ABSTRACT
This chapter examines the degree to which the most recent generations of young adults have been able to accumulate wealth – including housing wealth – over time in comparison with previous generations, as well as in comparison with other age cohorts. Following a review of the contemporary research on generational wealth inequalities in advanced Anglo nations, the chapter examines Millennial wealth in Canada, paying attention to Canada’s three largest cities: Toronto, Montreal and Vancouver. It analyses cohort data on levels of assets, including housing assets, and debts, drawn from Statistics Canada’s Survey of Financial Security (SFS). Variation in the debts and assets held by young adult households, among different cities, and across socio-economic strata, are examined. The analysis demonstrates that the distribution of wealth and its components is far more complex than presented in the mainstream media. Canadian young adults have varied financial situations, and although similar to the experiences of young adults in other nations, the image of “generation rent” that has been applied elsewhere cannot be readily transferred to the Canadian context. Within Canada, young adult households in different cities exhibit very different financial situations and vulnerabilities, suggesting local context matters.
