Generation Y faces many more barriers to home ownership than their baby-boomer parents did, according to a TD Canada Trust report released today.
The report found the top three concerns for young people (aged 18 to 32) were:
saving a large-enough down payment (a concern of 57% of young non-homeowners, compared with 33% of baby-boomer homeowners recalling this as a concern prior to home ownership);
high property prices (52% of young non-homeowners, versus 16% of boomer homeowners); and
not earning enough to afford monthly mortgage payments (48% of young non-homeowners, versus 13% of boomer homeowners).
Young people also cited tighter lending conditions as an obstacle to buying a home. Student loan debt was a factor for 23% of survey respondents between the ages of 18 and 32, while only 2% of boomers remember this being a concern.
