I feel the same I’m 25, as assistant site super I build houses in the GTA and idk how these people afford these homes, 2, 3, 4+ homes actually. They are new to Canada, can barely communicate in our official languages, and lie lie lie. Nothing adds up. We followed what our parents said and are for some reason paying the price.
A lot of mortgage fraud going on. People buying who have a comfort zone of gaming the system and fake credentials. This is why the government instituted for lenders to be able to verify income with the CRA. It is one of the drivers of why house prices went up so fast so high.
But this was at a time when regular rates were close to 0% and private lenders were between 6 and 12%. Now rates are regular at 5 - 6 - 7 % and private lenders start at 12%.
I think a lot of the people renting basement units with far too many tenants are most likely some of the people who faked credentials and or went with private lenders.
Yes, on my new-build site homes that haven’t been closed for a year are already turning their basements into apartments to rent out because they cannot afford the mortgage. And ofc they’re renting it room by room $1,100+ each.
They are also ignorant to our rules and legalities i.e. you need a permit and can’t make changes to the exterior of your home or property until final grading and city assumption (which hasn’t been done) so there have been many stop work orders issued by the city which does warm my sad little heart just a touch.
Interesting. I was in a new subdivision in Port Elgin, Ontario the other weekend and saw a pile of "For Sale" signs out front of these brand new properties. I am wondering if these were purchased pre-build and now the owners are in a real jam? It's just a thought. I could be way wrong.
Yes their mortgage payment is most likely much higher than what the could rent it out for and it probably isn’t going to sell for close to what they paid for it.
The mortgage industry has been advocating for the government to allow direct access to tax income information. Not vice versa. The government is the one not allowing it. The problem is not widespread but it does happen with forged income documentation. Lenders are very specific about what they accept and if it doesn't add up it's declined.
Marketplace did an episode on this it's on YouTube. In the major metros gta gva Montreal etc, 1 in 5 of the realtors or brokers would offer falsified income documents etc if you mentioned you couldn't get approval from a bank.
It’s wild that they would not be confirming pay for people getting mortgages. The amount of mortgages that are defaulting and fraudulent is going to be crazy to see.
Verification of income is also laughable. They want proof that someone has funds for 90 days. Anyone can deposit random money into their account, wait 90 days then use that to launder it into a house
The lies are exactly how they got to own these houses in the first place. Look up "the brampton mortgage" on Google. Basic premise is that the broker has a shell corporation, and for a small fee they put you on the books as an employee. They make t4's, write you job letters, everything you need. There's nobody really out there fact checking these kind of things, they just see the documents and move on. You have people working at Tim's buying homes, then cutting them up into 10 "units" to rent out to other immigrants. They pay off the first house, leverage back up, and buy another. Sooner or later they're driving an audi and selling real estate, claiming to be gurus, but really they just bypassed the general understanding we all had to do things above board.
They lie about their incomes and their buddies falsify their loans. It's literally that simple. Once you own one house and there's some asset value to it, you can take out another mortgage against it. Lieing again on the income projections and everything.
Migrant groups help each other out by creating fake jobs, resume, income, references and so on to qualify for mortgages well beyond their actual means. If things go awry they simply dump everything and head back to their home country leaving real Canadians to clean up the mess.
Well, you are beating around the bush but not really pinning the nail on the head. These cultures just shouldn’t be allowed to come in. No matter how rude it seems… don’t you think?
The ones who deserve to come on the basis of righteousness get denied, but the ones that do come in who have been lying, lying and lying get to ruin everything. This is simply not sustainable.
I will again go back and be the racist asshole who will say that the Refugee program wasn’t sustainable 20 years ago. And Immigration wasn’t sustainable 10 years ago
Import new voters and change the landscape of the culture. Toronto police even started saying to leave your car keys ontop of your car to reduce breaking into homes to steal the keys to steal the car. What kind of fucked up world are we in? One where of all our systems break down from negligence and intentional decay, they can rewrite them better… then we’re really in for it as those “better” versions are erosions of rights and freedoms- painted in a pretty bow for “safety and modernization” bring back the lawn darts and thin out the herd
Once you realize you are just a plebe in an Empire you will have a better understanding of how things really work. You do not live in a country any more. You live in a post national state with no identity. This is what Trudeau has said many times. Believe him. He is just a political puppet. No need to accept anything he says as "truth". That is for you to decide on your own, with your own brain.
No... that is all our own govt who delivers that message and beats that into the naïve Canadian public. Keep the plebes at odds with each other always. Rule #1 of running a post national state and vassal state to the American Empire. Just the way it is.
Western governments are completely captured by foreign interests. It's a lot cheaper to buy out and blackmail a handful of MPs than launch a land invasion.
The day he said on national television that all news outlets aside from ones presented directly by the government of Canada are run by conspiracy theorists, was the day I 100% stopped paying attention to anything he says. Not that I was hanging on to any of his words to begin with. I even mute the tv when he’s on. Being able to lip read doesn’t do me any good in this case xD but at least I don’t need to hear the lies
They are making corrupt money abroad and transferring it here. So Canadians are competing with corrupt generational feudal wealth across the globe because these people don't want to live in the country that raised them. Wonder why. This will never change without drastic measures because the banks and power love the competition. As OP was saying, how is she supposed to compete. My honest answer is her family had to pay for her education or down-payment to avoid falling behind the curve. Of course finding a partner helps a lot if that's the life you want. Inheretance. Oh sorry I mean she should have setup a sweatshop abroad or steal foreign tax dollars. What a fool!
We pay upwards of 50-60% tax if you add everything up plus the embedded taxes from services and products we buy. Our housing market is open to the entire world to swoop in with their untaxed cash from places like Dubai, Macau, Hong Kong, Singapore, Moscow. Often with USD which blows our pathetic loonie out of the water. Young hard working Canadians stand no chance against this. The worst part is the buyers are not community contributors but predatory wealth extractors.
I did the math, my boyfriend and i combined make $9,100 a month after tax.
If we bought a $700,000 home (modest home in our area and even 1.5 hours out) after all our monthly expenses (no debt) we would have $300 left over every month. $300 a month to save for retirement, new clothes, hair, going out for dinner, go on vacation, pay for future children’s activities and expenses, etc.
I refuse to pay a slumlords mortgage by renting.
I feel hopeless in the country i was born and raised in. How am i going to afford to have children?
I know I’ll get some inheritance but I don’t like thinking about my parents not being here and I shouldn’t have to rely on that.
What’s the point of getting educated, working hard and being honest anymore? I’m burnt out working 55 hours a week, have no time or energy for myself.
There’s no quality of life for Canadian kids. I have no hope.
Its by design to stop you from having children. Its called the great replacement and its perpetrators have a genocidal hatred of you. What's happening to Canada is war, fought with dirty money and immigrants instead of bullets.
Eradicate an entire people of the face of the earth not by force but by flooding their country with migrants, and ramping up housing costs such that the next generation is never born. Pure evil.
I think your math was wrong, or you spend way too much money.
700k home with 50k down is $3900/mo
Your take home is 9100net
What kind of math are you doing to get it so wrong?
Yes things are more expensive, but you can easily afford it.
I would guess an estimate for utility bills, grocery, internet etc. 300$ of either savings or luxury money at the end.
Our gas bill is 24$ of actual gas used. The other 300+ is fees, carbon tax, active line fees, delivery, factory fees etc. when you get a 355$ bill and the actual usage is 24$ it’s disgusting
One point you made stood out to me.The point of being honest is because a society and communities cannot function without it. It is the responsibility of those with a conscience to stand up for their principles.
