The 2024 Scotiabank Housing Survey indicates that the number of Canadians aged 18 to 34 who own a home has decreased to 26% today, compared to 47% in 2021.
Around 29% of people in this age group now live with their parents or family, compared to around a fifth of those surveyed three years ago.
But despite the housing market’s struggles, the survey indicates that 58 per cent of non-homeowners aged 18 to 43 in Canada are still committed to purchasing a home in the next five years.
It says there is a “confidence gap” among younger Canadians when it comes to the home buying process, with 63% of Gen Z and 54% of Millennials indicating they want clearer information and support from financial institutions.
More than half of Canadians in this cohort say the current economic environment is having a negative impact on their finances to the point that they are having to delay their plans to purchase a home.
This report by The Canadian Press was first published October 29, 2024.
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Last modification: October 29, 2024