New RBC poll underlines how affordability pressures reshape millennials’ paths to homeownership
Millennials are already on the front line of Canada’s affordability crunch. The latest RBC Financial Independence Poll suggests that squeeze has intensified, with many caught between day‑to‑day survival and long‑term goals like homeownership and retirement.
Millennial budgets under strain
The 35th annual survey found that 64% of millennials are anxious about their financial future and 57% said they have little or no money left after covering monthly bills.
RBC reported that nearly six in 10 do not feel financially secure, while 45% dipped into savings over the past year to stay afloat and 40% are worried they would never pay off their debts.
“Today's lack of affordability is a crucial challenge for Millennials at a time when they need their money to be working as hard as they are,” said Jodi Wright, senior director and head, RBC Financial Planning.
“It can be overwhelming when you're trying to cover monthly expenses, pay down debt, and invest for the future.”
On average, millennials in the poll said they need roughly $1 million to feel financially independent, yet indicated they saved about one‑tenth of that.
Broader research pointed to the same pressure points. A 2024 Scotiabank housing poll reported that 55% of millennials felt buying a home was out of reach, even as most younger Canadians still aimed to purchase within five years.
Statistics Canada also highlighted how falling values since 2022 and higher renewal rates weighed especially on millennials who bought at peak prices.
Advice gap meets homeownership ambitions
Despite the strain, the RBC poll showed only 48% of millennials have a financial plan, and one‑third of those described it as being “in their head.”
Just 22% use a professional for financial advice in the past year. Key reasons included, “I don't feel I know enough and don't want to be judged,” “I don't know where to start with financial planning,” and the belief that “financial advisors are just for the rich.”
Wright added: “You don't need millions of dollars to start planning and investing. The real value of a plan is the clarity, momentum and direction it provides.”
Homeownership remained a priority, despite setbacks
Young Canadian households have accumulated wealth at an unprecedented pace since 2020, nearly doubling their net worth in just four years.
But beneath this surface prosperity lies a troubling reality: their incomes have barely moved, raising critical questions about the sustainability of their financial positions and what it means for mortgage origination.
Even as budgets tighten, younger Canadians continue to place a premium on owning a home. A 2024 survey showed youth prioritizing homeownership over other life milestones, such as weddings, and saving aggressively to reach that goal.
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