A new survey from Manulife Bank has found out that many Canadians are struggling with the housing market right now.
The survey found that 71 percent of people who don’t already own a home worry about their ability to save up enough money for one. Of that percentage, 31 percent of people worry about this a lot.
When the survey got to people who already own a home, 33 percent of people said that they needed help from their parents to buy their house. When you cut this down to just the Gen Z and Millennial homeowners, that statistic jumps to roughly 46 percent.
The scary part of this is that even parents that don’t have lots of money have helped their kids buy a home. The survey says that five percent of parents even used equity from their own mortgage to help their kids with a down payment, according to Storeys.
The housing market isn’t the only problem. What is also making it difficult for young people to buy homes is that wages haven’t increased at the same rate as home prices. Alongside that, the cost of living is going up as well.
The final chilling statistic the survey uncovered is that 51 percent of Canadians worry about making their mortgage payments.