Majority of Millennials, Gen Z don't see homeownership as a possibility

Many young Canadians say their dreams of owning a home are simply too far out of reach.

That's according to a recent survey from the Bank of Montreal that shows 68 per cent of those polled believe homeownership isn't feasible like it was for their parent's generation.

"It's something that I do want to achieve in my lifetime," said Nick Beckett, a 32-year-old law student at Dalhousie University. "But the affordability crisis is a nationwide issue and it's something that I think about a lot."

The higher costs of living and the inflationary pressures, coupled with the lack of housing inventory, are leaving a lot of potential first-time homebuyers waiting on the sidelines to get in the housing market game.

"The Canadian dream seems to be something of a bygone era," said Beckett. It's not a matter of starting our own business and everything just falling into place as we want. There are so many more challenges that this generation faces."

Beckett is not alone, according to the BMO study, 71 per cent of 18 to 24-year-olds feel discouraged about prospects of buying their first home, while 69 per cent of 25 to 34-year-olds are in the same position, while older millennials – between 35 and 44 – were slightly less discouraged at 65 per cent.

"Homeownership continues to symbolize real financial progress, success and security for many Canadians and their families," said Gayle Ramsay, head of everyday banking, segment & customer growth at BMO.

"While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership and develop a personalized financial plan to help them get into the home they want within a realistic timeline," said Ramsay.