June 16, 2023
If you live in Canada, it’s a frustrating time to be buying your first home. Even with interest rates being the highest they’ve been in over 20 years, home prices are rising, having gone up by over 2% in May of this year. For the younger generation, the promise of building wealth through homeownership feels like a dream that’s all but faded after waking up to reality. The implications of this go far beyond affordability though. Here are 6 other negative impacts that Canada’s red-hot housing market has on our young adults.