According to a survey, over 84% of Canadians aged 18 to 38 believe that owning a home is a worthwhile investment, and 54% think it’s an achievable goal.

Young homebuyers in Canada face numerous challenges, but they remain optimistic.
While borrowing costs have started to decline, ongoing supply shortages are keeping housing prices high.

 The average home price in Canada in July was $667,317, almost unchanged from the previous year. However, prices are much higher in provinces like Ontario and British Columbia, at $837,685 and $962,537, respectively.

Young buyers are well aware of the state of the market and are actively utilizing available government programs.
For example, the First Home Savings Account (FHSA) allows first-time homebuyers to save money for a home tax-free.

Young Canadians are exploring creative solutions like shared ownership with friends or family or purchasing a property with the intention of renting part of it out.

Around 40% of those planning to buy a home have set a timeline within the next 5-10 years, with nearly half regularly setting aside earnings for a down payment.

 More than half of young buyers expect to receive financial assistance from their families, highlighting the growing importance of the “bank of mom and dad” in helping them afford their first home.

 However, some are making sacrifices that could compromise their long-term financial stability.
Calls on the government to do more to support young Canadians in the housing market, such as expanding initiatives to include resale homes.