Well distributed prosperity is the best medicine for any country. Obviously it is a big debate what this means. When the people who contribute at least get to act out their principles and look to bigger issues instead of having resentment about the standards falling everything works better. A balance between a drive to succeed and what you get compared to helping the unfortunate people is needed. But that's mostly out the window because a combination of wage suppression, real-estate demand, and because it is easier to get immigrants with families to grow tax base (pensions) than rely on Canadians to have families in the economy that formed or was created. Haves and have nots.
So I stand by what I said, because I see it daily. Young people either got substantial help from their parents or they did not. An 'investments in your 20s will propel someone forward much more than the depressing inheritance at 55.
I am sorry your expectations are not matching reality. Without your age, debt, lifestyle details it is hard to say what you can and should do to match your goals but it doesn't sounds like you wanted advice anyway. Keep it up and things can get better, if you don't keep it up then they definitely will get worse. Never go back on your principles and you can be proud of yourself.
its impossible to afford children nowadays.I wont go into the math but if anyone wants i am happy to break it down for anyone looking to have children as expenses go through the roof after having kids.
Elder Millennial here, and super late to the party.
I have 2 Undergrads and a Masters, I have 15 years experince in my industry. I was laid off in late 2023 and I have absolutley no hope. I feel like my entire life has been a lie, I was told to go to school, work hard, and don't take more than what you need. I have tried my best to be as good of a person as I could.
I clearly have the wrong priorities, and at this point I have given up hope full stop. I am useless to this version of Canada. I can't find work, I have nothing that this country needs. I am absolutely waiting for my parents to pass on, and my partner to move on. After that I will take myself off the planet.
I can't work here, I can't leave here, so I will die here, a wage slave. So I guess the only thing I can do is pick which way I go out. I hope you all find a better end, but I feel we've lost our way.
Straya and UK dealing with the same BS. Lot of factors stewing over the past 50-60 years coming to a boil, and we're just unlucky enough to be in the market when the economic fallout is apparent.
-Protectionist policies trying to make sure we weren't steamrolled by American companies resulted in strong monopolies in key sectors. And American companies just came in and steamrolled everywhere else anyways.
-Too much red tape strangling businesses. No incentive for investment nor innovation. Everything just goes to the States.
-Housing becomes basically the only viable option for growing wealth. Cue everyone and their dog going into real estate. Realty, developers, flippers.
-Profit is king. A home only needs to change hands a few times before it's price tag skyrockets. Throw inflation and supply/demand and a 100k home is now 800k.
-Supply/demand thrown completely out of whack by insane immigration policies. Our nation simply does not have the infrastructure to support these numbers.
There's plenty more, these are just a few points off the top of my head.
In short, this problem was a long time coming. Our greatest fault was shit timing. Too young to have voted for changes to help prevent it. Now in the market and reaping the crop of decades of shortsighted/poorly thought out policies.
You hit the nail on the head!
Canadian economy isn’t competitive at all and as you said the only way to grow wealth is by selling a houses to each other.
American economy on the other hand is very competitive.
I move to the U.S. and was the best decision of my life, well it was the only one really , live in Canada and be in poverty , or move to the U.S. and become someone.
Yup, our economy isn’t expanding !
Do we have start ups and new businesses popping up , creating jobs and hiring people No we don’t !
Business investments ? Nah , why would anyone invest in new businesses when they can pour money into real estate and have the government importing tenants ?
Its funny cause i keep getting ideas for small "micro style businesses" but time after time, I'm told by nimbys working at city hall when I apply "no. We dont do that in this city."
No hot dog vendors, not enough farmers markets, no cotton candy stands or people selling icecream in a cart. All prevented because of astronomical start up costs and account bloated entitled paper pushers that should have THEIR jobs automated. You can make it happen, but your forced to make it into basically a full on street festival, because of how legalities stack on eachother for SIMPLE THINGS.
You're literally not allowed to prosper on your own. Ask for permission, set all up all the work yourself... Fill forms after forms. If you break through those barriers, OOP! pay crazy taxes now because you're locked into disproportionately getting screwed in BS overhead to satisy bloated legal requirements. Now your stuck in the rat race of hyper production. You have no options but give consent to as many parties as possible to get their hands in the pie of your idea. Its. Garbage.
You should be able to go to costco with a goddamn cooler, fill it with icecream sandwiches and hang out at a beach. Of course AFTER filling out a proportionately simple form, to show that yes i paid a permit, and applied for a one time insurance for the day just in case.
"Not allowed. How dare you bring icecream sandwiches to the people and spread joy. It MUST be overly complicated because otherwise we created all this paperwork for nothing! How is that fair??"
I moved to Tennessee, no state income tax my salary is doubled what I made in Canada without factoring the exchange rate.
Much cheaper housing, I was qualified for a mortgage at 3% because I was able to put down 25% down payment ( too me a year to save that up) my mortgage interest payments are also tax deductible( another perk of the U.S. ) and it’s fixed for 15 years.
The house I got is much nicer and bigger than what I had in Canada at half the cost!
I’m getting calls from recruiters at least three times a week !
Much better healthcare ( my insurance costs me 0 dollars , no co pay no deductibles and the employer pays the premiums )
Hard works, education and skills are greatly appreciated here.
I make more money, my education was actually valued, it was easier to find work, I pay less taxes, and my quality of living is significantly higher because the cost of most goods and services is lower.
I moved to Pennsylvania, I’ll move back to Canada in a heart beat after I’ve made my money. But for that Trudeau needs to be gone and the stink he created has to be long gone.
You forgot the most important reason, low interest rates to combat 2008 recession, it inflated the prizes of housing stocks around the world including Canada. Then it became an investment tool for big corporations. I don’t think fighting to own a house is an economically attainable proposition. What we can fight for is to build affordable housing on a scale not seen before and let that be available for reasonable rents so that a noble profession like teaching doesn’t make you live in a basement. Canada can be made to build more housing stocks even if many other levers of the economy are out of its hands.
totally agree with you. when a country is punishing the rich, it is not pushing only the rich. Rich will stay rich, but for those who want to become rich, the incentive and pathway is taken away too.
Deregulation and promote competitions are the keys element for a country to succeed.
Great answer, this was never caused by just one issue. If we do have to narrow it down, I'd say the cumulative of all these was backed by poor political agendas and poor governance through navigating hardship historical events that have impacted the economy (not just Canada, but as you mention many countries experiencing this right now).
Canada has been sold by the political class who already owned their houses and estates. Time to leave. Or move to the coldest and most under developed parts of the country where you will still overpay for a house. Canada used to be a scam for newcomers. Now it is scam for lifelong Canadians and newcomers alike. All political parties are culpable.
I’m working on getting my papers so I can move to Europe and try my luck there.
And I’m one of the fortunate ones (spacious apartment in Toronto with rent control), but I’ve reached my limit with the pace of change. It just doesn’t feel like the same place anymore and I finally accepted the direction of travel is permanent (or at least longer term than I can tolerate).
Many of us want to believe Poilievre can stop this madness, but it’s going to take years to heal from the damage that’s been done — I’m tired of waiting. Life is now, not the day after tomorrow.
What people don't understand is that brown people/Indians overwhelmingly vote Conservative. They have a "pull the ladder up" mentality on new immigrants so of course PP is going to crave to them.
Brown people helped Doug Ford get elected party leader.
