Dream Of Owning A Home For Younger Canadians Coming To An End

According to an executive in the real estate industry, the chances of young of young millennial in Canada owning a home or a family home in the Greater Vancouver or Toronto area is zero to none.

The senior VP of market research and analytics at Fortress Real Developments, Ben Myers said that the Canadian dream is no more alive in such cities, as a result of the increasing prices and low supply amidst the single-family sector rising, making it impossible for young buyers to get a house.

With a report by a news reporting site, calculation summarized that the continuously increased price for the next three decades will cause current generation to be faced with single-family homes valued at $11.5 million in Toronto and $45 million in Vancouver.

The prices will not increase in value at the previously experienced high levels, however, Ben noted that the measures being imposed will not help control the situation of foreign buyers or ensure the young Canadians get their dream home unless supply is increased.