When I was growing up in Toronto in the 1990s, one message kept coming from older generations: purchase a house as soon as you can. I heard it everywhere. If you rent, you’re throwing money away. Buy land, they’re not making any more of it. Those lines were repeated so often that I internalized this pressure to get into the housing market as quickly as possible.
That mindset has been pervasive for decades because homeownership has delivered enormous wealth gains for many families. Between 1990 and 2023, Canadian housing prices increased by an average of 6.3 per cent annually, which helped multiple generations of homeowners build substantial equity.
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