Looking At Home Buying In The 21st Century

Buying A Home In The 21st Century

In the past 20 years – since the turn of the 21st Century – the world and how services are performed has changed massively.

Facebook and Instagram didn’t exist in 2001 – with Facebook not going live until 2004.

Smart phones and smart TVs weren’t a thing – most people accessing the internet were using a desktop computer or a clunky laptop!

Now – with the invention of more, easier ways to access information and the internet – the world has changed considerably and this has naturally impacted how you go about buying a home today.

Is The Dream Of Buying A Home Still Alive Today?

So, you’re tired of squandering $2,500 (on average) in monthly rent in Canada?

You’re in a never-ending battle with your landlord to fix the broken fridge, get air conditioning restored and more?

It’s a familiar story, and it usually ends like this: it’s time to buy your own home.

But wait, that’s not all.

There are some student loans – or other debts – which you have to settle. So, how do you proceed?

For young, first-time home buyers it can seem that the dream might never happen – but we have news for you: you can still get your dream home.

Budgeting For A Home In The 21st Century Is More Conservative

According to housing market experts, you should devote around 30% of your monthly income on your home. This would be a very conservative approach.

On the contrary, spending too much will only make it more difficult to make house payments if you lose your job or any unforeseen expenses arise. 

First-time buyers today are actually sticking to this benchmark and approaching home buying with this more conservative approach. As a result, many are finding that they cannot afford the kind of properties that they want.

In fact, brokers estimate that around three of ten will give up before making a purchase.

But, potential fluctuations in home prices are not the only reasons why young, first-time home buyers are conservative about home purchases.

Why Are Current Home-buyers Becoming Conservative?

There are other potential reasons why current home-buyers are becoming more thrifty with home purchases:

  1. Diversifying investments: The perception of real estate as a solid investment plan has reduced – even though the facts say otherwise. Instead, younger adults are finding the stock market a better investment option, where they can diversify to save up for their kids. While this approach is generally healthy, they stand to see more opportunities to build more wealth through housing. 
  2. High barrier of entry: Prices are often higher, down-payments needed are higher and getting a mortgage is tougher than it was 10 or 20 years ago.  
  3. Job hopping: The previous job cycle – where you worked in the same job for 10, 20, 30 or even 50 years is no longer the case – especially with younger adults. As such, young people are hopping from one job to the next much more regularly than previous generations. As a result, they become more focused on building saving accounts, which becomes less feasible if they have to deal with mortgage payments.
  4. Student debt responsibilities: Student loan debt has also gone up, which is making new graduates less reluctant towards spending on housing. According to Statistics Canada, student loans owed to the government surpass that of some provinces by $15 billion
  5. Young people value experience over other things: To younger adults in their 20s and 30s, experiences such as good health, leisure time, financial security and a happy marriage are often more valued more than home-ownership – particularly in the current world of social media influence.


The current home buying trend in the 21st century has led to younger, first-time home buyers becoming more conservative – based on all the above points.

It can seem like it’s become harder for younger adults to buy a home but there’s also the fact that many of them simply don’t want to do this.

If, however, you are considering buying a home then there is nothing to stop you and young, first-time buyers continue to make up a huge chunk of all home sales in Canada.

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