Do Baby Boomers really want to downsize?
Is homeownership a priority for Millennials?
Do buyers looking to enter the market still depend on “the bank of mom and dad”?
“Yes, absolutely. I would say it’s [asking parents for money to purchase a property] definitely a standard thing. I don’t care what age my clients are, whether they’re 20-something, 30, 40-something or 50-something, everybody’s relying on their parents. There’s nothing wrong with your parents giving you money, if they have it, of course. I think there’s a transfer of wealth that’s happening now for parents and I think that’s a good thing. Why not?”
Davelle Morrison, REALTOR® and salesperson (“Gen X”)
“Gen Z is pretty much looking for that starter property. They’re looking to get into the market, develop themselves and potentially move on in the future.”
To other REALTORS®: “I would say to Generation X, keep a hold of what you’ve loved doing for this entire career. If you love that personal connection that you’re able to do, continue to do that.”
Austin Titus, REALTOR® and salesperson (“Gen Z”)
On a mentorship opportunity she facilitated between two REALTORS® from different generations: “They’re benefiting from each other. The Millennial is benefiting from the Baby Boomer with the wisdom of the industry and the Baby Boomer is benefiting from the Millennial from the technology and the fresh perspective. It was just such a beautiful unity between the two.”
Tanya Eklund, REALTOR® and salesperson (“Millennial”)
“I find this more often than not now: that people crave connection. They had a large house or a country property with four or five bedrooms and they had a great time raising their family there, but now they want to not sit inside that big house and have the neighbours drive into their garage and close the door. They want to sit on the front porch and have people walk by and engage and actually be curious.”
Rob Marland, REALTOR® and salesperson (“Baby Boomer”)
Despite evolving priorities, all home buyers and sellers can benefit from the experience and insights of a REALTOR®. How do you work across these shifting needs? Share your experiences working with clients (or colleagues) from different generations in the Comment section.
Catch all 17 episodes of REAL TIME at CREA.ca/podcast or wherever you listen to podcasts.