Nearly 72 percent of Gen Z and 48 percent of Millennial homeowners are approaching their first renewal, compared to only 14 percent of Gen X and 10 percent of Boomer homeowners.
Though interest rates have declined, mortgage renewal remains a concern for 68 percent of Canadians across generations, with 44 percent specifically focusing on securing a competitive rate when choosing a mortgage.
Financial improvements over the past year have led 37 percent of Gen Z and 31 percent of Millennials to accelerate their home-buying plans, in contrast to just 15 percent of Gen X and 10 percent of Boomers.
Gen Z, in particular, places high importance on a fully online mortgage application process, with 35 percent favouring this option, compared to only 5 percent of Boomers.
While younger Canadians show a strong desire to own homes, a notable percentage remains unsure about the necessary steps, with 27 percent of Millennials and Gen Z indicating a lack of confidence, compared to 15 percent of Boomers.
