Young people in Canada still dream of owning a home.

A new poll by Ipsos Reid for the Ontario Real Estate Association (OREA) says 77 per cent of Generation Y and 79 per cent of Generation X say real estate is important to them.

For the purposes of this study, Gen X is defined as those born from 1965 to 1980; Gen Y was born between 1981 and 1995.

“A large majority of younger Ontarians believe that owning a home makes more sense than renting,” says Sean Simpson, VP, Ipsos Public Affairs. “They also have a positive perception of the economy and the current residential real estate market in Ontario, both of which are important considerations in the decision to buy a home. Insights like these help us understand the motivation for younger people to buy homes.”

A significant percentage of Gen Y and Xers, 76 per cent and 82 per cent, respectively, think it makes more sense to own a home rather than rent over the long-term. Furthermore, 73 per cent of Gen Y and 82 per cent of Gen X believe real estate is a good investment. In terms of the current residential real estate market in Ontario, more than half of Gen Y and Gen X have a favourable assessment while only 23 per cent and 17 per cent have a negative assessment. The majority also describe the economy as “good” right now (61 per cent of Gen Y and 57 per cent of Gen X).

One-third of Gen Xers, and 39 per cent of Gen Y believe the real estate market in Ontario will be stronger in the next year, while only 20 per cent and 19 per cent, respectively, believe it will get weaker.

Looking ahead to the next 10 years, 50 per cent of Gen Y and 48 per cent of Gen X believe the provincial real estate market will be stronger. Fourteen per cent of Gen Y and 17 per cent of Gen X say they are “very likely” to buy a home within the next two years.