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Home ownership dreams are fading | Caledon Citizen

Home ownership dreams are fading | Caledon Citizen
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The FOMO market

Winnipeg Free Press The FOMO market Local real estate market is as hot as ever, yet Winnipeg remains one of most affordable cities in Canada for first-time buyers By: with Joel Schlesinger   Save to Read Later Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased. Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased. But paying a premium was well worth it to the 20-something Winnipegger, working in the non-profit sector with LGBTTQ+ youth. I was looking at the next three to five years of my life, and I realized that rent is almost as expensive as a mortgage with the expectation I had for living space, says Kolton, who saved enough over several years for a five per cent down payment on a modest home.

Posthaste: Soaring home prices forcing some young Canadians to abandon homeownership dreams

Good morning! Skyrocketing home prices have convinced a large number of young Canadians to abandon their dreams of homeownership for good, says a recent poll. According to the RBC Spring Housing Poll released this week, 36 per cent of Canadians under 40 who aren’t homeowners think buying a house has become permanently out of their reach. That number rises to 39 per cent in Ontario and 41 per cent in the Western provinces, which include British Columbia, Alberta, Saskatchewan and Manitoba. The poll, which surveyed 2,000 people over the age of 18, found 62 per cent of all Canadians expect most people to be priced out of the market in the next decade.

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