The massive generational divide in Canada’s housing market
Elamin has turned to a simultaneously fun and frustrating way to pass the time during the pandemic: scrolling through real estate listings. He’s just one of an endless number of millennials hoping to somehow grab onto the real estate ladder and buy their first home — but when? And how? The national average home price in February was up 25 per cent from the year before (jumping from just under $542,500 to just over $678,000, if you’re curious) and there’s research out there that suggests a young Canadian would have to log more than two decades of full-time work just to afford a decent down payment in certain markets. Rosie points out the grim reality that her cohort of first-time buyers who got in the door some 15 or 20 years ago simply had luck on their side; but it’s going to take a whole lot more than luck to cool Canada’s hot housing market in 2021. The two examine how the government could step in to help, as the federal budget is set to land in just a few weeks’ time; they also take a close look this week at the third wave of COVID-19 hitting several provinces where variants of concern are driving an increase in daily case counts.