Young Canadians' economic futures are at risk if affordability issues driving up the cost of housing and debt persist, Statistics Canada says in a new report.
Amid high interest rates, hurdles to qualifying to purchase a home and an elevated cost of living, an increasing number of people across Canada are exploring "alternative" arrangements to get on the property ladder, from rent-to-own to co-ownership.
StatCan pointed to rising costs for renters — many of whom are younger — amid persistent shelter inflation keeping homeownership out of reach. Renters were flagged as being more likely to face financial difficulties compared with homeowners, the agency said.
Renters are not the only ones facing challenges, though: the agency notes that those who do have mortgages in this age group tend to have the largest amount of debt outstanding compared with older generations.Housing assets make up a disproportionate amount of young Canadians’ wealth, StatCan said, which makes this generation more vulnerable to fluctuations in the housing market.
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