young money

Why an increase in mortgage-free young people is a worrisome sign

Home ownership among Canadians under 35 jumped during the pandemic as interest rates fell.

“Generation Z is unprecedentedly rich.” That was the bold headline of a recent Economist article, drawing on international data showing many young adults today financially outpace boomers when they were the same age.

Since I often report the opposite for younger Canadians, the claim gave me pause. So, I revisited national data on income, unemployment and home ownership for those aged 20 to 34. Canada tells a different story from the Economist headline, except for one notable trend: home ownership among young adults surged during the pandemic.

This raises a deeper concern. Canada may be drifting from a meritocracy

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