What to know
- An RBC poll found 64 per cent of Ontario respondents said they never really know when the right time to buy a home is, while 78 per cent believe homeownership requires more sacrifices today than it did for previous generations.
- Economic uncertainty is a major barrier for prospective buyers, with 75 per cent saying it makes them more cautious about purchasing a home, 72 per cent calling it their biggest challenge, and 64 per cent worrying it could derail their homeownership plans.
- Rising costs continue to strain would-be homeowners, as 71 per cent said inflation is reducing their ability to save for a home, while fewer than half feel confident making homebuying decisions in the current market.
- Torontonians interviewed by Now Toronto echoed the survey findings, citing high housing costs, stagnant affordability, limited financial education, and concerns that younger generations face a much tougher path to homeownership than their parents did.
It’s no secret that Toronto has been facing a housing and affordability crisis, but a recent study shows that residents don’t believe costs will ever go down enough for there to be a “right time” to buy.
A new poll from RBC shows that 64 per cent of Ontario respondents said they never really know when the right time to buy a home is. That uncertainty only grows with further findings suggesting 78 per cent of the Ontario residents said home ownership means more sacrifices now than for previous generations.
Among Canadians planning to purchase a home within the next two years, 75 per cent said economic uncertainty is making them more cautious about taking the financial plunge, while 72 per cent said it was the biggest challenge standing in their way of owning. Additionally, around 64 per cent of those polled were worried the financial uncertainty would prevent them from buying in the upcoming years.
Inflation is also not helping, with 71 per cent of those polled admitting the rising costs have them saving less than needed for a home.
Because of these factors, confidence levels are on the lower end, with less than half of prospective buyers telling RBC that they could confidently make homebuying decisions in today’s market. Additionally, only 56 per cent said they believed they had the resources and information needed to make smart home-buying decisions. Meanwhile, 74 per cent of respondents said most buyers experience some level of financial shock when they purchase their first home.
Aside from RBC’s homeownership poll, in May 2026, Statistics Canada found that at the ages of 25 to 39-years-old, millennials had the lowest rate of homeownership when compared to older generations. Around 49 per cent of millennial-age adults owned a home in their mid 20s to late 30s, compared to 56 per cent of Gen X, and 55 per cent of Baby Boomers.
Generational wealth can also affect these numbers, with a 2021 study finding people born in the 1990s whose parents were homeowners were twice as likely to own a home compared to those whose parents did not own their home.
What Torontonians are saying
In the Liberty Village area, many Torontonians agreed with the survey results, telling Now Toronto they are feeling the pinch now more than ever before.
“I don’t know when I would buy a home, because I don’t know when I would afford a home in this economy,” a Toronto resident named Shannon said. “I guess anytime is [the right time to buy], but I don’t have the bank for it.”
And when comparing reality now to what it was like with her parents, Shannon aligned with survey results, saying her parents afforded more with less.
“My parents had very entry-level jobs, and I work a very high-level job, and I am still renting an apartment, so it was absolutely a different game back then.”
She added she hopes the housing opens up through the older generations.
“[I’m] hoping all these boomers retire and leave us their houses.”
Hailey said that even renting is expensive in the city.
“I live in an apartment, so the rent is relatively cheaper, but I mean, if I can get more salary, I would expect to stay in a condo,” she shared.
Hailey, who works for a property management company, said she can also see the struggle through her clients.
“A lot of our clients, they shift from selling to renting out, because they are struggling,” she said.
Toronto resident Sunee said she and her dog Easy E were also feeling the housing stress. She said a lack of education on how to buy a house , and how to manage credit scores was also to blame.
“Credits are very easy to get, but the education about these credits [are not there],” she said.
Sunee added older generations were able to afford due to changing environments.
“The economy was different back then, right?” she said. “Some parents bought [places] for $50,000, $70,000, and I think the infrastructure is a little bit different now.”
Even as a high-earner herself, Sunee said she avoids the housing market because she finds it stressful.
“I don’t own one by myself…I’m nervous to put my feet in there, because right now, apparently, it’s terrible to buy, because you’re gonna be losing money, so it’s like it’s never good. When is the right time to buy? I’ll take my money and go somewhere else,” she said.
Sunee also added the experience can be isolating.
“We’ve gone through so many recessions, so I think we’re kind of on our own out here a little bit,” she explained. “It’s kind of a hustle.”
The survey gathered data from 1,753 Canadian residents, aged 18 to 64, through the online research company Leger. The poll was conducted between April 23 and May 3, 2026. The margin of error is said to be plus or minus 2.3 percentage points, 19 times out of 20.
