Just 18% of Canadians aged 18 to 34 say they feel confident navigating all financial aspects of buying a home, according to the 2026 Zown Homeownership & Financial Confidence Survey, released Wednesday.
That compares with 35% of those aged 35 to 54 and 50% of those 55 and older.
Zown, an AI-powered real estate brokerage, conducted the survey from October 14 to 16 among 1,500 online adult Canadians who are members of the Angus Reid Forum.
The survey also found 40% of Canadians tapped into their long-term savings over the past year to cover expenses or unexpected costs.
Among those who did, 29% used the money for emergencies or unexpected expenses, and 22% for groceries and everyday purchases. Another 13% put it toward regular housing costs, including rent or mortgage payments.
Alberta had the highest share of respondents drawing on long-term savings, at 48%. Saskatchewan and Manitoba combined came in at 44%, followed by Ontario and British Columbia at 41% each, Atlantic Canada at 35%, and Quebec at 34%.
“Housing affordability isn’t just about the price of a home. It’s also about whether Canadians can afford to become homeowners in the first place,” said Rishard Rameez, founder and CEO of Zown.
“There’s a disconnect between the dream of homeownership and the financial reality many Canadians face. We’re asking people to save tens of thousands of dollars for a down payment when they’re already drawing on their savings to cover everyday expenses. That’s a fundamental challenge we can’t afford to overlook.”
For the younger group, saving and planning for a downpayment and understanding the ongoing costs after buying a home were the areas of least confidence, at 19% each. Knowing how much home they can afford came next at 18%, then knowing which homebuying incentives or programs they qualify for (14%) and understanding closing costs (10%).
Ownership makes a similar difference. Only 13% of Canadians who have never owned a home, but haven’t ruled it out, feel confident across every financial aspect of buying one, compared with 46% of current homeowners.
For those prospective buyers, the downpayment is the area of least confidence, cited by 30%. Understanding how much home they can afford follows at 18%, and the ongoing costs of homeownership at 14%.
