It’s taking Canadians years longer to save for a down payment, data show

When Umair Muhammad’s family immigrated to Canada from Pakistan in 1997, saving for a down payment on a home was an attainable dream. His father – the family’s sole full-time earner – returned to school to complete an undergraduate degree and start over careerwise, but the family was able to buy a house within three years, using savings and money borrowed from relatives.

But 25 years later, despite holding two degrees, Mr. Muhammad says that same goal is no longer within reach for his young family, even though it is a two-earner household.

“I’m in my mid-30s and I can’t say that I own a home or that I will any time soon,” said Mr. Muhammad, a researcher for Vancouver-based housing think tank Generation Squeeze. “I’ve committed to being a perpetual renter. Talking to my parents, they find it puzzling.”

Source: The Globe and Mail

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