Globe and Mail ~ March 28th, 2022
Without a blistering correction in the real estate market, a growing number of people will never own a house.
Expect them to be angry about it. In fact, anger among young adults about the declining affordability of owning a home is already building.
“We’re heading into a pretty scary moment that is generationally driven,” David Coletto, chief executive officer of the polling company Abacus Data, said in a recent interview. “There’s a broad concern about the cost of living and being able to live the kind of life that people expect they should be able to live. In the surveys I’ve done, 80 per cent of Canadians think every person should have the opportunity to own a home.”
Rising costs are taking over as a top source of stress and anger as the pandemic eases, and no cost is rising as fast as housing. In February, the national average resale price was up 20.6 per cent from the same month of 2021, to $816,720.
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