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Over the past 10 years, the housing market has transformed many middle-aged and older homeowners into millionaires while leaving their children gasping at the prospect of taking on enormous mortgages to shoulder their way into the market.
Over the past 10 years, the housing market has transformed many middle-aged and older homeowners into millionaires while leaving their children gasping at the prospect of taking on enormous mortgages to shoulder their way into the market.
(Jack Hollingsworth/Jack Hollingsworth)

Soaring home prices are slamming door on the young

If you’re over 45, the swooping rise in Canadian real estate prices over the past decade has been a godsend for your personal finances. If you’re under 30, it has been a hellish nightmare.

Older Canadians who already own homes will cheer the latest figures, published Monday, that show the real estate market rebounded strongly from its winter doldrums and that more strong gains may lie ahead. Younger Canadians, looking to get into the market, will curse their bad luck.