A Blueprint to Restore Homeownership for Young Canadians

Young Canadians are increasingly seeing homeownership as out of reach. While 86% of non-homeowners under 30 and 75% of non-homeowners between 30 and 44 still aspire to own a home one day, only 51% and 47%, respectively, are very or somewhat confident they will achieve this goal. The combination of higher interest rates, stagnant wages, and a two-decade-long increase in price-to-income ratios has made it increasingly difficult for them to qualify for a mortgage. Their ambition has turned into uncertainty, and for many, that uncertainty is turning into defeat. The issue is not willingness to buy, but rather whether they can afford to enter the market at all.

Some good recommendations in this paper. I think that part of the solution also needs to be a cultural shift away from seeing home ownership as necessarily a desired outcome. That said, for those who do want to own, we have a lot of work to do to make this possible.