TD Canada Trust
April 23, 2013
TORONTO, April 23, 2013 /CNW/ – From high property prices to tighter lending conditions, young first-time homebuyers today say they face challenges that their parents didn’t have to worry about. According to new research from TD Canada Trust, Generation Y (or, Millennials) identifies three main obstacles to homeownership that weren’t as much of an issue for Boomers: the ability to save for a down payment, housing prices and insufficient salaries.
“The path to homeownership can seem daunting at first, but with financial discipline and smart planning, it’s possible for young Canadians to realize their dreams of buying a home,” said Farhaneh Haque, Director, Mortgage Advice, TD Canada Trust. “Before you take the leap into homeownership, crunch the numbers with an expert so you know exactly how much you can afford and what sacrifices you may need to make as a homeowner to live comfortably and continue to save for your future.”
The research revealed differences in the challenges Millennials say they face as first time homebuyers today and the challenges Boomers recall facing when they were first time homebuyers, and suggests that entering the real estate market today may be more difficult than it was 30 years ago. The top three obstacles for Millennials, as compared to Boomers, were: