Rates are ruling the market
Interest rates continue to be a massive barrier. More than two-thirds of would-be Canadian homeowners say current rates are a deal-breaker, and 2 in 5 are waiting for rates to fall below 3% before making a move.
Even worse, 44% of Canadians admit they don’t even know what rate they’d be comfortable with to buy or refinance — suggesting that uncertainty, not just affordability, is holding people back.
As a result, more than half of prospective homeowners feel they missed their moment to buy a home, although more than half of aspiring homeowners still hoping to get into the real estate market are now considering a move to a different provice or country in order to increase their chances of buying an affordable home.
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Get Started“We missed our chance”
For many millennials, the window to buy a home feels like it closed when they weren’t looking. Two-thirds of them feel they’ve already missed their opportunity.
Still, 59% of Canadians say owning a home is one of their biggest life goals. But compared to five years ago, confidence in achieving that goal has dropped sharply — especially among younger generations.
Rethinking the plan
With the economy in flux, Canadians are reimagining what homeownership even looks like. Nearly half are open to buying a home with friends or extended family. Gen Z and Millennials are leading the charge toward shared ownership models.
A significant portion of current homeowners (43%) say they needed financial help from family to make their purchase. More than a quarter of today’s buyers expect the same.
On the flipside, older Canadians many are beginning to accept their role in helping their adult children or grandchildren into the housing market. According to the BMO survey, more than a third (39%) plan to financially help their adult children or adult grandchildren to buy a home — and among these about 5% plan to help by contributing to the required down payment and 4% plan to contribute to their family's First Home Savings Account (FHSA).
While some still push toward ownership, others are stepping away. Almost two-thirds of Canadians say they’re comfortable renting and don’t feel pressure to buy — especially among Gen X and boomers. Over half see renting as a more flexible option in today’s economy.
Read More: How to buy a house in Canada
Survey methodology
The BMO Real Financial Progress Index survey was conducted by Ipsos in Canada between March 3 to 26, 2025. The survey polled a sample of 2,500 adults aged 18 or older. To account for recent changes in the economic situation, certain questions were asked again of a sample of 2,001 adults aged 18 and older between April 17 to 20, 2025.
— with files from Romana King
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