Way more young people in Canada are now giving up their dream of buying a home Canada RealEstate
But amid this year's rising inflation, it seems the faith in that potential reality is waning, not only among young people in Canada's largest city, but across the country.from Royal LePage and Leger, nearly a third of residents aged 18-34 — 29 per cent — have decided to delay or abandon their dream of buying a home here.
This is compared to the 19 per cent of Canadians overall, regardless of age, who have delayed the decision due to higher lending rates and the inflated cost of living. Younger millennials and Gen Zs in Canada are more apprehensive than older age groups about buying a home in this economic landscape, and are putting their plans on hold. Infographic from"Respondents between the ages of 18 and 34 were significantly more likely to say they have delayed or postponed a home purchase since the start of the year," the report, published on Monday, reads.
"While monetary policy has had a cooling effect on home prices over the last five months, the cost of consumer goods, including food and fuel, continue to rise. Meanwhile, it has become more challenging to qualify for a mortgage as interest rates go up."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Young Canadians Delaying Home Buying in the Face of Rising Cost of LivingWill Canada's younger generations ever be able to afford homes of their own? Royal_LePage | realestate realestatenews housingmarket cdnpoli
Read more »
Help Protect What Matters Most: Practice Whole Home Fire SafetyAccording to the CNFI Database, many Canadians may be under-protected and unprepared when it comes to fire and carbon monoxide (CO) safety at home. This October--Fire Prevention Month--learn how you can protect what matters most. sponsoredcontent
Read more »
One man dead after fire at seniors' home in Tyne Valley | SaltWireTYNE VALLEY, P.E.I. — One man is dead, and four people are displaced from their homes after a fire at a Tyne Valley seniors' home on the morning of Sunday, ...
Read more »
Trio dies when plane hits Minnesota home; 2 in house and cat unhurtThree people aboard a small airplane died when it crashed into a house near a northern Minnesota airport, but the two people sleeping inside the home — and their cat — were unhurt.
Read more »
Younger Canadians put home-buying plans on hold due to rising inflation, cost of living: surveyNearly one third of younger Canadians have had to postpone or deprioritize buying a home since the beginning of the year, according to a new survey.
Read more »