Young Canadians are buying homes at the lowest rates seen since the postwar period, according to new Statistics Canada data that adds to growing concerns over affordability, declining optimism and widening generational inequality.Blacklock's Reporter says the report found millennials are significantly less likely to own homes than previous generations were at the same age, reinforcing fears that the traditional middle-class path to ownership is slipping out of reach.“Canada has seen home ownership rates decline in recent years,” Statistics Canada analysts wrote, noting ownership rates have fallen across every age category since peaking in the 2011 census.Researchers compared Canadians between the ages of 25 and 39 across multiple generations, including baby boomers, Gen-Xers and millennials. After adjusting for adults still living with their parents, millennials posted the weakest ownership rate at 49.9%, compared to 56% for Gen-Xers and 55.9% for baby boomers when they were in the same age bracket.The agency said the shift has fuelled concerns about intergenerational inequity, as home ownership has long been viewed as a cornerstone of the Canadian middle class and a symbol of economic stability.The findings also showed younger Canadians are increasingly delaying major life milestones. Analysts said more adults are remaining in their parents’ homes longer, postponing marriage and family formation, and missing years that earlier generations spent building wealth through housing equity.“Living arrangements and home ownership outcomes of young adults in Canada have changed significantly over the last few decades,” the report stated..The data follows earlier federal research showing a growing sense of pessimism among Canadians about the country’s future.A 2021 finance department study found 37% of Canadians believed the country’s best years were behind it, compared to 32% who believed the best years were still ahead. Another 31% offered no opinion.The study found that pessimism was especially common among Canadians over 55, lower-income households, residents of Alberta and Quebec, and indigenous respondents.Participants in the federal focus groups said governments should focus on core priorities including health care access, job creation, public safety and affordable living standards. However, researchers noted many respondents expressed little confidence Ottawa would deliver meaningful results.
