Polling Canadian millennials from across Canada, the survey also found that nearly 40% of millennials believe that they will need to relocate to own property, while 22% stated they have hopes of owning in the city.
The results may indicate disillusionment with stagnant incomes not keeping place with other economic factors. Four in five millennials surveyed stated that if cost-of-living wasn’t an issue they would continue to live in Toronto, yet about half said their stagnant salaries and increased cost of living may require them to relocate.
However, the potential to own a home in other parts of the province seems more realistic following the pandemic. Many companies adopted a remote or hybrid model for their employees, allowing some millennials to keep their jobs but relocating anyway.
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