According to a recent survey conducted by Royal LePage, 54 percent of millennials in Ottawa who do not currently own a home believe they will do so someday. Meanwhile, 33 percent of non-homeowning millennials in the city believe they will never own a home.

Adam Ritchie, a sales representative at Royal Lepage Team Realty, said: "Millennial buyers in Ottawa still value homeownership despite the area's affordability challenges; they are willing to expand their geographic search if it means they will have a chance to buy, allowing them to build equity and establish a sense of security."

The survey also found that 53 percent of millennials in Ottawa are already homeowners, and 60 percent plan to buy a home within the next five years. Among those planning to buy their first home or sell their current home and move during this period, 54 percent said they will stay in the city, while 35 percent said they plan to move.

Ritchie added: "Before the pandemic, neighborhoods outside downtown were more affordable than those downtown. Today, as more residents have the option to work remotely or on a hybrid schedule, price differences have narrowed. As a result, young buyers are willing to move away from the heart of the city and commute to purchase a property with more space."

Seventy percent of millennials in Ottawa say that if the cost of living were not an issue, they would choose to continue living in the city. However, 45 percent do not believe their salaries will increase enough to allow them to buy a home in their current location. Twenty-seven percent of survey participants said the ideal life scenario would be living outside the city and working fully remotely, which was the most common answer among all options provided.