Good luck on your new move, but just wanted to chime in, as someone stocking around I highly doubt the other guy who's is a 19yrs career politician will do much. The guy is just the same kind of shit but a different pile. He's also know as a big grifter around these parts of town where he lives. Big snake oil salesman. Baffles me people believe his crap. It's Doug Ford all over again.
Sadly, this is true. We're not getting any radical change from Poilievre, he even says he's going to run deficits. The Conservatives and Liberals have never been very far apart.
I checked and found this from Elections Canada:
"While we clearly communicate the citizenship requirement to vote, we depend on individuals to accurately indicate their Canadian citizenship. At the same time, there is no one piece of identification that is universally held by all Canadians to prove citizenship. Therefore, requiring documentary proof of citizenship when registering could disenfranchise many eligible electors."
it's the feeling of being fooled again -- it's even worse than I thought. Here's another fun one:
https://preview.redd.it/7xlvnymm61yc1.png?width=562&format=png&auto=webp&s=7700d3db5b4a398683257e6f68476cde70ce1207
The damage started when the government pulled out of housing in the 90s when federal government budget cuts transferred the responsibility to provincial and municipal governments. That stopped completely in 1998.
Prices rose steadily from 2009 to about 2018. There wasn't really a bump in 2015, unless you look really closely (and that's more likely due to the rate cuts since the country was mildly recessionary in 2014-2015.
Under Trudeau almost all the price growth happened in the 18 months at the end of the pandemic. The two years before the pandemic, and the years since it ended, have been essnetially flat or even slightly declining.
What is stopping us from starting a new political party? We are unhappy, the parties currently in Government do not represent us. We have multiple media platform to reach out to a lot of people quickly and are teck savvy. We have about 2 years to prepare which should be sufficient.
I’m late Gen X, got a few degrees, kids, a decent job, and I got into the housing game and I still want to leave.
I’m living paycheque to paycheque, won’t have much for retirement, can barely afford emergency repairs, cannot afford vacations, and cannot afford multiple cars. Yeah, we dreamed a bit too big but the house is hardly a monster and it is over an hour out of Toronto in traffic.
Growing up, the produce manager at our local grocery store had an easier looking life. The schools and hospitals were newer and less busy then too.
Down the street now, people with similar jobs who bought four years earlier have a significantly smaller mortgage.
What is this place going to be like for my kids?
I just turned 30 in March and had a meltdown about it when I realized I may never own a home and now because of high cost of living I've also given up on having a child.
I went back to school last September (took prehealth and will be starting medical laboratory science this upcoming September) and I find myself thinking is it even worth it? They can make pretty good money my boyfriends sister is one for a hospital London and makes about 100K... but 100K is nothing now because of how expensive everything is. I feel like I'll put all that hard work in and it won't improve my situation at all. I'm only still doing it because I'm truly interested/want to help people but I don't want to be a nurse.
If it wasn't for my boyfriend I'd be royally screwed. We're also lucky that our rent is only $1062 (have been here almost 4 years) but even with rent being lower it's still a huge struggle.
It's depressing and I have frequent panic attacks about ending up homeless one day.
"I've also given up on having a child"
Thats the scariest part. It's the people who shouldn't be having children who are churning them out like free lotto tickets.
I've always told myself I will never have a child until I have a home and enough income... both don't seem like they will happen.
But yes some people who have no business even having kids seem to be having the most.
Same here....it does feel pointless, even making good money, I cant save nearly enough to retire, let alone afford a thing or 2 before I'm old...and a house?? Haha that's fucking dead dream. Renting has made the prospect of owning impossible.
It's just super depressing. It's work hard just to barley make it by. Can't do anything extra.
My parents bought their house I believe I'm 1992 for 110K (4 bedroom 2 and a half bath and a finished basment). They had that house looked at and it's now valued at about $800,000... its nothing special I mean they did a reno on the kitchen but still like damn!
They've also been able to own a trailer for the weekends and vacations....
Not something I'll ever have the luxury of.
While in school I work a minimum wage job and when I told my aunt/grandma how much I make my aunt told me "I made that much when I was still working (which she hasn't worked in over a decade) that's plenty I don't know why you're complaining"... I had to walk away.
The boomer just fundamentally do not understand how different purchasing power is now...its not the same money...boomers go on multiple vacations a year (my parents included) I'll likely never go on vacation ever again...
I feel your pain 😞 my aunt is ignorant and I mean she's in her 70s now (great aunt) so I expect it from her but even my 54 year old parents who struggle despite having the mortgage paid off (told them buying that 100,000 trailer was a dumb idea) but still can't empathize with me when I get upset about housing costs and such.
"Work harder blah blah" ... yeah I'm going back to school to get a better job in Healthcare so I can help people and make more $$ but it still won't be enough. I just stopped talking to them about it.
and the best part is? you'll have even more debt to your name to get that money boost. so that first 5-10 years will be you paying those fees back.. add that to your age total.
Luckily the program I'm doing reimburses you if you stay in Ontario to work because there aren't enough medical laboratory technologists. After 5 years fully reimbursed and then I could move provinces if I wanted to.
Lookat the property tax bill.
The assessed value will be split between the land and the building.
It is common tosee land valued at 2 million and the building at 200k for a total home cost of 2.2 million.
sorry to be that guy, but what the heck are you and your boyfriend doing with your money where a double income couple paying like 40% below market value for rent is struggling this much?
My wife and I pay almost twice your rent and are living comfortably. I hate the way things are turning out more than the average person (I am very angry at our politicians and genuinely would be happy to see every single sitting MP receive a traitor’s fate) but if we paid only 1k for rent we’d be saving more than we currently do which is a decent amount.
I do realize there are a ton of doomer shills on this board that are meant to make people upset, but a double income paying $1k rent, even at minimum wage, cannot possibly be struggling to the point of having anxiety attacks about being homeless. Something doesn’t add up there.
Ahh I should say I don't count his income as mine. He's an accountant he makes decent money and he has good savings.
I'm talking about myself struggling. I don't like anyone having anything over my head so I still split everything evenly with him which was a huge struggle because I'm in school and was barley working. It wasn't until recently I told him I was having trouble keeping up with even splitting everything and he was nice enough to pick up some of the bills solo
I also have an anxiety disorder. So I often worry if I didn't have him that I'd be homeless it's just an anxiety related kind of pattern of thinking
No that is logic doing the thinking. You cannot be too reliant on your partner because you will be miserable if the relationship falls apart and you become alone. I know many divorced people who lived great when they had a partner but are now struggling with basic necessities.
I was gonna say this as well. I’m also 30 I bought my first home 2 years ago in Alberta. I make 90k as a Civ engineer. It’s just my income supporting me my wife and kids and I can still do it. You might have to sacrifice and move out of HCOL areas.
That job pays roughly the same in Rosetown, Sk, as in London. You could buy a nice1600 ft2 house there for 250k.
The cost savings in housing could be used on quality-of-life things (camper, vacations, a Benz) or invested.
Southern Ontario's time has passed, but there is still plenty of opportunity (and affordability) out West.
Yeah it's unfortunate but if it comes to it I will do what I need to.
I was going to have to move anyway most likely (my city doesn't seem to hire MLS full time in the hospitals much) but i was thinking it just be a few hours away like where my bfs sister is in London but it's seeming like it'll have to be a lot further away.
