A sobering new survey reveals the financial confidence gap plaguing Canada’s youngest homebuyers. According to the 2026 Zown Homeownership & Financial Confidence Survey, 82% of Canadians aged 18 to 34 lack confidence in at least one financial aspect of homebuying—compared to just 35% of those aged 35 to 54.
The biggest pain points? Saving for down payments (19%), understanding ongoing ownership costs (19%), and knowing how much home they can afford (18%). First-time buyers face an even steeper challenge: only 13% of those who have never owned feel fully prepared financially.
The crisis runs deeper than down payment anxiety. Forty percent of Canadians tapped into long-term savings in the past year just to cover everyday expenses—groceries, emergencies, and rent. In Ontario and British Columbia, 41% reported drawing down savings, making the dream of homeownership feel increasingly distant.
However, there’s a silver lining. Extended 30-year amortizations and focused financial preparation through mortgage brokers are helping first-time buyers finally break into the market. For GTA readers, this data underscores why working with a knowledgeable broker and tackling debt reduction early matters more than ever.
Read the full report at MPA Magazine
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