First-time homebuyers under 30 in Canada focus on securing homes despite market challenges
A recent survey by Houseful reveals that first-time homebuyers in Canada under 30 are prioritizing home ownership despite the challenging housing market and ongoing concerns about affordability.
This demographic places home ownership above other major life milestones, such as weddings, with 78 percent of single and unmarried buyers under 30 focusing on saving for a mortgage, compared to 70 percent of those over 30.
While aware of the difficulties in the current market, including rising costs and daunting reports—72 percent of those under 30 believe housing seems unattainable—they remain committed to purchasing a home.
This commitment is driven by a desire to build equity over time and secure their financial future, with 71 percent seeing home ownership as crucial to their retirement plans.
“Younger adults are increasingly conscious of ongoing housing affordability challenges, which motivates them to secure a financially stable future by seizing saving opportunities earlier,” noted Karen Starns, CEO of Houseful.
“After getting a foothold in the market, they can gain the flexibility to pursue other life milestones that are important to them.”
The survey shows that home ownership is a key component of the five-year plans for 40 percent of first-time buyers under 30, ranking higher than marriage (24 percent), travel (30 percent), and purchasing a car (33 percent).
These young buyers are demonstrating financial savvy in their approach:
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Saving with Purpose: 72 percent are dedicating a portion of their monthly income to saving for a home, with nearly a quarter saving more than 15 percent of their income. In contrast, only 47 percent of first-time buyers over 30 are doing the same.
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Reducing Expenses: 74 percent are cutting back on day-to-day spending, such as dining out and shopping, to save for a home, compared to 61 percent of those over 30.
Despite their strong start, first-time homebuyers under 30 continue to seek guidance in making informed real estate decisions.
Although 74 percent believe buying a home will be the most significant financial decision of their lives, only 47 percent feel confident about understanding all the associated costs.
Starns emphasized the importance of comprehensive planning, stating, “Saving for home ownership is only one piece of the puzzle. At Houseful, our goal is to equip first-time homebuyers with a wealth of relevant resources and tools to power confident real estate planning and decisions—both before and after they get the keys to their home.”
These young buyers are determined to make home ownership a financial priority, and with the right support, they can navigate the challenging market with confidence.
