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Are millennials really that bad off? Not the Canadian ones — at least when you compare them to their U.S. counterparts.

A report out Tuesday from TD Economics finds more than half of Canadian millennials — those aged 25-34 — own homes. They also have less student debt and were not as severely impacted by the Great Recession.

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“Millennials are often characterized as facing tougher labour market conditions and home ownership barriers, despite being the most highly educated generation in history,” wrote economists Beata Caranci and Diana Petramala. “However, Canadian millennials are faring better economically than is commonly portrayed.”

Canadian millennials have entered into home ownership at a younger age than their parents or any cohort before them. Their 50 per cent home participation rate compares with 36 per cent in the United States in 2015 and 40 per cent to 43 per cent for the same age cohort in prior generations.