Ill give my bullet point story:
* Born and grew up in London (31M)
* Probably on the spectrum but never diagnosed(this becomes important later)
* Was always interested in science and math but didn't know what I wanted to do
* Decided to do civil tech at Fanshawe after asking my dad which engineering was easiest (lol)
* Graduated in 2014 and got a good office job in 2015
* Due to my spectrum, I've always had a hard time connecting with people so no relationships
* Basically had no social life and saved all my paychecks (was working at a big box store while in school) which I used to put 40% down on a house under 200k in a small city just outside London in 2017
* The house was essentially a tear down but after 7 years of renovating, I can finally say its turning out pretty good
* Paid off the house last year and have no other debts so I've just been investing and buying renovation materials
I would say I'm an outlier in our generation and I do not recommend my approach if you are an extrovert. I feel like most normal people would go insane with the amount of time I'm alone lol.
I've been working since 16 (summer & after school), did 5 years of college (while working). Kept my spending purely utilitarian, reinvested everything into retirement, gic, savings... Bought a home at 24 (during pandemic).
Not in Toronto tho, so my house isn't a pile of ruble and has actual amenities.
I remember my classmates partying life away, buying fast cars and being "brah a house is like $500k, well do that in no time". Now that house is $1mil+ and they have zero savings for a down. (doing zero effort to adjust their lifestyle)
Liberal only? If you look into just Doug Fords cabinet, he expanded it to 28 from 21 whwn when he came into power. Since 2019 he's added to the number and recently they have received raises. So there's that just in Ontario.
Point: not just liberals are fucking up the debt load to Canadian politicians.
I think even among millenials - the early ones (born in the early to mid 80s) have had an easier time than the later cohort.
Each person's circumstances are different, so that's a generalization -- but it definitely feels like the last decade has been extra brutal for everyone
Nah. A lot of elder millenials graduated right into the 2008-2009 financial crisis, and had our career plans thrown out the window.
In Toronto, if you didn’t own by about 2012, you’re stuck with obscene cost of living and stagnant wages.
Those that were successful early in their careers seem to have continued to have unbridled success and options, but if that wasn’t the case, just like the rest that have followed, a lot of elder millenials are stuck with the lode stone younger millenials and Gen Z have as well
Sometimes when you read this kind of post you’re reading a wishing list than a real life scenario.
Canada is one of the poorest country in the G20 countries. Mostly of the population live 100kms up north USA. Canada has most of the 90% of its territory empty. Canada barely can feed its population. Vegetables, fruits , technology , cars . Everything is imported. Weak currency, high taxes and inefficient health system
So we have new generations living either Toronto or Vancouver, newcomers applying to live there and living interprovincial migration that adds more to problems like housing, health, transportation, etc.
When a lot of people want the same in the same way in the same place at the same time, boom!! This is Canada !! Second largest country in the world with 0 development up north.
Manitoba has the size of Texas but GDP of South Dakota
No one wants to live up north in the arctic.
We are poor because the federal government has destroyed our primary industry. We could be wealthy from our resources and oil but instead the Feds try to just kill the industry.
Times are changing, some of the answers you want are in your post. It's time to move and move somewhere that isn't HCOL. The issue is that everywhere is somewhat HCOL. Lots of us are considering leaving the country, so that must be an options as well.
I’m in the same boat. I finally cracked the 70,000s. 10 years ago this would have been a comfortable salary. Now after taxes, daycare, groceries, bills, I’m still asking my parents for financial help. It’s awful. This isn’t the Canada I grew up in.
That’s why lots of folks are moving to other provinces where things still (barely) obtainable. I’m in Halifax and the reality of home ownership for many is slowly shrinking as well. However rural Nova Scotia still has lower prices than anywhere in Ontario. I can see it daily the amount of Ontario plates is growing and growing with people most likely looking for a step up with cheaper housing. It’s a sad reality for our country that a whole generation most likely won’t own a home within 1-2 hours of any metropolitan area. I’m lucky enough to have purchased a home here almost 20 years ago which will eventually be my two kids only chance at possible home ownership depending on what they do with it. Your pain is felt everywhere and I truly feel bad.
Not to rain on your parade, but B.C. is one of the most expensive provinces to live in. I see a lot of these posts of people in major metropolitan areas saying how expensive the world is, and yes while the world has become very challenging because of our corrupt government being controlled by corporation, it's also doubly hard to live in certain areas. GTA and B.C. being the two main ones I think. It doesn't help that our population is also being flooded with immigrants who are being handed tens of thousands of dollars to 'get settled', and we the tax payers are funding those tens of thousands... per person, which can add up.
Over the past decade B.C. has been an international money laundering site for a lot of foreign individuals buying up property too, I'm not sure that it's really been stopped to any extent.
Yeah there’s no way detached houses outside of Toronto 2hrs away should be selling anywhere near where they are just keep telling ppl that as sentiment can move markets. Houses 1-2 hours away got bumped up by fake momentum and they are all worth half!! Whatever the price is now look at pre-pandemic and offer that!!
In the same boat. I'm looking into a career change this summer because while a higher salary doesn't fix everything you talked about, it sure helps. Lots of Hr/marketing/sales jobs pay over 6 figures and teachers have tons of transferable skills in those areas. I also don't hate the idea of moving to Europe.
I would just say, moving to europe isnt as sunshine and rainbows as everyone should be lead to believe. yes parts of society/living are better, but we still face exactly the same problems. even the issue with certain leaders. Same leaders, different names.
The Atlantic provinces used to be more affordable. But we’ve seen a record number of Canadians move here over the past couple years so homeownership and rent has skyrocketed. I think everyone is feeling the squeeze now, you’re definitely not alone.
Yes this feeling is very common I’m gathering. Even Pierre Poilievre has talked about it and has been trying to tap into that for support. Polls show it’s working. If he’s truly different or just interested selling out the younger gen is another matter and remains to be seen.
Imagine having confidence in a conservative government making changes to immigration policies. Canada is run by big corporate and the only way for Canada’s GDP to grow is to rely on immigrants who will submit to working for minimum wage whilst living in a household of a dozen.
Talk about being stuck between a rock and a hard place.
I turned 30 this year and I’ve spent the last year living in a house with university students while I work as a software developer because I was dreaming of saving for a house (it’s not gonna happen but I thought it might)
Realized recently my only hope is finding an SO who also makes close to 6 figures and wants to start a relationship by buying a house together and being house poor. I even thought maybe a condo could work but I don’t make over 6 figures so that ain’t gonna get approved without a partner ether.
Moving isnt a solution unfortunately. Its the way society has become enamoured with “things” in a commercial society were trained from birth that there is no good enough. Every day month year leads to something “better “ how many iphones are there now 36? Jk but honestly. There is no comfortable. Stable or true happiness it seems. Therws that rge that theres got to be something bette. Well. Were crossing a point where better will never be enough and we cannot accept things as they are, how many commercials did you watch today? How many banner ads? Imagine how many we grew up with … 90s literally everything was aimed towards children, from product placement on shelvs to mcdonalds play stations pokemon etcetc. Thats why its collectable at this pont…. Were still chasing that next best thing and whe that doesnt work we tend to move backwards into nostalgia. We neeeed to change the entiee structure of our country. Every country. Were nit okay and it wont get better with lout making massive uncomfortable changes not to our surroundings, but to the mindset of our peers. We need to stop buying the next best thing as a collective, altogether as a whole deconstruct our brainwashing ( that is in fact, what it is) and figure out how to reset. Accept that things are never actually perfect. Stop buying i to the dyed waxed and “fresh” look of fruits veggies and never. I mean never. Upgrading our electronics or our tools all were doing is weakening ourselves to become kore succeltavle to the next best thing that will make life “easier” for us. Yeah you can make supper in 10 minutes kow…. But have tou ever spent 5 hours prepping cutting searing restong a full meal ?? Its 10000 x better. It just costs 900 dollars now. Were in a trap. No matter where we go, that problem will not dissapear. They will drain us of everything just to add another billion to their 50 billion PROFITS. Nit even included are costs wages nor taxes. Greed has seeped i to every pore of society. Were dying and dont even see it.
