In today's economy, the expenses that are incurred on a monthly basis is increasing steadily while people are still struggling to make it to the next paycheque. This might be a cue to ponder about things like retirement or even having that emergency fund incase something happens. It's difficult in today's society to save up money because with the concept of credit, it is easy to spend more than what you earn. It was a thing maybe 20 - 30 years ago to save money through a bank but many people are still stuck with the concept that if I leave my money in a bank account or an RRSP to "save" for retirement, I will be fine. This is obviously not the case since most of the RRSP out there are actually not even keeping up with inflation and is underperforming, by quite a bit. This is the reason for anyone, especially millennials to purchase their own property because even just sitting on the property will result in appreciation and thus, equity. This equity can be turned into cash (from a refinance) or a loan (from a home equity line of credit) in the future when that "savings" is needed for whatever reason.

Programs are available (Lease Options) and mortgage brokers with creative financing strategies can help you greatly if you are experiencing difficulties in applying for the mortgage. For buying a home, this is usually the biggest obstacle.