A Major Shift: Solo Homeownership on the Rise Among Canadians
Emerging Trend
A new Point2 survey reveals that four in 10 Canadian renters are willing to apply for a mortgage alone, breaking the traditional norm of purchasing homes with a spouse.
Generational Highlights
Most Generations
42% of renters, excluding one generation, consider applying for a mortgage solo. High home prices (39%) and down payments (27%) are the main obstacles.
Gen Z and Millennials
- Gen Z: 72% plan to buy within the next year, with many saving up to $30,000.
- Younger Millennials: 57% aim to buy within a year, with 76% saving up to $50,000.
- Older Millennials: Prefer buying with a spouse but are concerned about down payments (35%) and high home prices (34%).
Gen X and Baby Boomers
- Gen X (45-54): 47% want to buy alone but are worried about credit scores.
- Baby Boomers (60+): Seek smaller single-family homes and are unsure of when they'll purchase.
Redefining Homeownership
Young adults and singles are redefining homeownership, with marriage no longer a prerequisite. Despite high home prices and mortgage rates, the desire to own remains strong. Single-person households, now the most common type (30%), have more than doubled since 1981.
Ambitious Goals
Eight out of 10 Canadian renters aim to buy a single-family home, with Gen Z and Baby Boomers showing strong determination. Many have significant savings for down payments, undeterred by the competitive market.
