M City 5 Condos For Sale.Nearly half of young people in Canada have given up buying a house. House prices in some big cities in Canada have risen for many years in a row, although the increase has slowed in recent years, but the upward trend has not changed.Please Visit: M City 5 Condos For Sale to Get Your VVIP Registration Today!
Canadian media reported on December 19, according to the latest survey data, nearly half of the country’s younger generation think that they should not have the ability to buy a house in this life, and almost give up their dream of buying a house. Canada is also about to enter the era of full rental.
A new study commissioned by KPMG found that only 54 per cent of young people between the ages of 23 and 38 in Canada think they can realize their dream of buying a house in the future, while the remaining 46 per cent think they cannot afford to buy a house in their lifetime. This ratio is much lower than that of previous generations.
At present, among people over the age of 35 in Canada, the home ownership rate is more than 70%. This means that more and more people in Canada can only rent, and the market needs more rental housing than in the past. However, the reality is that although the development of rental housing has increased steadily in recent years, the proportion of increase has not kept pace with the growth of demand.
According to the boss of Canada’s largest construction and engineering company, Toronto, Montreal and Vancouver have the strongest rental demand, and there is no solution at all. Although a large number of rental housing has started, it is far from enough and is increasingly entering a rental crisis. Experts believe that many people in Canada who want to buy a house are forced to rent longer because prices are too high.
On the other hand, the rapid and sustained population growth has also put great pressure on the rental market. In recent years, Ottawa has increased its immigration quota year by year (the target of introducing immigrants in 2021 is 350000), and the country’s population has grown rapidly, the largest increase in the past few decades.
If you add in the natural population growth, the country’s population is estimated to increase by 500000 every year. RBC Bank of Canada estimated earlier this year that the development of Toronto apartments (condominiums and rental apartments) would need to double to keep up with the region’s growing population demand.
