Trying to buy real estate in Toronto has been 'heartbreaking' for this couple
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.
Rising interest rates might be bad news for Canadians with mortgages, but it also means higher rates on savings vehicles such as guaranteed investment certificates (GICs), prompting renewed interest in the investments.
For millennial and gen Z Canadians, owning a home in this real estate market might seem like a pipe dream. In an exclusive column for CTVNews,ca personal finance contributor Christopher Liew offers some strategies to consider if you can’t afford the housing market yet.
Is Canada's 'historic' housing correction affecting your plans to buy or sell? CTVNews.ca wants to hear from you
Following a series of interest rate hikes, Canada's housing market is now facing a 'historic' correction. CTVNews.ca wants to hear from Canadians looking to buy or sell homes in a changing market landscape.
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