CURRENT RESEARCH
What We Know About Canadian Millennials
A quarter of the Canadian population is made up of Millennials (Environics Institute , 2016). Between 2011-2014 the Millennial population in the Greater Toronto Area has grown on average of 43,000 (Tuckey, 2016). While there is no definitive agreement among demographers on the definition of Millennials many define this growing population as being born between the 1980s and 1990s (Norris, 2016 ). This research paper defines
Millennials as being born between 1980-1995 making them between the ages of 21 – 36 in 2016. However, age alone is not the only defining factor of Millennials. Millennials are an incredibly heterogeneous population within Canada with a diverse spread of social values and wealth.
In relation to the Boomer generation before them, Millennials are considered to be the most educated and culturally diverse with 25 percent of Millennials in Canada identifying as a visible minority (Norris, Millennials: Generation Du Jour , 2016 ). Millennials are known to be a tech savvy social generation that ascribe to liberal values and are less likely to assign to social hierarchies. Canadian Millennials have a distinct optimism despite being slow to begin their careers and establish financial cushions (Norris, Millennials: Generation Du Jour , 2016).
Although Canadian Millennials are slow to launch careers, in 2012 Canadian Millennials had an estimated income of $237B and made up 21 percent of all income earned in Canada (Think With Google , 2013). In 2012, Canadian Millennials increased their spending on luxury fashion by 33 percent, travel by 74 percent and fine dining by 102 percent (Think With Google , 2013).
The Research Problem
The purpose of our study is to explore how the current GTA real estate bubble and new purchasing policies are affecting Millennials born 1980 to 1995 in terms of their home purchasing behavior, or lack thereof. We aim to address the question of how GTA Millennials are reacting to the current real estate market conditions. We also aim to understand the perceptions of primary stakeholders, such as real estate agents and policy makers. The cost of owning a home in Canadian urban centers has risen dramatically, which has been followed by several restrictive policy changes. With these increases and changes happening so quickly, research has not been able to keep up with their effects on the population, and we aim to discover those effects through our study. Through our research, we also seek to test the theory that homeownership is still a dream that Millennials wish to realize.
Our Research Goals
-
To explore the attitudes and perceptions of Millennials and various stakeholders regarding home ownership.
-
To identify and compare Millennial homeowners and non-owners experience.
-
To assess the current GTA housing market environment and its impacts on Millennials.
-
To classify the relationship between the policy changes and market conditions.
-
To assess and compare Millennial homeowners and non-owners experiences in order to define barriers.
-
To understand the housing needs and expectations of Millennials.