Young Canadians lack confidence navigating homebuying finances, survey finds
“Housing affordability isn’t just about the price of a home. It’s also about whether Canadians can afford to become homeowners in the first place,” said Rishard Rameez, Founder and CEO of Zown, an AI-powered real estate brokerage headquartered in Toronto. “There’s a disconnect between the dream of homeownership and the financial reality many Canadians face. We’re asking people to save tens of thousands of dollars for a down payment when they’re already drawing on their savings to cover everyday expenses. That’s a fundamental challenge we can’t afford to overlook.”
Long-term savings taking the strain
The survey’s parallel finding on savings erosion adds urgency to the picture. Forty per cent of Canadians surveyed said they had drawn on long-term savings in the past year to cover expenses.
Among those who did, 29 per cent used the funds for emergencies or unexpected costs, 22 per cent for groceries and daily purchases, and 13 per cent to cover regular housing costs such as rent or mortgage payments.
The drain on savings was broadly distributed across the country. In Alberta, 48 per cent of respondents reported dipping into long-term savings — the highest proportion of any region. Saskatchewan and Manitoba combined came in at 44 per cent, followed by Ontario and British Columbia at 41 per cent each, Atlantic Canada at 35 per cent, and Quebec at 34 per cent.
For wealth managers, these figures reflect a client base under sustained financial pressure. As Wealth Professional has reported the combination of elevated shelter costs, inflation, and economic uncertainty has pushed many aspiring buyers to the sidelines and is reshaping how advisors approach conversations about saving timelines, debt management, and long-term financial planning.
