Garry Marr from Financial Post in Canada writes of the struggle peak Millennials face in buying their first property. Leger’s research outlines that 50% of 1000 surveyed believe the new mortgage regulations set by the federal government have impacted the type of property they can afford.
2/3 of the peak millennials (those between 25-30 years of age) surveyed do not own their own home and dream of owning a detached home. The online survey completed in June 2017 highlights that 61% of the sample would prefer to buy a detached home, however only 36% believed they could afford it.
Leger’s research also highlights that 14% of those surveyed live with their parents. The article further highlights that the bank of Mum and Dad will continue to be a support, with 25% of respondents saying they’d seek financial support from their families.
Garry Marr further goes onto highlight the shared difficulty between peak millennials in affording to buy their first property. Marr also goes onto highlight the new mortgage regulations and it impacts on the market.
Check out the video and article here!