Canada just hit a staggering new milestone — and not the good kind.

A new global study shows Canadians are now waiting longer than almost anyone on earth to buy their first home. Vancouver, Toronto, and Montreal rank near the bottom of a 70-city international affordability index.

According to UAE-based Bloom Holding, the average first-time buyer in Vancouver purchases at age 46.

In Toronto? 40.

In Montreal? 39.

For comparison: in Bucharest and Budapest, first-time buyers purchase in their mid-20s.

📉 The Down Payment Problem Is Even More Extreme in CAD

Bloom Holding calculated how long it takes an average-income Canadian (starting to save at age 23) to save a 15–25% down payment — and the results become even more shocking when converted into Canadian dollars.

🏡 Vancouver

• Price per m²: $10,087 USD → ~$13,700 CAD

• Estimated down payment: $247,838 USD → ~$337,000 CAD

• Average first-time buyer age: 46

🏙️ Toronto

• Price per m²: $7,314 USD → ~$9,940 CAD

• Estimated down payment: $179,705 USD → ~$244,400 CAD

• Average first-time buyer age: 40

🌆 Montreal

• Price per m²: $6,938 USD → ~$9,440 CAD

• Estimated down payment: $170,467 USD → ~$232,800 CAD

• Average first-time buyer age: 39

Even with wage increases, the math simply doesn’t work for younger Canadians — especially when down payment requirements climb faster than incomes.

🇺🇸 North American Trend: Buyers Are Getting Older

The United States is experiencing the same shift.

According to the National Association of Realtors:

• Median first-time buyer age: 40

• Up from 33 just a few years ago.

Higher rates + decade-long price growth = delayed homeownership across the continent.

🏦 Monthly Affordability Is Improving… But Down Payments Aren’t

Oxford Economics’ Housing Affordability Index (HAI), which measures monthly borrowing power assuming a 20% down payment, has been improving as rates fall.

National HAI improved from 130 → 104 between 2023 and Q2 2025, its best level since 2020.

But here’s the issue:

Most first-time buyers don’t have 20% down — especially in Toronto and Vancouver.

City breakdown:

• Vancouver: HAI 189 → 153 (still Canada’s least affordable market)

• Toronto: 163 → 132

• Montreal: 108 → 96 (approaching actual affordability)

Oxford economist Michael Davenport stresses this gap clearly:

“Monthly affordability is improving, but saving for a down payment remains a significant challenge — especially in the GTA and GVA.”

🏛️ Government Measures Help — But Not Fast Enough

Recent policy changes aim to soften the blow:

• Extended 30-year amortizations for first-time buyers on new builds

• GST reductions on eligible new housing

• National programs that support development and supply expansion

• Moderated immigration targets to reduce pressure on demand

These are steps in the right direction, but they don’t erase a decade of undersupply — especially in Ontario and British Columbia.

Long-term, Davenport expects affordability to gradually return at the national level as supply accelerates.

But he warns:

“Toronto and Vancouver will likely remain severely unaffordable over the long run.”

🔑 The Hidden Reality: Existing Homeowners Benefit Most

Here’s the part many Canadians don’t talk about:

👉 The same conditions that make homeownership nearly impossible for young buyers are strengthening equity for current homeowners.

Even with modest price dips, long-term supply shortages mean most owners see:

• strong equity positions

• stable to rising long-term values

• continued investor demand

This is why more Ontario homeowners are tapping into equity to:

• refinance

• consolidate high-interest debt

• bridge between purchases

• complete renovations

• fund investments

• assist children entering the market

And this is exactly where Lendworth steps in.

💼 Bottom Line for 2025

Canadians are entering homeownership later than almost any country on earth.

Affordability may be improving monthly, but the down payment wall is higher than ever — especially when converted into Canadian dollars. In the GTA and GVA, the structural gap isn’t going away anytime soon.

For homeowners, rising equity remains a powerful tool.

For first-time buyers, the path is longer — and increasingly dependent on creative financing, equity support, or alternative lending.

If you’re looking to access your home’s equity with speed, flexibility, and transparency…

Lendworth approves in 24 hours — no income, no credit score required.

Private lending built for real Canadians.