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Generation Y facing several obstacles when buying a home

VANCOUVER (NEWS1130) – It’s no surprise first-time homebuyers today are running into way more obstacles than their babyboomer counterparts.

The other complaints coming from Generation Y include housing prices are too high, especially here in BC and people say they’re not making enough.

Peggy Barnett with TD says nearly half of all young renters think the cost of owning will only go up in the future.

“To buy a home in your home price bracket would cost you, let’s say, $1,600 a month, take that $600 and put it aside every month and allow that to become you savings for your downpayment.”

She suggests setting up automatic transfers into a tax free savings account.

“People are living at home longer, as we know, and they’re saving money that way. If you’re renting, and if you’re trying to save money while you’re renting, I guess the best advice I could give is to put yourself in that ownership position.”

First time buyers can also consider Ottawa’s Home Buyers Plan, which lets you borrow up to $25,000 from your RSP for a downpayment.