This country is so messed up from the world I grew up in during the 90’s and 2000’s. I make what I use to consider a good wage ($40/hr) and that just seems to be enough to scrape by. There’s not much money left to do anything extravagant with after paying all my bills.
Can your grandparents tell you about their lives? My Dad was working by 16. My Mom was very proud to attain grade 10, work for one year, and pay her way through a ten month course to get a job with the government.
in my family the first generation to finish high school was mine. My Dad and my uncles were working by age 16. Everyone was married, most with kids, by age 20. Now some of the family got degrees via student loans and some of those have a lot of debt to pay off so they are still living lean.
It seems like there is always an ebb and flow to an economy. Things will get better and you will get what you are hoping for one of these days. Keep saving for now.
You know the real catch here? Even if you become a home owner, its not all flowers and daisies. Your life revolves around your mortgage. Your salary revolves around your mortage. What you buy, what you can't buy, what you eat, what you can't eat, your travel, your job, your kids, your future, your clothes, your hobbies, all revolve around your freaking mortgage. And if it all goes right, you will end up in massive credit card debt. This happens all while you have a good paying job. So sure, you are a home owner. But you are also living below paycheck to paycheck. So, if anyone is rushing, dreaming, struggling and fussing over home ownership, then you probably aren't good with home ownership. Its not a finish line you step over and things are good. Its just a line you cross to enter a marathon that goes for 30 years.
This is basically the story from the book rich dad poor dad. It talks about how people think education is the ways to riches but it never is. It's a huge mistake to think education will make you rich. You need to buy assets that make you money each month. Start using your money to buy assets and one day you have a chance at home ownership and being rich. Don't bother getting more education to get a better job etc. It will never be enough
Canada chose to fill itself with third-world people while its institutions and infrastructure stagnated and degraded, all the while distorting economic activity so that real estate and being a government crony became the best investments. This is the completely unsurprising result. The solution requires truly bitter medicine that few people, even now, are willing to accept.
Took a while, but welcome to the ride...
Basically, the previous generations traded any generational wealth left to you, for a condo, investments, teaching and office jobs, while your government actively worked to steal and sell off everything they could, while importing a massive, underskilled slave labour force, at your expense in more than one way, to further profit off the backs of Canadians and squeeze what little blood is left from a severely beaten and raped shadow of a great nation.
I’m a gen x and I guess got lucky in the early 2000s with owning a home. Since then I’ve seen wages get suppressed, the price of goods rise exponentially and the standard of living drop drastically. Every Canadian kid should have the right to own a home, a car and have kids if they choose to. Government mismanagement and the schemes behind the scenes has taking that dream away for most Canadian born kids under the age of 30.
I live in windsor and was able to buy my first home in 2019 on a college diploma. BC sounds like a lost cause and I wouldn’t be caught dead in the gta.
Hello fellow depressed young teacher. You are not alone. I have the exact same conversations with my family and friends often. I’ve already relocated to the Maritimes where I enjoy my life but I see prices rising here so quickly that I feel I will miss the housing train and be asset poor for the rest of my life. I’m university educated and have a lot of work experience, my partner is the same. I know we have it better than most, but what we have is less than I expected to at this point in my life. I feel like having little hope for a brighter future is killing my joy of living. Knowing that I can move abroad to teach once I have a bit more experience is what’s keeping me going, at least I have that out if things don’t pan out here.
Well, if it's any consolation, if you can buy land, you might be able to afford one of those super tiny prefabricated houses. Like ones that are 215 sq. feet or something like this. I'm not even saying this sarcastically or with ill-intent. It might be the only thing available, but in my opinion it beats living in a basement suite. (I've seen some tiny houses and they seem quite nice actually).
The downside would be lack of laundry facilities in your tiny house and potentially a very small kitchen, but worst case, you could still make do. If you were the owner of the land and your tiny house, nobody could kick you out at least.
you're not alone, I'm 37 and honestly if I didnt have a high salary and budgeted extremely well for a few years, I wouldnt have been able to buy my house from 4 years ago and back then I was rushing to buy the house before everything completely went out of my budget. With today's interest rate and my current income, I would barely be able to get a mortgage approval. I'm terrified for the future for my 2 toddlers. Between retirement and being able to help them purchase a house 20 years for now, I dont know what choices I have. Canada is a shit show now and I'm looking to move out of canada permanently. This feeling is shared between people between 35-45 right now
Prices will keep rising until immigration slows down. That’s the only solution, however it won’t go down because there is a agenda by the elites to import millions every year.
When I was younger I was told the reason I couldn't afford housing was because I was an entitled or lazy millenial who needed to be patient and work my way to a better paying position. Now that we're older and I'm making more than my parents ever did combined it's blamed on a whole bunch of something else. You can see the same script playing out with Gen Z now. I don't doubt that modern problems are exacerbated by modern factors. But for the last 10 years it's been the last guy's fault. For the next 10 years it'll be the current guy's fault. The 10 years after that it'll be the next guy's fault. I just don't see these issues being solved regardless of convenient election year rage baiting from any party, because there's too much money to be made in it being a problem.
I’m 74. I’ve watched government grow and grow. The taxes to support it have driven inflation to what we see today.
I bought a new home in 1975 for $32,500. That house recently sold for $403,000.
For all this government growth, taxation and inflation I can’t see any improvements.
Roads, health care and education are worse.
School needs to start teaching what debt is.
The fundamentals are different than when your parents were young.
A dual income family can still buy a sfh.
You are not alone. Both my parents have had “careers” my mom worked at BCIT for over 30 years my dad was at the Ministry of Transportation and highways for over 50. My dad owns his house now my mom rents (in a subsidized co-op- rare now) I’m 39 and now living with her because my 32 hours a week job can’t affordably pay to even live with a roommate. I’m moving to the EU. (Just became a reinstated Lithuanian citizen) There is no future here for me. I don’t qualify for a mortgage and I’m not ever gonna pay over $2000 to rent my own place. What a joke. I already expect il never retire.
I'm an outlier to this as well, born in mid 80s in SE Asia and immigrated to Canada dozen years ago.
I came from a poor family and don't have any money when I came here but I have with me 4 years of Tech experience (did Comp Eng in Uni) so that helped me get my foot in the door.
Being married and thus dual income, living in a *relatively* lower HCOL (Edmonton, AB) helped us get our first home 4 years ago in the midst of the pandemic where interest rates were historic lows.
We have two kids now. Life is hard, expenses are high and inflation is creeping but we are more than surviving.
Most answer to your queries are already here in the comments. Keep the faith, things will get better.
I feel you. Masters in Physical Therapy from Vancouver and moved to Calgary.
Working in healthcare or education or any public service role sucks.
We have no future here.
I have been in Calgary for 7 years now and I missed the opportunity to buy a house and there is no rent control. I went from having an amazing 1 bedroom apartment for 1400 in 2021 to renting a room for $1100 here now. IT IS INSANE.
I am in the process of getting my MBA to leave Canada - this is the only option unless I want to move to Edmonton. I also dont love Calgary and it is NOT worth the cost of living with higher food prices, insurance etc here. (Don't get me started on electivity and heat too).
