Episode 17: How Different Generations are Rocking Canadian Real Estate

We might think we know what characteristics define each generation, even when it comes to real estate. Baby Boomers are downsizing, Millennials can’t afford to break into the market, Gen Z are tech obsessed, and Gen X… who are Gen X again? But are any of these prevailing notions true, or are they just stereotypes?

In this special episode of REAL TIME, we talk to four REALTORS® from across the country about their experiences with clients of all ages and how each generation is navigating and redefining the landscape. First, we chat Gen X and Gen Z trends with Davelle Morrison and Austin Titus. Later, we explore what’s hot in real estate for Baby Boomers and Millennials with Rob Marland and Tanya Eklund.

Transcript

Erin Davis: Welcome to REAL TIME, the podcast for and about Canadian REALTORS®, brought to you by the Canadian Real Estate Association. I'm your host, Erin Davis and what a pleasure it is to bring you today's 17th episode. See, we're bringing the generations together all in one place, exploring just how different and how alike Canadian buyers and sellers of all ages really are, as we all navigate and redefine the real estate landscape. Shifts in real estate are often cyclical. As one generation moves into retirement, the next takes its place as the primary market contributor or at least, that used to go without saying.

Today, with economic swings, new technologies, the pandemic and other contributing factors, it seems multiple generations are vying for the same opportunities, though, perhaps for different reasons. Today on REAL TIME, we're opening up the floor and the lines of communication among four highly accomplished REALTORS®, each of whom represents a different generation themselves, Gen Z, Millennials or Gen Y, Gen X and Boomers. Let's start with Gen Z, defined as anyone aged six to 24 and represented here today by Austin Titus from London, Ontario. He is a broker awarded top 30 Under 30 in 2019 and 2020.

From Gen X, which spans ages 41 to 56, a high-profile Toronto area REALTOR® and investor who's ranked in the top eight in sales volume and transactions completed in 2020, plus 13th for sales among her companie’s agents to Davelle Morrison.

In your experience, both of you, what differentiates younger buyers, Gen Z, for example, from the generation of buyers like Gen X, Davelle?

Davelle Morrison: I think the main thing is that because they are older, and they have been earning more income that they are more established in the market. Most of them are not first-time home buyers. They're move-up buyers, so they're looking at their second place or their third place or in some cases, they're looking for an investment property or they're looking for a cottage property. I think that's the biggest difference. My Gen Z people, of course, because of their age, it's their first purchase ever, that's what they're looking to do.

Erin: Who are you finding, Austin, Gen Z, what are they looking for, primarily?

Austin Titus: Gen Z is pretty much looking for that starter property rate. They're looking to get into the market, develop themselves and potentially move on in the future. I've been finding a lot of people in that Gen Z bracket are more leaning towards the condo's market, townhouses, what's more affordable out there that they can get into, as well as potentially outside of the urban markets. They might be looking more towards, for example, one that I'm in right now or even outside of that area.

Erin: Let's look at what all of this knowledge that we are able to glean online has done for Gen Xers and Gen Zs, in terms of what they come to you already knowing. Davelle, do you find that Gen Z, the ones that you have dealt with, have a good understanding of the market and perhaps, more than previous generations? What'