More Millenials Want Houses & Pets than Weddings & Kids
In recent years, there has been a noticeable shift in the priorities of young Canadians. A survey highlighted that 61% of Canadian Gen Z respondents would opt for pets over children, citing the high cost of raising a child versus owning a dog, which can cost up to $4,020 annually. This financial consideration makes pets a more viable option for many young adults navigating today's economic landscape.
Alongside a preference for pets, Gen Z places a high value on homeownership as a primary life goal. Despite their ambition, many face challenges due to soaring real estate prices, which can deter them from achieving this dream of stability and investment in the future.
Interestingly, only 42% of respondents view marriage as an important life goal. This marks a notable departure from previous generations, where marriage was often seen as a pivotal milestone. Today's young Canadians prioritize personal development and career advancement over traditional societal expectations.
Financially, Gen Z prioritizes travel, education, and building an emergency fund. These goals underscore a shift towards valuing experiences and financial security over material possessions. Travel enriches their lives, education enhances career prospects, and an emergency fund provides a safety net in uncertain times.
These changing preferences among young Canadians reflect broader shifts in societal values and economic realities. With an emphasis on homeownership, pet companionship, and financial security, millennials and Gen Z are redefining success and fulfillment in contemporary society. As these trends continue to evolve, they are poised to reshape the social fabric of Canada for years to come.
If you are considering buying your first home or deciding whether it is the right fit for you, check out our first-time home buyer guide!
Looking to buy or sell your home? Please do not hesitate to contact me at 647.930.1888 or email info@timsold.com for all things real estate.
