Decades of rising prices have pushed a place to call home out of reach for too many young people—and for renters of any age.

By comparison with today's seniors, younger Canadians often must work 10 to 20 more years to save a 20% down payment on an average home. Many take on massive mortgages. Others give up on homeownership altogether.

Their alternative isn’t much better. Rents are high, supply is limited, and family-sized units are especially hard to find.

It’s no wonder young people point to housing costs as one of the biggest barriers to getting ahead. Or that half of millennials don’t expect to buy a home without leaving their community.

The same cost increases that harm young people create enormous wealth gains for existing home owners, especially older people who purchased homes decades ago. Over the last half century, homeowners have gained $1.5 trillion in wealth, with most going to those over age 55.

Public policy plays a role. Governments have chosen housing policies that protect high home values, shielding wealth gains for existing owners while pushing costs onto those trying to enter the market.

The result is clear for Millennials and Gen Z: unaffordable homes, high rents, and fewer choices about where to live, work, study, and raise a family

Younger Canadians are carrying the cost of these choices. Compensation for this profound act of intergenerational solidarity is long overdue.