Latest In Mortgage News: Homeownership Becoming A “Pipe Dream” For Millennials

A KPMG survey found that rising house prices, high levels of personal debt and annual incomes are making homeownership a "pipe dream" for nearly half (46%) of millennials, although nearly three-quarters (72%) say they have the goal of owning a home. The report revealed that many millennials already have high levels of student debt, while those who have managed to enter the housing market have taken on larger mortgages relative to their incomes compared to previous generations. Of those who have purchased a home, nearly half (46%) received a "financial boost" from their parents. The study also revealed that personal insolvencies in Canada reached a 10-year high.