According to a survey by RateSupermarket.ca, 55.6% of Canadians say their ability to start or expand a family is directly impacted by real estate prices. That number spikes to 72.11% among millennials.
“While it’s no surprise that kids are hard on the wallet – at a quarter of a million dollars to raise a baby to college-age – it is disheartening Canadians increasingly feel they must choose between home ownership and their desire to be parents,” said Penelope Graham, editor at RateSupermarket.ca. “Rising home prices, especially in Canada’s urban centres, are making it tougher for millennials to follow their family dreams.”
Rising home prices combine with the other expenses of raising a family to simply put it out of reach for many, according to the survey. For instance, more than 46% of millennials say existing debt prevents them from growing their family, and only 15.21% of all survey respondents saying that childcare was affordable in their area.
Graham said the high cost of raising families meant millennials needed to be serious about bargain-hunting when searching for homes.
“It’s more important than ever that would-be homeowners compare their mortgage options and boost their affordability with truly competitive financing,” she said.
Other survey highlights:
- 54.5% said family costs were greater than they expected
- 52.8% said they couldn’t start or expand their family in their current home
- 49.4% said they had changed their minds about their desired family size because of the expected costs
Rising real estate prices have made starting or expanding a family a luxury for more than half of Canadians, according to a new study.