This particular period in time might be the most difficult ever for a Millennial to buy a home. There are several factors at play here working against them; stagnant incomes, high home prices and the stress-test introduced by the Liberal government on January 1/18.
In 1976 the average median income for 25-34 year olds was $54,700. Today it’s $49,800. Almost $5,000 lower.
The average home price in 1976 was $213,000. In 2017 it was $510,000. That’s more than double.
And the average rent in Toronto was up 11% to $2206/month.
If owning a home is a dream of yours but it seems out of reach, contact us today as we have programs available to help people achieve home-ownership soon than they expected! Call 1.877.336.3545 or visit www.donnasmortgages.com to contact us that way.
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