Despite pitfalls, getting on the ladder as a young buyer is possible. Molly McGrath, 25, and Jonathan Palmer, 27, began their house hunt in early January. “We had just gotten engaged,” she says. “And a gift from my grandfather made it possible for us.” But the couple’s introduction to the Toronto housing market was like a bucket of cold water over her head.

Financial planner Victor Godinho said goodbye to his wallet four years ago and hasn’t looked back. The 23-year-old adviser at the VTAG Financial Group Inc. in Toronto was one of the early adopters of the “cashless” lifestyle, a move to ditch pocket change and bills in favour of plastic cards and mobile phone payments.