Why Homeownership Matters More Than Ever
My parents owned four homes by the time they were thirty years old. When I tell younger people that today, it almost sounds unbelievable. Yet for many Canadians of that generation, homeownership was not viewed as an impossible dream. It was considered a realistic goal for ordinary working families willing to save, sacrifice, and plan for the future. Today, many young Canadians are asking a very different question. "Will I ever be able to own a home at all?" That question should concern all of us. Because this is not simply a housing issue. It is an ownership issue.And ownership matters. For generations, homeownership was one of the primary ways ordinary families built wealth. Parents worked hard, made mortgage payments, gradually paid down debt, and accumulated equity over time. The family home often became their largest asset and a significant part of their retirement plan. Today, however, ownership is becoming increasingly difficult to achieve. Rising housing costs, higher borrowing costs, declining affordability, and changing housing trends have created a reality that looks very different from the one many previous generations experienced. What concerns me most is not simply the cost of housing. What concerns me is the growing shift away from ownership itself.Look at how we live today. We have been quietly conditioned to accept permanent renting in nearly every area of our lives. A generation ago, you bought a CD or a vinyl record. It was yours. You owned it. You could listen to it forever without paying another dime. Today, we pay a monthly subscription to Spotify or Apple Music. The moment we stop paying, our music disappears. We subscribe to Netflix instead of purchasing movies. We subscribe to Microsoft 365 instead of owning software. We lease phones. We lease vehicles. We pay monthly fees for cloud storage, entertainment, apps, and services that previous generations simply owned outright. Most of these subscriptions seem harmless. In many cases they are convenient. But collectively they represent a significant shift in the way we think about ownership. We are becoming increasingly comfortable paying for access rather than ownership. Ownership creates assets. Subscriptions create expenses. Ownership builds wealth.Subscriptions consume income. The difference becomes especially important when we apply this same mindset to housing. A music subscription may cost fifteen dollars per month. Housing is different.Housing is shelter. Housing is security. Housing is one of the largest financial commitments most people will ever make. When housing becomes a permanent subscription, the consequences can last a lifetime.Homeownership is about far more than having a roof over your head.It represents stability. It represents security. It represents responsibility. It represents discipline. It represents long-term thinking. For generations, homeownership gave ordinary families an opportunity to participate in wealth creation. Not because they were investors. Not because they timed the market perfectly. But because they consistently owned an asset while paying down debt over time. As mortgage balances declined, equity increased. As equity increased, financial security often improved. For many families, the family home became the foundation of retirement security and intergenerational wealth. That matters. Because wealth is not built solely through income. It is often built through ownership.One of the most troubling conversations I have with young people today is not whether they can afford their dream home. It is whether they believe they will ever own a home at all. That is a dramatic shift from previous generations. My parents owned four homes by the time they were thirty years old. Today, many hardworking young Canadians with good jobs and responsible financial habits are struggling to purchase their first property. The issue is not that young people are unwilling to work. The issue is that the pathway to ownership has become significantly more difficult. That should concern all of us. Because ownership is not simply about housing. Ownership is about participation. It is about having a stake in the future. It is about building something that belongs to you. It is about creating options later in life.The greatest divide in the future may not be income. It may be ownership. Over time, asset owners build equity. Non-owners continue making monthly payments. One group participates in appreciation. The other does not. One group builds net worth. The other often struggles to keep pace with rising living costs. The longer this continues, the wider the gap becomes. This is why declining ownership opportunities should concern every Canadian, regardless of their age or political views. A society where fewer people own assets is fundamentally different from a society where ownership is broadly attainable.If homeownership is important to you, do not give up on it too quickly. Fight for it. Save for it. Sacrifice for it. Consider buying a smaller home before a larger one. Consider a condominium as a stepping stone. Consider a mortgage-helper property. Consider purchasing in a neighbourhood that offers long-term potential rather than immediate prestige. If your parents are willing and financially able to assist with a temporary co-signing arrangement, have that conversation. Many successful homeowners did not begin with their dream home. They began with their first step. The goal is not perfection. The goal is participation. Because once you own an asset, time begins working for you. Equity begins growing. Options begin expanding.Homeownership is not the answer to every financial challenge. Nor is it the right choice for every person at every stage of life. But it remains one of the most powerful tools ordinary Canadians have for building long-term stability and wealth. For generations, homeownership has represented far more than bricks and mortar. It has represented freedom. Freedom from rising rents. Freedom from housing uncertainty. Freedom to build equity. Freedom to create opportunities for future generations. The question is not whether everyone should own a home. The question is whether future generations will still have a realistic opportunity to do so. That conversation is worth having. And if ownership is a goal you value, it may be worth working harder for than ever before. Because at the end of a lifetime of work, the difference between making payments and building ownership can be profound. Ownership is not simply about possessing an asset. It is about creating stability, security, opportunity, and a foundation upon which future generations can build. And that may be more important today than ever before.
