Many young Canadians are looking to pursue homeownership without a partner

Even while the current real estate market in Ontario continues to be unfriendly to consumers, many renters within the province and nationwide are considering taking the plunge into home ownership. 

According to recent information collected on behalf of Canadian real estate experts at Point2, a large margin of renters in Canada are still keen on looking into a mortgage, despite home prices across the country continuing to skyrocket. 

Surprisingly, many of these individuals are looking to go it alone and pursue the endeavor of buying a home without a spouse. 

According to the information provided by Point2, this desire to go solo is split across generations, with the older bracket of millennials remaining the only majority group that wants to engage in a home purchase with a spouse —  as 50 per cent of surveyed individuals in this age range expressed their desire to do so. 

When it comes to younger millennials — unlike their older counterparts — roughly 57 per cent of surveyed individuals are looking into buying a home on their own, with 76 per cent already having $50,000 in the bank and ready to do so. 

As for younger even generations, such as Gen Z, roughly 74 per cent of surveyed individuals under 25 have already claimed they have $30,000 saved with the intent to buy a home alone within the next year.

Concerning Gen X respondents, 47 per cent of surveyed individuals are ready to buy a home alone, however, they are far more concerned about their credit scores than home ownership. 

As for why younger generations are so keen to embark on a mortgage pursuit alone, Point2’s data indicates it may be the byproduct of a generational gap in priorities, as many younger Canadians are foregoing marriage or the pursuit of a family to focus on education or career goals.