The single most important wealth-accumulating asset for the average Canadian is a house. Home ownership has long been the staple or foundation of family wealth creation but it is increasingly out of reach for many of our fellow citizens.
This is particularly true for people living in the biggest cities in the country. A new report prepared by StatsCanada says one-in-six millennials -that’s people between the ages of 25 and 39 – were still living with their parents back in 2021. In Vancouver and Toronto where house prices are highest, that figure was as high as 25-percent.
Based on the trend underlying those data, those figures are probably even higher today.
This is a sign that young people are finding it more challenging than ever to embrace the equity-building realm of home ownership.
Less than half of millennials were home owners in 2021 compared to 56-percent for Gen X’ers at the same age. This pattern was evident in big cities opening the possibility for Saskatchewan communities to pitch themselves as affordable and welcoming places for young people to build their personal wealth.
