Millennials waiting longer to buy homes, Statistics Canada data shows

A new Statistics Canada report on home ownership says rising prices are pushing out a new generation of buyers. CTV’s Joseph Bernacki reports.

Young Winnipeg adults are staying home longer as soaring prices shut them out of the city’s housing market, a new Statistics Canada report shows.

The report, which draws on census data from 1991, 2006, and 2021 across eight major Canadian cities, found the share of 25-to-29-year-olds in Winnipeg living with their parents nearly doubled over that period — jumping from 14.5 per cent to 31.9 per cent.

Tyler Hall, a Royal LePage realtor with four years in the Winnipeg market, said conditions in 2026 are making it especially tough for new buyers to break in.

“We see a low supply of homes right now, so obviously a high demand,” Hall said. “A lot of new entry-level buyers, so we’re seeing things move really quick and people are kind of expanding their searches to different areas or even looking outside the city.”

In some cases, he said well-renovated properties are selling for $50,000 to $100,000 over asking.

Brendan Macpherson, a mortgage specialist with Castle Mortgage Group, said the entry-level price range that buyers were accustomed to five to seven years ago — roughly $200,000 to $350,000 — has effectively disappeared.

The new range, he said, is $350,000 to $500,000.

At those prices, many buyers are being priced out before they even make it to closing.

“People might see the list price at $350,000 and think, well, I can afford that,” he said. “Their pre-approval is good to $350,000 or $375,000, but then they’re seeing it go for $400,000 or $425,000. So they’re putting in offers and then just getting blown out of the water.”

At those prices, new buyers have a hard time getting financing, unless family members step in and help with a down payment.