From bitcoin rent payments to overbidding homes, how Millennials are changing the Canadian housing market

A Canadian housing shortage, low interest rates, and challenges from a pandemic have combined to create an interesting real estate landscape in Canada. Add to that a progressive and determined generation of Millennials entering the housing market and well, things become even more fascinating. 


TD Real Estate commissioned a survey of Canadians to get a better gauge of the market. That survey revealed some intriguing data and shined a light on generational differences and spending habits. 


As stated in the survey, bidding wars are becoming more commonplace since the housing market has shot up over 40% from last year. 


However, the likelihood to engage in bidding wars can be largely determined based on age. 


More than half or 51% of young adults under 35 are prepared to offer above list price, while fewer than one-third or 31% of respondents between 35 and 54 are willing to follow suit, and just under 18% of those 55 and older are tempted to get involved in bidding wars. 

“There’s no question that the price of homeownership is much more than your down payment and monthly mortgage payments,” said Jared Jarman, Associate Vice President, Specialized Advice at TD. “In today’s competitive environment, buyers need to ensure they’re keeping a close eye on their budget, building in some wiggle room so that they know they’re able to cover expected and unforeseen costs.”

There is some concern that Millennials are not planning for rough patches as thoroughly as their older – and more experienced – counterparts. However, younger Canadians are saying they will go the distance and make sacrifices to ensure they get their dream home with the amenities they require during a pandemic – with a larger percentage of buyers now seeking a yard and about the same percentage seeking proximity to amenities as those surveyed pre-Covid.  

While the need for space may be unsurprising, Canadians' desire to be within close proximity to everyday amenities (grocery stores, banks, etc.) hasn't changed – just over half (51 per cent) compared to 50 per cent prior to the pandemic.

For those who are renting and have yet to take the leap to ownership, they are revolutionizing the rental industry by way of bitcoin. Some Canadian real estate companies are now accepting bitcoin payments for rent. 

A recent study found that nearly 50% of millennials own cryptocurrency compared to nearly 40% of Gen Xers and just 13% of the Gen Z population, According to Yahoo! Money. 

“Millennials are also more likely to adopt the investment as a form of payment, with 53% saying they are “very likely” to purchase products or services with crypto, vs. 40% of GenX polled and just 7% of GenZ,” according to the article. 

As every generation before has shifted the known way of doing things, Millennials are also making their mark – embracing global currency and finding their dream homes – and are even willing to outbid older generations in that quest.


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