STOREYS: For Young Canadians, The Dream Of Homeownership Is In Limbo
New data shows that young Canadians are shedding more mortgage debt than all household types combined — a trend that could indicate that higher interest rates are boxing young people out of the real estate market. Statistics Canada (StatCan) reported last week that average mortgage debt for households in the under-35 cohort plunged 2.8% between the second quarters of 2022 and 2023. Comparatively, mortgage debt was down 1.8% across all household types over the same time period.
Read more here.