Amidst the shifting landscape of homeownership in Canada, a recent report sheds light on the trends among young adults. While the number of young Canadians owning a home has decreased in the past three years, a significant majority of millennials and Gen Z individuals express their intention to purchase a home within the next five years. The 2024 housing poll by Scotiabank reveals intriguing insights into the aspirations and challenges facing the younger generation in the housing market.
Key points from the report include:
- Homeownership among Canadians aged 18 to 34 has dropped from 47% in 2021 to 26% today.
- Approximately 29% of young adults in this age group are currently residing with parents or family, a notable increase from three years ago.
- Despite the obstacles in the housing market, 58% of non-homeowners between the ages of 18 and 43 in Canada remain resolute in their goal to purchase a home within the next five years.
- The survey highlights a “confidence gap” among young Canadians, with 63% of Gen Z and 54% of millennials expressing the need for clearer information and support from financial institutions.
- More than half of individuals in this demographic feel that the current economic conditions are adversely affecting their finances, leading them to postpone their home-buying plans.
The findings of this report underscore the dynamic landscape of homeownership in Canada, particularly among the younger generations. As they navigate through challenges and uncertainties, it is evident that the desire for homeownership remains strong. With the right support and guidance, young Canadians are poised to achieve their homeownership goals and secure their financial future.
