Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Despite recent changes to mortgage rules aimed at supporting first-time homebuyers, many barriers still exist that prevent Canadians from reaching their dreams of homeownership. The 2025 Homeownership Insights Survey issued by Zown, an end-to-end, tech-powered real estate brokerage, and Angus Reid looks into the challenges and opportunities for aspiring homeowners in Canada.
The survey found that 36% of Canadians are unaware of the financial resources and assistance available for purchasing a home and that 25% among those who are looking to buy a home in the next 2 years don't feel confident about the overall process, highlighting a clear need for increased education and support throughout the homebuying journey.
Desire for Financial Support and Education
With savings being the primary barrier to homeownership, 36% of Canadians are unaware of the financial resources and assistance available to help them purchase a home.
- 1 in 10 (10%) of Canadians have never heard of these resources,
- 1 in 4 (25%) have heard of them but remain unfamiliar.
Among those who are familiar with the financial resources available, respondents cited the most useful forms of assistance to be:
- Inheritance (52%)
- Lower realtor commission fees (38%)
- Down payment assistance programs (35%)
Down payment assistance is one of the most impactful resources for aspiring homeowners, helping them overcome the significant barrier of saving for upfront costs in buying a home.
In fact, about 1 in 3 (35%) of Canadians say access to down payment assistance programs would make them more likely to purchase a home in the next two years. Addressing this demand, Zown offers up to $25,000 in upfront down payment assistance. You can calculate how much down payment assistance you can receive with Zown in an online calculator on https://zown.ca/ (or https://zown.ca/calculator/home-affordability)
Challenges of Homeownership
The survey found that about a quarter (26%) of Canadians are looking to buy a home in the next two years. Of the 37% of Canadians who do not currently own a home, 64% view homeownership as a lifetime goal, despite 1 in 4 aspiring homeowners giving up on this dream due to affordability.
Costs are also restricting aspiring homeowners' preferences, as 80% of those who are looking to buy a home say that they have reconsidered their desired location due to affordability.
The survey also found that nearly half (49%) of non-homeowners say they are significantly less likely to purchase a home in the next two years due to current living expenses; in fact, 57% of Canadians trying to save for a downpayment cite high living costs as the primary challenge more than any financial barrier.
Generational Differences in Homeownership Goals
The generational divide reveals a stark difference in attitudes toward homeownership and knowledge about available resources. While Gen Z is most likely to view homeownership as a lifetime goal (84%), they are least familiar with the financial resources available for purchasing a home (50%). Meanwhile, 69% of Millennials view homeownership as a lifetime goal and are generally more familiar with the financial resources available to them (62% vs. 50% with Gen Z).
"My own experience buying a home in Canada was incredibly frustrating, and I quickly realized I wasn't alone in that feeling," says Rishard Rameez, Co-Founder and CEO of Zown. "At Zown, we are committed to supporting Canadians throughout their entire home-buying journey from saving to closing. With our user-friendly apps and tools like our mortgage pre-approval calculator, we are on a mission to gamify the homebuying journey to ensure all Canadians have the necessary information to make smart, informed decisions about their biggest asset."
Zown is one of Canada's fastest-growing real estate brokerages, simplifying the home-buying process with innovative tools, support, and financial resources to help Canadians reach their dreams of home ownership faster.
For more information, visit www.zown.ca/.
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For media inquiries, please contact:
Rachel Dillane
Category Communications
rachel@categorycomms.com
About Zown
Founded in 2021, Zown simplifies Ontario's home buying and selling process, guiding homeowners from end-to-end, from pre-qualification to closing, with a mission to make homeownership accessible and affordable. With over 300 realtors and 15,000 clients across the province, Zown has closed over 200 homes, with over $100,000,000 sold.
Methodology:
These findings are from a survey conducted by Zown from January 22nd to January 24th, 2024, among a representative sample of 1,522 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242196
SOURCE: Zown
