A landmark Statistics Canada report has quantified the deepening homeownership crisis, revealing that millennials are significantly less likely to own homes than boomers or Gen-Xers at the same age. In Toronto, the impact is stark: nearly one in two young adults aged 25 to 29 now live with their parents, a dramatic increase from 21.8% in 1991 to 48.6% in 2021. Even when adjusted for those living at home, the millennial homeownership rate sits at 49.9%, trailing the 55.9% seen by boomers. The data also highlights a shift in property type, with fewer young buyers able to secure single-detached homes in the GTA. While affordability remains stretched, the report suggests these trends are driven by a complex mix of economic pressure and delayed family formation. For a deeper look at the generational divide in the Canadian housing market, read the full report at https://www.mpamag.com/ca/mortgage-industry/industry-trends/statistics-canada-report-shines-a-light-on-homeownership-crisis-facing-millennials/574291.
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