For many people, buying a home in their late 20s or early 30s once seemed like a natural part of adulthood, but for many Canadians today, this looks very different. In 2021, 16.3 per cent of Canadian millennials aged 25-39 were living with at least one parent, nearly double the share of baby boomers at the same age in 1991 (8.2 per cent).

High home prices, elevated borrowing costs, and the challenge of saving a down payment are delaying home ownership for an entire generation. It's not that younger Canadians have lost interest in owning a home, It's that getting there that now requires more time, more planning and often more support.

Some buyers are moving further from major urban centres, while others are relying on family assistance to bridge affordability gaps. More young Canadians are even looking at cottages as an option to enter the housing market before pursuing an actual primary residence.

Homeownership is still a goal for many people, it just looks a little bit different in getting there. For real estate professionals, that means understanding new buyer realities, and helping clients find the right path to ownership.

The expected buyer has been delayed

The average age of a first-time homebuyer in Canada has recently climbed to 40. In Ownright’s own Operators Report, which surveyed over 1,000 real estate professionals, they reported that buyers aged 25-34 now account for just 15per cent of active buyer activity. In other words, the people who typically make up the first-time buyer market are now reaching these milestones much later in life, compared to their parents' generation.

Millennials have faced their share of financial challenges. From entering the workforce during a rocky economy, to taking on significant student debt, many have spent the majority of their adult lives working just to stay financially afloat, with 40 per cent concerned they will never pay off their debt. Living with parents, for many, is a necessity.

As a result, many buyers are entering the market later in life, often after years of saving and with far less financial flexibility than previous generations had. While earlier buyers could afford to learn as they went and gradually build equity, today's buyers often feel they need to make all the right decisions from day one, or stretch their budgets so thin that any change in interest rates or unexpected costs can have a negative impact.

The strain on existing owners is changing buyer psychology

Prospective buyers are also paying close attention to what has happened to those who entered the market before them. Stories of financial strain are becoming harder to ignore: nearly one in 10 Toronto mortgage holders may not qualify to refinance in 2027 if interest rates remain at current levels, delinquency rates have risen, and one in three Ontario homes purchased at the peak of the 2022 market has since been sold at a loss.

For buyers on the sidelines, these aren't just economic indicators. They're real-world examples of risk that can arise when homeownership pushes household finances to their limits. That reality is influencing behaviour. Sixty-seven per cent of real estate professionals believe their clients are more risk-averse than they were before 2022, with client indecision now emerging as the leading cause of delayed transactions. Buyers are still showing interest, but they're being more cautious, doing their research, and taking their time before making an offer.

Younger buyers aren't waiting - they're finding different ways in

Despite the challenges, younger Canadians haven't abandoned the idea of ownership. They're simply becoming more creative in how they approach it. A May 2026 RE/MAX survey found that 54 per cent of buyers aged 18-34 view recreational properties as part of their long-term financial plans.

For a growing number of Canadians, cottage country is no longer something that comes after financial success - it's becoming a way to build it. For buyers who can't afford to buy in many cities, recreational properties can be a more realistic way to get into the housing market. Instead of feeling like they need to act immediately, today's buyers are taking more time, thinking things through, and making sure a purchase fits their budget and lifestyle in the long run.

The market is sending professionals a clear signal

Most buyers today aren’t focused on investment opportunities or big gains; they’re simply trying to find a place to live. Primary homes now make up about 67 per cent of transactions, while investment purchases account for just around three per cent.

Clients want clear, practical guidance on what they can afford, how financing works and what risks they should be watching out for. They’re less interested in big predictions and more focused on whether a purchase actually makes sense for their long-term future.

For those exploring options like cottages or smaller communities, real estate professionals can help them look beyond the price tag and consider things like location, upkeep, access and potential risks of a cottage property, all while making sure they don't overextend themselves financially.

Real estate professionals are playing a bigger role in helping people get through a more uncertain market, offering steady, straightforward advice, and it’s something that’s needed more than ever. With so much still unclear, trust, transparency and clear communication have become some of the most important parts of the job.