As House Prices Soar, Homeownership Out of Reach for Many Young Canadians
Source: Anne Gaviola, globalnews.ca, April 26, 2021
Millennial prospective buyers have seen their earnings hammered by two major recessions now.
When Andrés Peñaloza and his wife Maria Fernanda Gonzalez first immigrated to Canada from Venezuela more than two years ago, they dreamt of a better life, which included owning a home. But after years of looking to buy something that would be suitable for the family they hope to start in Vancouver, they’ve quit searching.
“We’ve seen the bidding wars and houses selling way over asking price. It’s very discouraging,” Peñaloza, who works as a research assistant at the University of British Columbia, told Global News.
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