29 Home Ownership vs Renting: What Canadians Need to Know About Housing, Wealth & Financial Security

Home ownership has long been sold as the cornerstone of financial security — but is that still true? In this episode of Not Just Money, Doretta and Li take a deep, honest look at the myths, realities, and emotional pressures surrounding buying a home in Canada today. From skyrocketing housing prices to generational differences, cultural expectations, and the rise of parental co‑signing, this conversation challenges the belief that owning a home is the only path to stability. They explore: Why Millennials and Gen Z face dramatically lower homeownership rates than Boomers and Gen X How housing prices have outpaced wages in major cities like Toronto and Vancouver The historical truth: home ownership wasn’t always the Canadian norm Why post‑WWII policies — not just market forces — created the homeownership boom The psychological impact of renting, multigenerational living, and cultural expectations The risks of being “house poor” and relying solely on home equity for retirement The rise of the “Bank of Mom and Dad” — gifts, co‑signing, and inheritances Why co‑signing can put parents’ retirement at risk How much home you really need vs what social pressure tells you Renting as a financially valid strategy — not “throwing money away” Why investing the difference between renting and owning can build real wealth How home ownership fits into a broader financial plan (RRSPs, TFSAs, emergency funds, lifestyle goals) This episode is a grounded, practical guide for anyone feeling overwhelmed by the housing market or pressured to buy before they’re ready. Whether you’re renting, saving, considering buying, or rethinking your financial priorities, this conversation gives you clarity, context, and confidence.