A recent survey from TransUnion has shown that the COVID-19 pandemic is causing Canada’s younger generations to put off the process of buying a home. While the likelihood of purchasing a house has decreased across all age groups, it has hit Millennials and Generation-Z the hardest. On top of these tough economic times, nearly half of Millennials are facing financial despair, and since much of their income stems from the sales industry, they’ve lost even more due to the coronavirus. The combination of debt and poor economic stability is does not bode well for the future of the Canadian housing market.
- The coronavirus pandemic has caused many potential homebuyers in the younger generations to put off purchasing a home.
- Younger people who in financial despair are the most affected by this pandemic, thus are leaning towards saving money, rather than spending it.
- With tons of millennials already in debt, the Canadian housing market may be in trouble in the future.
“A separate TransUnion analysis in late April indicated that 57% of Canadians suffered income declines due to the pandemic”