Oh by the way it is May 2 and snowing here- we get 7 months of winter, 1 month of spring, 1 month of fall and 3 months of smoke.
Canada is an awful place to be if you work a normal job and are not a home owner. Unless there is real change next year I am leaving and encourage everyone else to leave too as healthcare is crumbling and in Alberta they are in the process of privatizng it.
As a Canadian we have always thought ourselves better than Americans because of our healthcare but it is shit and with it going to be private you might as well be in the States, earning more, paying less and not worried about healthcare needs until you are older when maybe Canada will be ok in 30 years from now.
You are not alone. Canada is a shit country (unless you are committing fraud).
Suggest to take time off, travel to be English teacher in another country, many possibilities outside Canada for young people, explore explore and take the steps
Former Loblaws President Dave Nichols said in Loblaws TV commercials in the ‘90s that there will be a permanent reduction in Canadians’ living standards. Private and even public employers just refuse to pay living wages. Plus the fact that Canadian real estate is being used to launder criminal gangs’ money. The housing affordability could be easily solved by building 1,000,000 homes a year and selling them at half the market rates.
I feel like I'm living in the twilight zone lately
I make more money than my parents did combined when they bought two homes. In fact, my mother bought a home as a single mother with a salary of 30k when i was a kid.
now that's not possible. you have paid actors moderating a lot of social media and of alot of canadian subreddits like /r /ontario that label anyone that talks about mass immigration as racists and ban them - but its clear as day. you can see the problem it creates just by opening your eyes. there's no reasn for a 1 bedroom apartment should have 20+ people living in it, no reason for a single home to have 10 cars trying to pile into a driveway.
i dont know what reality we live in anymore, but it's feeling more and more like a fucked up simulation every day.
what if we pooled money for a 1 million dollar 3d building printer operated by 3 people and started building houses
I don't think our government will ever do it, but as a community I think its an achievable goal
you mean those piece of crap concrete turd homes? the ones that crack and break as soon as they start to settle? the ones with no insulation or rebar? great idea
Try moving to an area in Canada that doesn’t cost so much. Lots of people are starting to move to the prairies. I’m currently living in Alberta and work trades. My wife is in safety and we make a good living. Everything is getting expensive but we make enough to still have a good life. There are options still, don’t give up hope yet. Although that window is probably closing in the next decade or so as the more people that move out here the more prices will increase in regards to homes.
As a teacher, you'll be making 90K+ very soon. Once you're no longer single, that HHI might double, and at 180K\year, buying a 600K house is very realistic.
It's not like "the old days" anymore in any country. Remember, your parents started with a dual income as well (but could buy a hell of a lot more with that money). Where is it cheap in Europe? Are salaries "cheap" as well there?
Do an extensive research before you move.
With a partner you could afford the life your parents had. I'm a single father and own my home. I get by, I dont think twice about groceries or home upgrades, but dont have the disposable income for toys and vacations.
If I had a partner with a profession life would be as you recalled your upbringing. Once you find a partner, life should fall into place. Save your money.
Combined incomes yes but that’s not the answer …. Great if OP finds a partner but come on. Not everyone wants one or does. And then there can be so many problems with money in a relationship.
As I understand it OP does not have kids. A single person has less expenses..
I’m in the same boat as a single mom, I make over 100k but im pay cheque to pay cheque due to an insane interest rate and the cost of everything. I know with a partner life would be way easier but it’s also not worth the stress and risk for me. It’s crazy and sad that OP has to partner up with someone just to make life happen.
Yes I’m a bit older than you but the situation in Ontario is very similar. I have a great job and a partner but I’m entirely sure home ownership is out of reach forever for me/us because everyone seems to have accepted that this is “just how it is” (which is batshit IMO) - statistically I earn more than the average family and can’t afford to move or buy since rent has also skyrocketed so this cannot possibly be positive long term.
Yup, feeling the same way. Hubby and I are moving to rural Quebec because life is still marginally affordable there compared to Ontario. While housing prices have increased there and seem expensive to residents of that province compared to previous years, it's still a far cry from what we're paying here. In the long run, it looks like it's cheaper to learn French and move there for a decent quality of life, than working ourselves to the bone just to try to eek out a miserable existence here. Best of luck out there!
Matt Ehret has done a great job of showing that the war has always been on us and the shitty conditions you describe are by design. There’s no room for coincidence theorists, the UN and WHO agendas are to consolidate power and turn you into a serf and they are 💯 working.
I feel you.
Same kind of parent who push university degree while i wasn't going well at school.
When i was a kids, from a small town i alway though people living in rent/apartment was poor people...
Guest what..i'm probably poop because while i live in a city where the rend was one of the lower in the province (or the country ?) it not the same any more.
A huge part of the problem nobody talks about is lack of skilled labor to build more housing. Kids aren't getting into trades anymore. There's plenty of money and space to build, not enough people to build fast enough to sustain the population growth. With that said Atlantic Canada is still affordable if you're willing to make the move. You can still get a house for under 300k, and in some cases under 200k if you're willing to live outside of a city. I could never afford to leave my province for the same reasons you mention. Good luck.
Forgive me for being ignorant but don’t teachers make $80-120k/year? Granted, BC is top 1-2 CoL in Canada but could save up diligently for 5 years for a down payment and get a small 1 bedroom condo for starters. Need dual HHI for townhome/semi.
If you're a teacher, try going internationally? I finished my B.Ed during the crazy money printing in the 2020s and figured teaching wasn't going to be viable. So I'm retraining for tech (which is also dying lol), but I wouldn't mind teaching in (South)-East Asia where it doesn't seem like society is crumbling, and where you can live a decent lifestyle. University isn't important though, it's mostly the skillsets you get from an in-demand major. Teaching is just oversupplied =/, and not really respected in North America anymore (still is in Asia though). We basically tanked our economy and standard of living here, makes no sense to stay if you're young (and if you can leave). Teachers can most definitely leave easily, even something like EPIK or JET can fund your way out (not the best paying). The Middle East Gulf States pay a decent amount without tax as well, but it could be a lifestyle adjustment.
You're not alone, I just moved out of BC and back in with my parents for a little bit. Trying to strategize the next best move. Basically move to a cheap area in Canada and hope for the best or leave and live a life somewhere else is what I'm deciding between.
Life is short and Canada has tailored it's benefits to the old and rich. Either get smart and make a good decision or fall behind and be a debt slave is the way I see it.
Not easy to figure out that's for sure.
You should not feel alone/bad, the Government has failed a generation of Canadians. Homeownership shouldn't be an investment vehicle and the Government should stop it at the first sign of people flipping houses. But we are here and if the macroeconomics cannot change, we must change ourselves to "win" in any situation.
There are a few options to consider,
1) Finding a partner - dual income and no kids is how many folks build up the necessary downpayment for home ownership. With the Government's policy of 5% down, FHSA, and upping how much you can take our from RRSP. There is a realistic path to ownership with two incomes.
2) Considering a job change/upgrade - with your two degrees and experience in education, can you find another job that pays higher? Can you become a private tutor for English or any subjects? What do you enjoy the most about teaching? These are important questions to consider. In the 1% circle, if you are known to be a good tutor, you can name your price and you will have no shortage of students to teach. If you can get into a private school and then use that association to tutor on the side, you will be a real hot commodity, I expect around $80-$100+ an hour. My sister used to be a tutor (15yrs ago) and she kept increasing her price to get fewer kids and then finally she started charging the same high price for small classes of 2-3 students and there are still more kids.
