Canadian Millennials are doing better than their US peers in wealth and jobs

A recent report issued by TD Economics suggests that, contrary to the idea that millennials are facing harder labor market conditions and lower levels of wealth, Canadian millennials are enjoying a higher employment rate, more professional stability and higher purchasing power, especially for real estate.

According to TD Economics, about 50% of millennials in Canada have been able to become homeowners due to lower costs in education, lower student loan debts and better job conditions in our country. Canada was not so severely affected by the recession that impacted the US economy in 2008/2009, and this allowed the Canadian market to maintain a more stable employment rate and access to credit lines for young professionals.

Canadian Millenials - Homeowners

In recent years, female employment rates in Canada have reached near-record high levels, as many women have reached higher levels of education than their male peers. This has allowed more women consolidate themselves in the labor market and even reach managerial positions and better financial stability.

In this regard, the authors highlight that Canadian millennials have lower levels of student loan debt if compared to US students, but a higher mortgage debt than their parents had at their age or higher than their American counterparts; making them more vulnerable to sudden change in the housing market in Canada.

You can read the full report from TD Economics, here