In its recent survey, the Angus Reid Institute found that elevated prices have taken their toll upon millennials in the nation’s hottest markets, with a significant proportion describing their experiences as “uncomfortable” to “miserable”.
“It is a progression of pain for both regions, where Vancouver really seems to be settling in, resigned to living with this chronic pain,” Angus Reid executive director Shachi Kurl said last week, as quoted by CBC News.
The study found that in general, younger people tended to look at housing costs and availability more negatively, while older generations leaned towards a positive mindset. Millennials pointed at monthly mortgages and the need to commute far as the main causes of their anxiety.
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Almost 75% of Vancouver’s young home owners stated that housing costs have become “unreasonably high”. 20% said that prices need to shrink by 30% or more, and 29% said that a 10% drop would make ownership more feasible.
The market’s young respondents who reported being uncomfortable and miserable are increasingly forced towards renting or living in other arrangements.
“More than half of the ‘uncomfortable’ say they are giving serious thought to leave Metro Vancouver, while that number rises to eight-in-ten (81%) among the ‘miserable,’” Angus Reid stated, as quoted by LowestRates.ca.
Meanwhile, 56% of Toronto respondents said that they are burdened by current prices. 13% added that they would like to see costs fall by 30% or more, and 22% said that a 10% price decline would place home ownership within reach of their budgets.
“Driven primarily by their propensity to use transit more often, and the likelihood of having a commute of one hour or more, the GTA population skews slightly more ‘miserable’ than Vancouver,” Angus Reid said.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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