Younger Canadians Buying Homes Sooner Amid Rising Prices

Rising home prices across major Canadian cities like Vancouver and Toronto have made owning a home increasingly difficult for younger generations. However, a new RBC survey finds that Canadians under 30 are now buying homes earlier than anticipated as they adapt to the challenging market conditions. Willing to compromise on aspects like location and size, more young people are finding ways to achieve homeownership.

The survey titled “First-Time Homebuyer Trade-Off Survey” polled Canadians on their homebuying decisions and experiences. It revealed that 65% of respondents under 30 said they were willing to live in smaller spaces compared to only 15% of those over 30. This flexibility has allowed more youth to enter the market and start buying homes where otherwise they may have waited longer.

Making Compromises Work

In addition to embracing smaller homes, young homebuyers are expanding their location preferences and focusing on what meets their current needs rather than holding out for a “forever home.” According to Karen Stairns, CEO of RBC’s Houseful group, this pragmatic approach has enabled younger generations to begin buying homes and building financial equity through real estate ownership sooner.

With affordability continuing to challenge first-time buyers, adapting to the market’s conditions seems necessary for youth hoping to achieve the dream of homeownership. By prioritizing flexibility over a perfect first home, more Canadians under 30 are finding ways to start their journey into real estate and community investment through buying homes earlier in life. Compromise has become the strategy for younger buyers entering one of the most expensive markets in North America.