{"id":173,"date":"2015-11-18T09:00:13","date_gmt":"2015-11-18T17:00:13","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=173"},"modified":"2015-11-17T15:47:42","modified_gmt":"2015-11-17T23:47:42","slug":"high-real-estate-prices-an-obstacle-to-millennials-homeownership-dreams","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/high-real-estate-prices-an-obstacle-to-millennials-homeownership-dreams\/","title":{"rendered":"High Real Estate Prices an Obstacle to Millennials\u2019 Homeownership Dreams"},"content":{"rendered":"<p style=\"text-align: justify;\">Having a family is expensive, as every parent knows.\u00a0 Every child who has ever heard an exasperated parent utter the words, \u201cDo you think I\u2019m made of money?\u201d knows it too, in a downcast, disappointed kind of way. The constant family tension between \u201cI want\u201d and \u201cWe can\u2019t afford\u201d is as old as family life itself. Sometimes you just can\u2019t have everything you want. What, then, do today\u2019s young people, eager to start families and households, think about their prospects? A survey of 1,700 Canadians done by the online mortgage comparison site RateSupermarket.ca provides some insight into where young people are in terms of their hopes for home and family.<\/p>\n<p style=\"text-align: justify;\">A key finding is that more than half of Canadians feel they can\u2019t afford both a home and a family. Many who want to start a family feel that they can\u2019t do so in their current home, but the price of real estate is identified as an impediment to home ownership for fully 72% of millennials, and 55.6% of respondents in general. That in itself probably isn\u2019t surprising : young couples have always had to save and wait until the right time to buy a home and start a family. A couple of factors complicate the picture today, however: existing debt and the cost of daycare.<\/p>\n<p style=\"text-align: justify;\">These two facts of modern life present two of the biggest financial challenges younger people face. Nearly half said that existing debt was keeping them from growing their families. Understandably, but\u00a0 worrying at the same time, a lot of millennials\u201460 per cent\u2014who are ready to start families said they would have to rely more on credit to afford the day-to-day expenses of family life. Just over half of all survey respondents said that using credit was the only way they could see making ends meet while raising a family.\u00a0 More than half of respondents said that family costs were more than they had expected, with the cost of food at the top of the list of unexpected costs.<\/p>\n<p style=\"text-align: justify;\">Shockingly, a mere 15% said that they have access to affordable daycare in the area where they live. To compensate, young parents rely on various childcare strategies : calling on family and friends; hiring a nanny; being a stay-at-home mom or dad; working part-time. Almost half (48%) said that the cost of childcare had an impact on their ability to afford other things. Half of respondents (49.4%) said that the anticipated cost of raising kids has changed their minds about how many they will have.<\/p>\n<p style=\"text-align: justify;\">The editor at RateSupermarket.ca, Penelope Graham, called it \u201cdisheartening\u201d that Canadians increasingly feel that they have to choose between home ownership and their desire to be parents. \u201cRising home prices, especially in Canada\u2019s urban centres, are making it tougher for millennials to follow their family dreams.\u201d<\/p>\n<p style=\"text-align: justify;\">Mortgage rates are low : shop around for the best rate<\/p>\n<p style=\"text-align: justify;\">One factor that can play a favourable role for hopeful homeowners is the low cost of financing today. Among the best mortgage rates in Ontario as listed on RateMarket.ca are five-year fixed-rate at 2.44%; five-year variable-rate at 1.89%; and three-year fixed-rate at 2.14%.<\/p>\n<p style=\"text-align: justify;\">It\u2019s more important than ever, Graham says, for would-be homeowners to compare mortgage options and \u201cboost their affordability\u201d with competitive financing.<\/p>\n<p style=\"text-align: justify;\">Survey highlights<br \/>\n\u2022 54.5% said family costs were more than they anticipated<br \/>\n\u2022 The price of food topped the list of unexpected costs for parents at 26.5%<br \/>\n\u2022 52.8% of respondents say they cannot start or expand their family in their current home<br \/>\n\u2022 49.4% of respondents say they have changed their minds about their desired family size due to associated costs<br \/>\n\u2022 71.4% of millennial respondents say they would need to make significant financial changes before starting a family, lead by increasing savings at 41%<\/p>\n<p><a href=\"http:\/\/condo.ca\/high-real-estate-prices-an-obstacle-to-millennials-homeownership-dreams-survey\/\" target=\"_blank\">High Real Estate Prices an Obstacle to Millennials\u2019 Homeownership Dreams<\/a> by Josephine Nolan | Condo.ca<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a family is expensive, as every parent knows.\u00a0 Every child who has ever heard an exasperated parent utter the words, \u201cDo you think I\u2019m made of money?\u201d knows it &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/high-real-estate-prices-an-obstacle-to-millennials-homeownership-dreams\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Real Estate Prices an Obstacle to Millennials\u2019 Homeownership Dreams &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/high-real-estate-prices-an-obstacle-to-millennials-homeownership-dreams\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"High Real Estate Prices an Obstacle to Millennials\u2019 Homeownership Dreams &#8226; 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