Study: Young Canadians feel stuck renting
A new study says a growing number of young Canadians think they've got little hope of ever owning a house or condo.
The Royal Le Page survey, conducted by Leger Marketing, suggests two-thirds of Generation Y (people 19 to 33 years old) believe home ownership is well beyond their means and will not be a reality for them any time soon.
Real estate industry experts say the biggest obstacle to young people taking the plunge on owning their own home is the set of strict mortgage rules brought in last summer by Federal Finance Minister Jim Flaherty.
Just under half of survey respondents (45.8 per cent) said that the new rules will affect their ability to purchase a home to some or a large extent.
When asked, 72.4 per cent of Generation Y said the price of housing is another factor than makes them pessimistic about owning their own home.
The study says the 19-to-33 crowd will most likely rent their living space but don't see doing so as a desirable long-term solution.