For generations of Canadians, entering adulthood followed a predictable script: finish school, start a career, rent for a brief period, and purchase a first home by the mid-to-late twenties. That traditional life milestone, however, is undergoing a profound and historic shift. Today, buying a first home is increasingly becoming an achievement associated with middle age rather than early adulthood, fundamentally altering how Canadians approach real estate, personal finance, and family planning.
A comprehensive new poll conducted by RBC reveals that non-homeowning Canadians now expect to be, on average, 41 years old before they are finally able to secure a foothold in the housing market. This stark reality represents a delay of a full 12 years when compared to the average age at which current homeowners report having purchased their very first property. For a significant portion of the population, even that extended timeline remains shrouded in ambiguity. Fully half of the non-homeowners surveyed admitted they have no clear idea of when, or if, they will ever be in a financial position to buy.
This widening chasm between generations points to a deep and growing economic divide across the country. Nearly three-quarters of respondents—74 per cent—firmly believe that purchasing a home in the modern economic landscape is significantly more complicated than it was for previous generations. Furthermore, 65 per cent expressed frustration that older generations simply do not understand the unique financial hurdles facing today’s buyers, while 52 per cent feel that traditional homebuying advice passed down from parents and grandparents has become entirely obsolete in the face of modern housing economics.
The Starter Home is Changing
As affordability pressures mount and market dynamics shift, the traditional concept of buying a modest starter home with the intention of trading up a few years later is rapidly losing its appeal. For decades, real estate wisdom dictated entering the market at the lowest possible rung of the ladder, building equity, and eventually transitioning to a larger property as personal income grew and family needs expanded.
Today’s prospective buyers are viewing that strategy with skepticism. Among first-time buyers who are actively planning to purchase a property within the next two years, an overwhelming 74 per cent indicated they would prefer to buy a home they can stay in for the long term, rather than purchasing a smaller starter property that they might quickly outgrow.
Current homeowners appear to intimately understand this cautious mindset, having navigated the realities of the modern property ladder themselves. More than half of surveyed homeowners—52 per cent—admit that moving up from their initial first home proved to be significantly harder than they originally expected. Additionally, 46 per cent of current homeowners stated that while they would ideally like a larger or different property to better suit their current lifestyles, they simply cannot realistically afford to make the jump in the current market environment.
Brad Evjen, a senior mortgage specialist at RBC, noted the delicate financial calculations required by modern buyers who choose to bypass traditional starter properties. Purchasing a larger home right out of the gate often necessitates stretching personal budgets to their absolute limits, requiring buyers to weigh future risks carefully.
"Buying a home you can stay in longer usually means stretching your budget further, so the math has to work in both directions," Evjen said. He emphasized that while a larger initial purchase works well for some, it can spell financial trouble for others, making it crucial for prospective buyers to thoroughly evaluate their personal circumstances before entering the market.
More Buyers Considering Living with Family
Faced with steep housing prices, high interest rates, and stringent borrowing requirements, Canadians are increasingly looking beyond traditional household models to make homeownership possible. One of the most notable shifts is a growing openness to sharing living spaces and financial resources with family members across multiple generations.
The RBC poll revealed that 53 per cent of prospective buyers who plan to purchase a home within the next two years would actively consider investing in a multigenerational home. This sentiment is also shared by a notable portion of existing property owners; 35 per cent of current homeowners stated they would consider selling their current home in order to purchase a larger property alongside their adult children, thereby helping them bridge the gap into the housing market.
Among those looking to buy, 34 per cent believe that multigenerational living is becoming an increasingly common lifestyle choice driven strictly by affordability constraints. Meanwhile, 32 per cent view sharing a roof with family as a highly practical and effective strategy for managing and sharing mounting housing costs.
Janet Boyle, senior vice-president of homeequity finance at RBC, highlighted the resourcefulness of Canadians in navigating these unprecedented economic conditions. She noted that citizens across the country are creatively adapting to ensure that one of life’s most significant financial milestones remains achievable.
"Canadians are finding new ways to make one of life’s biggest purchases possible," Boyle said.
Uncertainty About Timing and Growing Financial Pressures
Even as prospective buyers look for alternative ways to enter the market, deep uncertainty continues to plague their decision-making process. The poll indicates that potential buyers are sharply divided over the ideal timing for a purchase. Half of the respondents worry that waiting on the sidelines could result in being permanently priced out of the market if property values continue to rise. Conversely, an equal share of prospective buyers expressed intense anxiety over purchasing a home now, only to see market values decline shortly after locking into a mortgage.
These financial anxieties are not isolated to those trying to break into the market for the first time. Existing homeowners are also feeling the pinch as they face an unforgiving economic climate. Among homeowners who are scheduled to renew their mortgages within the next two years, 51 per cent report that the upcoming renewal process feels nearly as stressful as the original experience of buying their first home. Furthermore, 60 per cent of these renewing homeowners expect that their next mortgage term will place significant strain on their overall household finances.
These findings are based on a comprehensive online survey of 1,810 Canadian adults aged 18 to 64. The research was conducted by polling firm Leger between August 5 and August 24, capturing a snapshot of consumer sentiment during a period of sustained economic uncertainty.