Survey: 82% of Young Canadians Lack Financial Confidence in at Least One Aspect of the Homebuying Process

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Postmedia has not reviewed the content. by Business Wire Survey: 82% of Young Canadians Lack Financial Confidence in at Least One Aspect of the Homebuying ProcessAuthor of the article:New findings also reveal 40% of Canadians tapped into long-term savings to cover expenses within the past year, including rent or mortgage payments.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTORONTO — New research highlights the financial pressures facing Canadians and the challenges of saving for a home, particularly among younger Canadians with only 18% of those aged 18-34 who say they feel confident navigating all financial aspects of buying a home. That’s compared to 35% aged 35 to 54 and 50% aged 55 and older.The 2026 Zown Homeownership & Financial Confidence Survey issued by Zown, a full-service, AI-powered real estate brokerage, and conducted among members of the Angus Reid Forum, found that younger Canadians identified several areas of homebuying finances they feel least confident navigating, including:This advertisement has not loaded yet, but your article continues below.Saving and planning for a down payment: 19%Understanding ongoing costs after buying a home: 19%Knowing how much home they can afford: 18%Knowing which homebuying incentives or programs they qualify for: 14%Understanding closing costs: 10%Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe findings also reveal that just 13% of Canadians who have never owned a home but haven’t ruled out homeownership, feel confident navigating all financial aspects of buying a home, compared with 46% of current homeowners.For prospective buyers in this group, the areas of least confidence include:Saving and planning for a down payment: 30%Understanding how much home they can afford: 18%Understanding the ongoing costs of homeownership: 14%Canadians Dip Into Long-Term Savings to Cover ExpensesThe survey also found that 40% of Canadians tapped into their long-term savings to cover expenses or unexpected costs over the past year.Among those who accessed their savings, 29% used the money for emergencies or unexpected expenses, 22% for groceries and everyday purchases, and 13% for regular housing costs, including rent or mortgage payments.“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.”Canadians Across the Country Are Drawing on Long-Term SavingsFrom roughly one-third to nearly half of respondents in each region, Canadians report dipping into long-term savings to manage financial pressures:48% in Alberta44% in Saskatchewan and Manitoba combined41% in Ontario41% in British Columbia35% in Atlantic Canada34% in QuebecAs Canadians face growing challenges in saving for a home, Zown is focused on helping aspiring buyers overcome financial barriers and navigate the path to homeownership.Founded in 2022, Zown is an AI-powered real estate platform and licensed brokerage on a mission to make homeownership more affordable and accessible. Combining a personal AI agent with licensed real estate professionals, Zown guides buyers from education and home search through offer negotiation and closing, while providing upfront cashback to eligible buyers to reduce upfront costs. Zown has helped over 1,000 homebuyers transact over $700 million in real estate and returned more than $8 million in cashback. For more information, visit www.zown.ca.These findings are from a survey conducted by Zown from October 14 to October 16, 2026, among a representative sample of 1,500 online adult Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.53 percentage points, 19 times out of 20.View source version on businesswire.com: This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.