While nationally, things are tougher and tougher for young people hoping to enter the housing market, the situation here in Newfoundland and Labrador is much better.
That’s according to Generation Squeeze, which recently released data showing that sky-high housing markets in many parts of the country are preventing young home buyers from entering the market.
Dr. Paul Kershaw is with Generation Squeeze. He says things in this province don’t look nearly as bad when it comes to housing affordability, especially for young people buying their first home.
He says it takes about 6 years of full-time work to save a 20 per cent down payment on an average home in Newfoundland. That’s compared to the national average of 13 years.
It gets worse in some hotter markets like Toronto where it takes 21 years, or 29 years in metro Vancouver.
Generation Squeeze is calling on all federal parties heading into the next general election to launch another phase of the national housing strategy to address unaffordability, and protect markets like Newfoundland and Labrador from sky-rocketing housing prices.