If you've considered buying a house in Canada, you may have also considered finding some rich parents to adopt you.
A new survey by Manulife Bank indicated that homeownership is "out of reach" for many young Canadians. In fact, one-third of homeowners who responded to the survey (33%) admitted that they needed help from their parents to buy their first home.
Of that 33%, about half were Gen Z and about half were millennials. "While Generation Z and Millennials are much more likely to report having purchased a new home during the pandemic, many note they owe it to their parents," says a news release.
Almost one in 10 parents said they've helped their adult kids buy a home during the pandemic.
A Look At The Future
When it comes to Canadians who don't own homes yet, 71% of survey respondents say they worry about saving up for one. In fact, 85% of survey respondents who have young children are already worried that their kids won't be able to afford homes.
"It is also noteworthy that more than half (51%) of Canadians with mortgages worry about making their mortgage payments," said the report.
For those who do own homes, 61% said that their cost of living has increased over the past year. "This finding suggests that wages might not be keeping up with inflation, which might be of some cause for concern."
While we don't know what the future holds, we do know that Canadians aren't feeling very optimistic.
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