Challenges of Buying a Home for Young People
According to real estate brokers, no generation in the past 30 years has faced a bigger challenge in buying a home.
A recent report by Re/Max Canada confirms that the current cohort of property purchasers is facing significant difficulties.
the current cohort of property purchasers is facing among the most formidable headwinds yet.
The homeownership rate has dropped significantly over the past decade, with a 12% decline for 25 to 29-year-olds and almost 9% for those aged 30 to 35 between 2011 and 2021.
Specifically, the rate fell from 44% to 36% for people aged 25 to 29.
- Homeownership rate for 25 to 29-year-olds: 44% (2011) to 36% (2021)
- Homeownership rate for 30 to 35-year-olds: almost 12% decline
- Homeownership rate for 34 to 39-year-olds: almost 9% decline
Author's summary: Young people face significant challenges in buying homes due to declining homeownership rates.