Young Canadians are wealthier than their US counterparts due to gains from real estate. That’s according to a study from TD Bank which shows that Canadian millennials (born 1980-2000) have twice the net worth of their peers south of the border with an average of $155,400. They are also more likely to own a home and face lower levels of unemployment. The mortgage lender found that around half of Canadian millennials are homeowners which is a near record high; just 36 per cent of US millennials own their home. The negative aspect is that Canadians are more likely to have high levels of mortgage debt compared to their American counterparts. The study also warns that while Canada’s housing market is mature the US market is growing, so the position of the two sets of millennials could flip in the years ahead.
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