Since then, millennials have lost 16.5 per cent of their purchasing power, or an average of $40,103 per person. In response to the tougher market, Royal LePage has found that a growing number of young people are now considering smaller homes or a move to a more affordable area. Despite a reduction in purchasing power, Royal LePage CEO Phil Soper says the next year could present an opportunity for first-time home buyers. Others are simply waiting to find a spouse or partner before purchasing a home, effectively doubling their purchasing power. 'There is a window'While the report largely paints a grim picture for prospective buyers, Soper believes there is still hope.

Source: CBC News April 26, 2018 15:00 UTC