Half of Canadian millennials believe they'll never be able to afford a home
Things are looking bleak for many millennials when it comes to owning a home.
According to a new poll from KPMG, barely half of Canadian millennials believe they’ll ever be able to afford a home, which could have an impact on their ability to retire.
Unlike the generations that came before them, millennials are discovering owning a home is no longer a rite of passage into adulthood.
According to the findings, only 54 per cent of millennials will be able to own a home, which is a steep drop off from previous generations; in 2016, 70.1 per cent of Canadians aged 35 to 54 owned a home, as did 76.3 per cent of those aged 55 to 64.
Additionally, 65 per cent of millennials believe they have to choose between buying a home and saving for retirement.
Further, 38 per cent believe they paid so much for their home, when they want to sell it and retire they won’t be able to get the same price for it.
“The financial future for millennials is vastly different from that of previous generations,” Martin Joyce, KPMG Partner and National Leader for Human & Social Services, said in a news release.
“They face unique challenges when it comes to building wealth despite having more education and income, primarily because of housing unaffordability,” he continued.