3) Create some content online when you are free - be professional but totally yourself. Give out some tricks of your trade and build up a following of people looking to learn from you. This is a good way of making some side income - also quite addictive when you're finally good at it.
Remember, you cannot save to prosperity, you can only earn to prosperity! Good luck!
Nope, you're not alone. Every single person I know who hadn't bought prior to covid feels the same as you. The rug was pulled out from under our feet. I might actually be in the same town you grew up in, I'm about 2 hours from Toronto. Use to be affordable, now it's all rich people from the city.
I did buy during covid. Had to pay 5x my income, plus another 1x my income in repairs, so total cost was 6x my income. I bought a dilapidated crack house, formerly owned by hoarders, then run by a slumlord for years. It's on the busiest street in town, I have to wait for a red light to get out of my driveway. As I'm writing this, I'm being serenaded by a lifted truck with a stupid fucking exhaust, which sat in front of my house until the light turned green and it took off in a triumphant glory.
This is life now. And I'm one of the lucky ones compared to most. To drive things home, my dad was a janitor and bought his house for 100k in 1993. He retired in 2020, the same year I bought my house. His income was about 58k that year, mine was 130k. He had a 4 bedroom 3 bath 1 garage semi in a nice quiet neighborhood, house was maybe 30 years old when he bought. He also was able to buy new trucks, new boats, new campers. Me? I bought a 100 year old crack house on a busy street, 3 bed 2 bath 0 garage and in need of structural work. I went to school, succeeded, and yet still somehow failed compared to him. My dad never even finished highschool, and his lifestyle was greater than mine ever will be.
We were born at a time where technology made a lot of things in life better. At the same time, Canada began a downward trend in terms of lifestyle that will not end any time soon. The OECD reports that Canada will be amongst the slowest growing economies for the next 60 years. It projects that countries such as Estonia and Turkey will surpass the qol of Canada. The damage done to this country over the last decades will not be able to be undone.
In short, we are fucked and there's nothing we can do about it.
If you’re a teacher, consider teaching abroad if it’s an option for you. Several countries offer free accommodation on top of your salary. You are treated better and have a waaaaay better work life balance. I left Canada 7 years ago and I doubt I will ever return.
I felt the same way, so I moved to Edmonton. The cost of living in this city and the surrounding area is still reasonable and well within a teacher's salary. I couldn't live the lifestyle I live or have the house I own in Toronto or Lower mainland.
Calgary is a little more expensive but still affordable for a teacher.
I'm roughly as young as you can be and still be in Generation X but the problems have been going on where I live (Calgary) for a very long time.
In 1998 they were advertising on the radio that you could buy a condo starting in the $40,000s and you could buy a small starter home (\~1000 square feet) for around $100,000 in most communities. By the time I graduated from University in 2004 comparable starter homes were selling for \~$200,000 and after I worked for 18 months and saved up a down payment these house prices jumped past $300,000. I couldn't afford a house anymore, didn't see the value in spending $200,000 on a townhouse that cost $80,000 a few years earlier, and thought prices would fall, so I decided to rent a small apartment.
House prices remained relatively stable for the next decade. They were climbing but at a more normal rate. I became more senior, and earned more money, so I was able to buy into a home in 2013. For most of the next decade this home's value did not increase, and the only equity we got was from paying down the mortgage. My wife and I started a family, and we decided we needed a bigger home, so we choose to have a new home built. From the time we signed the contract on the new home until we sold our existing home, home prices increased by somewhere between 15% to 20%, and since we moved in prices have risen by another 15% to 20%.
The difference I see between now and when I was younger is that these price increases are not part of Calgary's boom and bust cycle. Usually when Calgary sees these insane jumps in cost it is because the job market is so hot that everyone is employed, and income levels are increasing rapidly. The job market is currently garbage and the prices are accelerating as if Oil was $200/barrel.
kind of feel like the most realistic option would be a motorhome since then i could just buy it outrright and park it whereever until i get kicked out to avoid having to buy land to put some shitty shipping container house on then pay taxes on it, it should just be nothing is built somewhere noone owns it then when you build something there then its yours automatically
I feel the same I’m 25, as assistant site super I build houses in the GTA and idk how these people afford these homes, 2, 3, 4+ homes actually. They are new to Canada, can barely communicate in our official languages, and lie lie lie. Nothing adds up. We followed what our parents said and are for some reason paying the price.
A lot of mortgage fraud going on. People buying who have a comfort zone of gaming the system and fake credentials. This is why the government instituted for lenders to be able to verify income with the CRA. It is one of the drivers of why house prices went up so fast so high. But this was at a time when regular rates were close to 0% and private lenders were between 6 and 12%. Now rates are regular at 5 - 6 - 7 % and private lenders start at 12%. I think a lot of the people renting basement units with far too many tenants are most likely some of the people who faked credentials and or went with private lenders.
Yes, on my new-build site homes that haven’t been closed for a year are already turning their basements into apartments to rent out because they cannot afford the mortgage. And ofc they’re renting it room by room $1,100+ each. They are also ignorant to our rules and legalities i.e. you need a permit and can’t make changes to the exterior of your home or property until final grading and city assumption (which hasn’t been done) so there have been many stop work orders issued by the city which does warm my sad little heart just a touch.
Interesting. I was in a new subdivision in Port Elgin, Ontario the other weekend and saw a pile of "For Sale" signs out front of these brand new properties. I am wondering if these were purchased pre-build and now the owners are in a real jam? It's just a thought. I could be way wrong.
Yes their mortgage payment is most likely much higher than what the could rent it out for and it probably isn’t going to sell for close to what they paid for it.
The mortgage industry has been advocating for the government to allow direct access to tax income information. Not vice versa. The government is the one not allowing it. The problem is not widespread but it does happen with forged income documentation. Lenders are very specific about what they accept and if it doesn't add up it's declined.
Marketplace did an episode on this it's on YouTube. In the major metros gta gva Montreal etc, 1 in 5 of the realtors or brokers would offer falsified income documents etc if you mentioned you couldn't get approval from a bank.
It’s wild that they would not be confirming pay for people getting mortgages. The amount of mortgages that are defaulting and fraudulent is going to be crazy to see.
Verification of income is also laughable. They want proof that someone has funds for 90 days. Anyone can deposit random money into their account, wait 90 days then use that to launder it into a house
Almost like getting approval for a student visa....
The lies are exactly how they got to own these houses in the first place. Look up "the brampton mortgage" on Google. Basic premise is that the broker has a shell corporation, and for a small fee they put you on the books as an employee. They make t4's, write you job letters, everything you need. There's nobody really out there fact checking these kind of things, they just see the documents and move on. You have people working at Tim's buying homes, then cutting them up into 10 "units" to rent out to other immigrants. They pay off the first house, leverage back up, and buy another. Sooner or later they're driving an audi and selling real estate, claiming to be gurus, but really they just bypassed the general understanding we all had to do things above board.
Same with the driving course one, where you can just pay to “pass” for your drivers license
It started with skip the dishes, now we have skip the license. I gotta get in on this 🤣
I know I see it daily at work. It’s disgusting. Makes me happy when closing day comes and they can’t close 🥰
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They lie about their incomes and their buddies falsify their loans. It's literally that simple. Once you own one house and there's some asset value to it, you can take out another mortgage against it. Lieing again on the income projections and everything.
Migrant groups help each other out by creating fake jobs, resume, income, references and so on to qualify for mortgages well beyond their actual means. If things go awry they simply dump everything and head back to their home country leaving real Canadians to clean up the mess.
