Where To Start? The Generational Struggles of Home Ownership!

The Sattoo family generational struggle

By: Vijay A. Singh


The Housing market doesn't just break the bank; it also breaks hearts, this a story about a grandfather and father who cannot bear to watch their son fight against the housing market crisis in Toronto.

Newer generations struggle financially for home ownership, and a decline in numbers has become prominent. Millennials struggle as baby boomers continue to dominate the housing market,  presenting a challenge for the younger generations in financial terms.


Anil Sattoo is a Gen. Z, the demographic cohort that comes after the millennial, and he resides with his grandfather and father witnessing first hand how bad the issue is. We talked to Frank Mohammed (Baby Boomer, Anil’s grandfather) getting his viewpoint. We spoke to Mike Sattoo ( A Gen. Y, Anil’s dad) to see how he feels and discovered how housing market affected each of them. 

Anil Satto works at General Motors as an Assembly Line Worker, making approximately $44, 000 a year. He estimates 9 to 11 years before he will be able to see his first home and says, “I have to work much harder than my grandfather and father did.”

Mike works for GO Transit as a Train Attendant, making approximately $95,000 a year - double Anil's income. He remarks, “It is sad Anil will live at home longer than predicted.” 

Generation Average Income in Ontario (Thousand $)

Frank lives comfortably off his retirement, having earned money from sold properties. He says, “I am eager to see my grandson live comfortably."Emotions accompanied with financial issues put a damper in Anil’s dreams.

Financial Advisor, Bobby Gocool gives us some insight. He says, “Younger generations must save! The baby boomers still triumph in the housing market.”

Global News states, baby boomers saved $82,000 in 5 years for a down payment. Now, it is taking 14 years to accomplish - a significant difference. 

The average cost of houses for baby boomers was $410,000 meaning $82,000 is a 20% down payment.
The average cost of a house today for Gen. Y is $1,300,000, making $260,000 a 20% down payment.

Bobby Gocool reflects on how people are reacting to the crisis and some solutions they may take to becoming
first-time home buyers. He says it is challenging for younger generations to buy a house and they are now waiting until their late 30s or early 40s to buy a home. 

His advice for the younger generations is to save. A way to save is living at home longer. They should take advantage of resources like the first-time home buyer saving. Gocool’s view is that the housing market is so high that young people do not have a choice but to save.

Approximately 68% of  the younger generations give up on buying a house, according to a report done by CTV News. The article goes on to support Mike Sattoo's claim that, "The younger generation could never afford a home." 

The younger generations are entering the housing market as the affordability for houses decline. Research from Statistics Canada show income of the younger generations has less buying power than the older generation's. Even before the current mortgage/interest rate crisis hit Canada shows home ownership had fallen considerably since its peak in 2011. 

The Canadian Liberal Party  is trying to address the current housing concerns and they say there are viable solutions. Their first idea is to unblock homeownership by introducing a first time homeowner tax-free account. This account will double the tax credit for a first home and reduce mortgage insurance. 

They also want to see an increased number of houses in cities by speeding up construction on homes. They want to focus some finances on houses that are more affordable to live in or have cheaper repair costs and provide opportunities for different generations to live in the same household. 

Anil’s family is just an example of one Canadian Family of how the crisis affects them. We saw how Anil’s dreams are on hold. We saw how his father and grandfather reacted. The numbers even impacted how long Generation Y would take just to accumulate money for a down payment.

The housing market has more than just financial implications. It is forcing younger people to live at home longer. The government also expresses concerns and is trying to provide solutions for the current housing predicament. They are starting to provide solutions to combat this crisis.

When do you think you will buy your first house?

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