Housing market affordability has deteriorated as higher interest rates ripple through the economy From m_zadikian
A new Mercer Canada study says millennials who are lifelong renters would need to sock away 50% more cash than homeowners in order to save enough for retirement.
One of the main reasons is homeowners can reap the benefits of home price appreciation, lower shelter costs in retirement and more financial wiggle room from built-up home equity. The analysis was based on the assumption of millennial workers having a starting salary of $60,000 and a contribution of 10 per cent of their salary per month to a savings plan.
The average rent in Canada rose nearly 10 per cent in February year-over-year to $1,984 per month, according toIt shows rents have eased in recent months, but the latest figure still marks an increase compared to February 2020, when the national average rent was $1,786.
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