Young Canadians are holding fast to the dream of buying a home, even as overall rates of ownership are falling sharply, according to a new poll released by Scotiabank Tuesday.
The polling shows a steep decline in young homeowners over the past three years as housing unaffordability issues dogged would-be buyers. Some 26 per cent of Canadians aged 18 to 34 own a home today, down from 47 per cent in 2021, according to the poll.
At the same time, 29 per cent of respondents in that age group reported they were living at home with parents or family, up nine percentage points from three years ago. The number of renters was similarly higher among youth, up to 43 per cent from 29 per cent in 2021.
Move to the prairies folks. Vancouver has no place to build new homes. Montreal is an island. Toronto has real and artificial constraints keeping the sprawl contained.
Move to Winnipeg. Regina. Edmonton. Whatever. Own a home like it is 1965. If they’re still too expensive, move to an even smaller city. The jobs are available.
How’s the social scene for a young-ish single person?
Depends on the city. And who you are. I’m a big white dude with a geophysics degree so the circles I run in tend to be coloured by that.
I lived in Edmonton a decade ago, and it was great as a young professional. However, because the city is full of oil money, you really have to work hard to impress anyone with your career there. They’re all like “yeah, whatever, everyone at this bar is throwing down $100s and you’re just one of them assholes”, so you have to be pretty self-aware to date there. But going to a “drink and draw” event at an art gallery will work wonders ;)
Currently in Winnipeg. The arts scene here is great. Met my long term partner here (online dating during COVID, even – “do you want to go on a socially distant walk in the park together?”). She is more hipster than I so I basically ride her coattails now in the art scene. We went “power couple” for our first two years – two houses because that’s how affordable it is.
I have lived, worked, or studied in seven provinces and three territories now. I joke with my friends from elsewhere that when I moved to Winnipeg, I bought a garage and it came with a free house. My quite decent three bedroom, finished basement, double garage was $286k.
Well, it’s cold in winter and very flat topographically, but whatever – I lived in Yellowknife so this is nothing ;)
Photo just outside Winnipeg on the frozen lake – hiking to find cool ice ridges. Just gotta lean into winter :)