Fewer young Canadians own homes but majority planning to buy within five years: poll

TORONTO — A new report says that while fewer young Canadians own a home compared with three years ago, a majority of millennials and Gen Z adults still plan to purchase one in the next five years.

Scotiabank’s 2024 housing poll says the number of Canadians between 18 and 34 who own a home has declined to 26 per cent today from 47 per cent in 2021.

Around 29 per cent of people in that age group are now living with parents or family, up from around one fifth of those surveyed three years ago.

But despite housing market challenges, the survey says 58 per cent of non-homeowners aged 18 to 43 in Canada are still determined to purchase a home within the next five years.

It says there is a “confidence gap” among young Canadians when it comes to the homebuying process, with 63 per cent of Gen Z and 54 per cent of millennials indicating they want clearer information and support from financial institutions.

Over half of Canadians in that cohort say the current economic environment is negatively impacting their finances to the point they must delay their home-buying plans.

This report by The Canadian Press was first published Oct. 29, 2024.

The Canadian Press