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Mortgage stress tests have squeezed millennials’ homebuying budgets by $40,000: study

By Naomi Powell for Financial Post

‘In our largest cities, it is difficult for young people to purchase a home on a single household income’ says new study

The homebuying budgets of Canadian millennials shrank by 16 per cent or just over $40,000 following the introduction of tougher mortgage qualification rules in January, according to a new study.

And young buyers are increasingly responding to these tighter budgets by pooling money with partners, sitting on the sidelines of the market a little longer or turning to parents for financial help in order to make a purchase.

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“For peak millennials, the group which makes up the bulk of our first-time homebuyers, the path to property ownership has been a challenging one,” said Phil Soper, chief executive at Royal LePage, the real estate firm that developed the study. “In our largest cities, it is difficult for young people to purchase a home on a single household income.”

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