I usually take some time every day to read the newspaper. And I don’t mean the online version. I’m talking about the physical paper you used to grab from a red or blue box on a downtown street corner for a lonnie.
The first section I always flip to is the business section. Even in today’s challenging real estate market, the conversation around homeownership continues to dominate. The questions vary
“Is now the right time to buy?”,
“How do I save for a first home?”
But one article I recently read really stood out.
It highlighted how more young adults are staying at home longer. According to Statistics Canada, 35.1% of young adults between 20 and 34 currently live with parents or relatives. Honestly, this isn’t surprising. Every week, I sit with clients who tell me the same thing:
“I thought I’d be a homeowner by now.”
So I asked myself:
Is the dream of homeownership dead for young Canadians?
A new global study suggests what many of us in real estate have been watching unfold in real time: Canada’s biggest cities are now among the hardest places in the world for young people to buy their first home. And to be fair, it’s not just a Canadian issue many major Western cities are experiencing a similar reality.
According to the report, Vancouver, Toronto, and Montreal all rank near the bottom of a 70-city affordability index. Let that sink in:
Vancouver: Average down payment $347,000: first-time buyers enter the market at 46
Toronto: Average down payment $252,000: first-time buyers at 40
Montreal: Average down payment $240,000: first-time buyers at 39
To put this into perspective: in 1991, the typical first-time buyer purchased a home by 28. Today, that age is nearly 40across the country — and pushing mid-40s in Vancouver.
Why? A decade of price growth, higher interest rates, and wages that simply haven’t kept pace. Add a surge in immigration to the mix, and the pressure intensifies.
Yes, governments have implemented several policies to help keep the dream alive, 30-year amortizations for new builds and first-time buyers, GST reductions, supply-focused programs, and moderated immigration levels. All positive steps. But homeownership still remains a challenge.
Working on the ground here in Toronto, I see it firsthand: the down payment is the real mountain young buyers are struggling to climb. The numbers speak for themselves.
That said, I have seen improvement in affordability this past year with lower interest rates and easing prices are starting to shift the landscape.
For first-time buyers feeling discouraged, don’t lose hope. There are pathways forward, and the market we’re heading into is looking far more balanced than the one we’ve just lived through.
If you ever need clarity, strategy, or simply someone to walk you through your options, I’m here.
It’s not just about selling homes : it’s about crafting experiences that move people.
Brandt Morris
The Morris Code: Live. Buy. It.
