Although there are signs that Canada’s hot real estate market may be cooling, many millennials are still struggling to enter the market.
Wild bidding wars and staggeringly high prices in Toronto left Tembeka Pratt and her fiancé, Ola Adebero, feeling frustrated and depressed.
“We don’t have $100,000 on top of whatever it is that we were saving to just throw on a house,” Pratt told CTV National News on Wednesday. “It just didn’t make sense.”
Pratt said rising interest rates are also making the decision on whether to buy even more stressful.
“Do you want the higher-ticket mortgage price or you want the higher-ticket rent?”
The couple is now considering alternative buying options, such as co-owning a home with others, but is also considering leaving Toronto, or Canada, entirely.
You can watch Pratt expand on the struggle to purchase a home by clicking the video at the top of this article.