Toronto isn't doing much better.
If you're a young person living in Hamilton, good luck trying to buy a home.
According to a new study by credit education company Borrowell, the Ontario city has the lowest rate of homeownership for those between the ages of 20 and 29 in all of Canada. Currently, the average home price for this area is $787,758.
As real estate across the province has become more expensive, Hamilton isn't the only city where young homeowners are having difficulty settling down.
Toronto has an equally low rate of homeownership in the same age group, according to the study, with an average home price of $1,075,636.
The full list of cities with the lowest rates of homeownership for ages 20-29 is as follows:
- Hamilton: 0.07 (home price: $787,758)
- Vancouver: 0.07 (home price: $1,290,250)
- Toronto: 0.07 (home price: $1,075,636)
- Victoria: 0.08 (home price: $829,600)
- Montreal: 0.08 (home price: $498,900)