Ottawa wants to help millennials to buy homes, RBC says there is no ‘magic bullet’

Canada

With the release of the federal budget pending, there is no “magic bullet” to solve the millennial housing crisis, Royal Bank of Canada is warning Ottawa.The government is set to release its pre-election budget on March 19 and Finance Minister Bill Morneau has suggested that the budget would include measures to help millennials break into the housing market, though he didn’t offer any details. Rumours have swirled about whether these measures could include introducing the 30-year mortgage option or revising the mortgage stress test rules.WATCH: Millennials account for highest RRSP contribution, according to BMO study

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