New Zown survey reveals most Canadians aged 18–34 feel unprepared for down payments, closing costs, and ongoing homeownership expenses
Most Canadians aged 18 to 34 don't feel equipped to handle the financial complexities of buying a home and many are draining their savings just to stay afloat.
Only 18 per cent of Canadians between the ages of 18 and 34 say they feel confident managing all financial aspects of the homebuying process, according to the 2026 Zown Homeownership & Financial Confidence Survey, released October 28, 2026.
The survey, conducted among 1,500 adult Canadians through the Angus Reid Forum between October 14 and October 16, 2026, also found that 40 per cent of all Canadians tapped into long-term savings over the past year to cover everyday expenses including groceries, rent, and mortgage payments.
The findings underscore a widening gap between the aspiration to own a home and the financial foundation needed to get there - a tension that advisors working with younger clients are increasingly encountering at the planning table.
A confidence gap that widens with age
The survey found that financial confidence in the homebuying process increases markedly with age. While just 18 per cent of those aged 18 to 34 felt confident navigating all financial aspects of purchasing a home, that figure rose to 35 per cent among those aged 35 to 54, and 50 per cent among Canadians 55 and older.
Among Canadians who have never owned a home but haven't ruled out buying one, the confidence picture is even starker. Only 13 per cent of this group said they feel equipped to handle all the financial components of a purchase, compared with 46 per cent of existing homeowners.
For prospective buyers, the areas of greatest uncertainty include saving and planning for a down payment (30 per cent said this was where they felt least confident), understanding how much home they can afford (18 per cent), and grasping the ongoing costs of ownership (14 per cent).
Among all younger Canadians surveyed, areas of low confidence also included knowing which homebuying incentives or programs they qualify for (14 per cent) and understanding closing costs (10 per cent). This speaks to a broader knowledge gap that financial advisors are well-positioned to help fill - particularly as federal programs such as the First Home Savings Account add complexity to an already challenging process.
"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, an AI-powered real estate brokerage headquartered in Toronto. "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."
Long-term savings taking the strain
The survey's parallel finding on savings erosion adds urgency to the picture. Forty per cent of Canadians surveyed said they had drawn on long-term savings in the past year to cover expenses.
Among those who did, 29 per cent used the funds for emergencies or unexpected costs, 22 per cent for groceries and daily purchases, and 13 per cent to cover regular housing costs such as rent or mortgage payments.
The drain on savings was broadly distributed across the country. In Alberta, 48 per cent of respondents reported dipping into long-term savings — the highest proportion of any region. Saskatchewan and Manitoba combined came in at 44 per cent, followed by Ontario and British Columbia at 41 per cent each, Atlantic Canada at 35 per cent, and Quebec at 34 per cent.
For wealth managers, these figures reflect a client base under sustained financial pressure. As Wealth Professional has reported the combination of elevated shelter costs, inflation, and economic uncertainty has pushed many aspiring buyers to the sidelines and is reshaping how advisors approach conversations about saving timelines, debt management, and long-term financial planning.
What this means for advisors
The survey data points to a clear advisory opportunity. Young Canadians are not disengaged from homeownership - they want it. But many lack the financial literacy or structured guidance to feel confident pursuing it. That gap extends beyond down payment savings into areas such as mortgage qualification, closing costs, and the true lifetime cost of ownership.
Earlier research highlighted by Wealth Professional showed that desire for homeownership remains strong, with a majority of Canadians under 65 still viewing real estate as a sound long-term investment. The challenge is bridging the gap between that aspiration and the financial preparation required to act on it.
For advisors with younger clients, the 2026 Zown survey is a prompt to revisit conversations about savings strategy, homebuying timelines, and the tools available including the First Home Savings Account, that can help make the path to ownership more realistic. Clients who are already drawing on retirement or long-term savings to fund everyday costs may need cash flow planning well before any homebuying discussion can begin.
The Zown survey was conducted in both 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.
