Buying a home isn’t easy these days, as the housing market continues to skyrocket in prices, leaving many first-time homebuyers to miss out on important life milestones.
In the past nearly two years of experiencing the repercussions of COVID-19, home prices have risen 40 per cent.
Ontarians have watched homes listed for $400,000 jump to average prices between $800,000 to one million dollars.
Now, the average price for a residential home in 2022 is $955,655. Saving for a down payment is forcing first-time homebuyers between the ages of 20 and 30 to miss out on significant life achievements such as marriage, kids and buying a home.
It’s currently unrealistic to have all three with the increasing cost of homes, and many feel the system is against them.
The unpredictability of lockdowns, reduced hours in work, getting sick and mental health are a result of COVID-19 and are factors that contribute to financial stability or instability.
For some Ontarians, these effects of COVID-19 have made it extremely difficult to compete with the housing market and maintain financial stability, so they are avoiding life milestones to save money.
As most young adults prioritize buying their first home, the cost of affording a wedding or raising a family isn’t feasible.
The lack of affordability of these homes isn’t just a cause of concern for now but will also affect future generations of home buyers.
Scotiabank estimated that 1.2 million more homes are needed to meet housing demands, and additional funding and planning will be needed to help build homes faster.
