Young Canadians cling to homeownership dream despite falling rates

A new Scotiabank poll has revealed a stark decline in young homeowners in Canada. Only 26% of those aged 18-34 own homes, down from 47% in 2021. This drop coincides with soaring housing costs and interest rate hikes, forcing more young adults to live with family or rent.

Despite these challenges, the majority of young Canadians remain determined to buy a home within the next five years. While economic uncertainty has delayed plans for some, others report improved finances and are accelerating their timelines. This optimism persists even as many believe homeownership is increasingly unattainable and “only for the rich.”