Generation Squeeze's Hard Truths More mortgage-free young Canadians is a worrisome sign
Jul 23, 2025
Dr. Paul Kershaw, UBC policy analyst and founder of Generation Squeeze, dives into the striking surge of mortgage-free young Canadians. With homeownership among under-35s hitting a record 44%, Paul reveals that 18% of them have no mortgage at all, raising concerns about the shift from a meritocracy to a landed aristocracy. He discusses how family support influences this rise and highlights growing wealth gaps between homeowners and renters. Paul calls for older generations to recognize their privilege and advocate for policies that promote housing equity.
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Young Homeownership Rose Amid Price Surge
- Homeownership for Canadians under 35 rose to 44% during the pandemic despite soaring prices. Nearly one in five young homeowners had no mortgage in 2023, an uncommon post-1980s pattern.
Bank Of Mom And Dad Expanded During Pandemic
- The jump in mortgage-free young owners points to increased family transfers of housing wealth. Low interest rates let older homeowners liquefy wealth and help younger relatives buy homes.
Housing Wealth Risks Creating A New Aristocracy
- Reliance on family wealth to access housing shifts advantage from effort to birthright. Paul warns this drift resembles a landed aristocracy, undermining meritocratic mobility.