Survey Reveals Young Canadians Lack Confidence in Homebuying Finances

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A recent survey shows that only 18% of Canadians aged 18 to 34 feel confident navigating the financial aspects of homeownership, highlighting a significant gap in financial literacy among younger potential buyers.

A new survey conducted by Zown, an AI-driven real estate brokerage, has uncovered troubling insights regarding the financial confidence of young Canadians in the homebuying process. According to the 2026 Zown Homeownership & Financial Confidence Survey, released on Wednesday, merely 18% of Canadians aged 18 to 34 expressed confidence in managing the financial requirements associated with purchasing a home. This figure starkly contrasts with 35% of individuals aged 35 to 54 and 50% of those aged 55 and older who reported similar confidence levels.
The survey, which was conducted online among 1,500 adults from October 14 to 16, 2023, through the Angus Reid Forum, also highlighted broader financial challenges faced by Canadians. Notably, 40% of respondents indicated they had tapped into their long-term savings within the past year to cover various expenses or unforeseen costs. Specifically, 29% of these individuals utilized their savings for emergencies or unexpected expenditures, while 22% allocated funds for essential items such as groceries. Additionally, 13% of respondents directed their savings towards regular housing costs, including rent or mortgage payments.
The regional breakdown of these respondents revealed that Alberta had the highest percentage of individuals relying on long-term savings, at 48%. This was followed by Saskatchewan and Manitoba, which together accounted for 44%. Ontario and British Columbia both recorded 41%, while Atlantic Canada reported 35% and Quebec 34%.
Rishard Rameez, founder and CEO of Zown, emphasized the disconnect between the aspiration of homeownership and the financial realities many Canadians face. "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," he stated. Rameez highlighted the challenges posed by the expectation for potential buyers to save tens of thousands of dollars for a down payment while simultaneously drawing on their savings for daily expenses, calling it a fundamental issue that must not be ignored.
The survey further revealed that younger Canadians struggle most with saving and planning for a down payment, with only 19% expressing confidence in this area. Understanding the ongoing costs associated with homeownership also garnered a mere 19% confidence rating. Additionally, only 18% of young Canadians felt confident about how much home they could afford, while knowledge of homebuying incentives or programs was only understood by 14%. Closing costs were the least understood, with just 10% expressing confidence in this area.
Interestingly, the survey results also indicated a significant difference in confidence levels based on prior homeownership experience. Among Canadians who have never owned a home but have not ruled it out, only 13% felt assured about navigating the financial aspects of buying a home. In contrast, 46% of current homeowners reported feeling confident in this regard. For those prospective buyers, the down payment emerged as the area of least confidence, cited by 30% of respondents, followed by understanding affordability at 18% and ongoing homeownership costs at 14%.

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