first home or sell their current home and move within this period, 47 per cent say they will remain in their current city or town, while 41 per cent say they plan to relocate.

The current market slowdown is expected to rise again, although not at the levels seen during 2021 and earlier this year, Soper predicts.

“The return of these sidelined purchase intenders, a growing population, largely from increased immigration levels, together with household formation changes – individual households made up of boomer parents and their millennial children evolving into two, three or four households – will require more available housing stock to ensure a balanced market and to help bring affordability back within reach of many Canadians,” he said.

As sidelined purchasers return to the market, he said the country could see another surge in price appreciation, following short-term economic softening.