Amid Canada鈥檚 fluctuating housing market conditions, interest rate hikes and a possible recession, the majority of young Canadians say homeownership is out of reach for them, .
BMO鈥檚 Real Financial Progress Index found that 68 per cent of Canadians feel buying a home is out of reach compared to their parents. Gen Z Canadians, or those aged 18 to 24, were more likely to have this outlook, with 71 per cent of people surveyed from this generation expressing this to be the case.
That鈥檚 followed by 69 per cent of younger millennials, or people aged 25 to 34, and 65 per cent of older millennials, or those aged 35 to 44, who share this view.
In an attempt to deal with current market conditions, 67 per cent of Gen Z Canadians are likely to defer their home buying plans鈥22 per cent of those surveyed from this generation said they plan to wait until 2024 or later to purchase a home.
Meanwhile, 73 per cent of younger millennials are likely to delay home buying plans, with 28 per cent planning to wait until 2024 or later.
To achieve homeownership, young Canadians have their eyes on several financial strategies. Forty-one per cent of Gen Z Canadians plan on landing a loan or line of credit from their financial intuitions to help finance their home purchase, while 43 per cent are planning on using homebuyer programs and assistance.
Forty-six per cent of Gen Z Canadians plan to use their personal savings to purchase a home, the survey found.
"While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership,鈥 Gayle Ramsay, head of everyday Banking, segment and Customer Growth at BMO, said in a press release.
As for younger millennials who were surveyed, 38 per cent said they plan to use a loan, 52 per cent plan to use a home assistance program, and 60 per cent plan to use their personal savings.
Among older millennials, 25 per cent surveyed said they plan to obtain a loan to purchase a home, 57 per cent plan to use Canada鈥檚 assistance programs such as the First-Time Home Buyers incentive, and 41 per cent plan to use their personal savings.
The survey also found that 71 per cent of Canadians view housing costs as the third major source of their financial anxiety, after fears of unknown expenses and concerns about their overall financial situation.
The survey was conducted by Ipsos from March 28 to April 28, 2023. A sample of 2,350 adults in Canada was collected.
BMO says quotas and weighting were used to ensure the sample's composition reflects that of the Canadian population according to census parameters.
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