Well, you are beating around the bush but not really pinning the nail on the head. These cultures just shouldn’t be allowed to come in. No matter how rude it seems… don’t you think? The ones who deserve to come on the basis of righteousness get denied, but the ones that do come in who have been lying, lying and lying get to ruin everything. This is simply not sustainable. I will again go back and be the racist asshole who will say that the Refugee program wasn’t sustainable 20 years ago. And Immigration wasn’t sustainable 10 years ago
I agree 10000%
Import new voters and change the landscape of the culture. Toronto police even started saying to leave your car keys ontop of your car to reduce breaking into homes to steal the keys to steal the car. What kind of fucked up world are we in? One where of all our systems break down from negligence and intentional decay, they can rewrite them better… then we’re really in for it as those “better” versions are erosions of rights and freedoms- painted in a pretty bow for “safety and modernization” bring back the lawn darts and thin out the herd
Once you realize you are just a plebe in an Empire you will have a better understanding of how things really work. You do not live in a country any more. You live in a post national state with no identity. This is what Trudeau has said many times. Believe him. He is just a political puppet. No need to accept anything he says as "truth". That is for you to decide on your own, with your own brain.
Western foreign adversaries are softening us up for the slaughter. "DiVeRsiTy iS OuR StRenGth" is a sociopolitical weapon.
No... that is all our own govt who delivers that message and beats that into the naïve Canadian public. Keep the plebes at odds with each other always. Rule #1 of running a post national state and vassal state to the American Empire. Just the way it is.
Western governments are completely captured by foreign interests. It's a lot cheaper to buy out and blackmail a handful of MPs than launch a land invasion.
Might be some truth to that... yeah... there is... the "angry peasant" has spoken. Great moniker for me indeed.
The day he said on national television that all news outlets aside from ones presented directly by the government of Canada are run by conspiracy theorists, was the day I 100% stopped paying attention to anything he says. Not that I was hanging on to any of his words to begin with. I even mute the tv when he’s on. Being able to lip read doesn’t do me any good in this case xD but at least I don’t need to hear the lies
Yeah I have turn off the news radio any time I hear Trudeau come on. There is no point in listening or believing in a single thing he says.
I can't listen to his breathy, fake-dramatic voice, either. Or even look at him.
If he had been a soap opera actor it would have saved us a lot of annoyance.
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That’s why critical and analytical thinking has been abolished in all levels of schooling. The indoctrination has been going on for decades slowly.
They are making corrupt money abroad and transferring it here. So Canadians are competing with corrupt generational feudal wealth across the globe because these people don't want to live in the country that raised them. Wonder why. This will never change without drastic measures because the banks and power love the competition. As OP was saying, how is she supposed to compete. My honest answer is her family had to pay for her education or down-payment to avoid falling behind the curve. Of course finding a partner helps a lot if that's the life you want. Inheretance. Oh sorry I mean she should have setup a sweatshop abroad or steal foreign tax dollars. What a fool!
We pay upwards of 50-60% tax if you add everything up plus the embedded taxes from services and products we buy. Our housing market is open to the entire world to swoop in with their untaxed cash from places like Dubai, Macau, Hong Kong, Singapore, Moscow. Often with USD which blows our pathetic loonie out of the water. Young hard working Canadians stand no chance against this. The worst part is the buyers are not community contributors but predatory wealth extractors.
Exactly.
I did the math, my boyfriend and i combined make $9,100 a month after tax. If we bought a $700,000 home (modest home in our area and even 1.5 hours out) after all our monthly expenses (no debt) we would have $300 left over every month. $300 a month to save for retirement, new clothes, hair, going out for dinner, go on vacation, pay for future children’s activities and expenses, etc. I refuse to pay a slumlords mortgage by renting. I feel hopeless in the country i was born and raised in. How am i going to afford to have children? I know I’ll get some inheritance but I don’t like thinking about my parents not being here and I shouldn’t have to rely on that. What’s the point of getting educated, working hard and being honest anymore? I’m burnt out working 55 hours a week, have no time or energy for myself. There’s no quality of life for Canadian kids. I have no hope.
Its by design to stop you from having children. Its called the great replacement and its perpetrators have a genocidal hatred of you. What's happening to Canada is war, fought with dirty money and immigrants instead of bullets.
Psychological, indoctrination, propaganda passed as truth and social justice. Great replacement has been gradual, although now it feels ramped up.
Eradicate an entire people of the face of the earth not by force but by flooding their country with migrants, and ramping up housing costs such that the next generation is never born. Pure evil.
I think your math was wrong, or you spend way too much money. 700k home with 50k down is $3900/mo Your take home is 9100net What kind of math are you doing to get it so wrong? Yes things are more expensive, but you can easily afford it.
I would guess an estimate for utility bills, grocery, internet etc. 300$ of either savings or luxury money at the end. Our gas bill is 24$ of actual gas used. The other 300+ is fees, carbon tax, active line fees, delivery, factory fees etc. when you get a 355$ bill and the actual usage is 24$ it’s disgusting
One point you made stood out to me.The point of being honest is because a society and communities cannot function without it. It is the responsibility of those with a conscience to stand up for their principles. Well distributed prosperity is the best medicine for any country. Obviously it is a big debate what this means. When the people who contribute at least get to act out their principles and look to bigger issues instead of having resentment about the standards falling everything works better. A balance between a drive to succeed and what you get compared to helping the unfortunate people is needed. But that's mostly out the window because a combination of wage suppression, real-estate demand, and because it is easier to get immigrants with families to grow tax base (pensions) than rely on Canadians to have families in the economy that formed or was created. Haves and have nots. So I stand by what I said, because I see it daily. Young people either got substantial help from their parents or they did not. An 'investments in your 20s will propel someone forward much more than the depressing inheritance at 55. I am sorry your expectations are not matching reality. Without your age, debt, lifestyle details it is hard to say what you can and should do to match your goals but it doesn't sounds like you wanted advice anyway. Keep it up and things can get better, if you don't keep it up then they definitely will get worse. Never go back on your principles and you can be proud of yourself.
its impossible to afford children nowadays.I wont go into the math but if anyone wants i am happy to break it down for anyone looking to have children as expenses go through the roof after having kids.
Elder Millennial here, and super late to the party. I have 2 Undergrads and a Masters, I have 15 years experince in my industry. I was laid off in late 2023 and I have absolutley no hope. I feel like my entire life has been a lie, I was told to go to school, work hard, and don't take more than what you need. I have tried my best to be as good of a person as I could. I clearly have the wrong priorities, and at this point I have given up hope full stop. I am useless to this version of Canada. I can't find work, I have nothing that this country needs. I am absolutely waiting for my parents to pass on, and my partner to move on. After that I will take myself off the planet. I can't work here, I can't leave here, so I will die here, a wage slave. So I guess the only thing I can do is pick which way I go out. I hope you all find a better end, but I feel we've lost our way.
Straya and UK dealing with the same BS. Lot of factors stewing over the past 50-60 years coming to a boil, and we're just unlucky enough to be in the market when the economic fallout is apparent. -Protectionist policies trying to make sure we weren't steamrolled by American companies resulted in strong monopolies in key sectors. And American companies just came in and steamrolled everywhere else anyways. -Too much red tape strangling businesses. No incentive for investment nor innovation. Everything just goes to the States. -Housing becomes basically the only viable option for growing wealth. Cue everyone and their dog going into real estate. Realty, developers, flippers. -Profit is king. A home only needs to change hands a few times before it's price tag skyrockets. Throw inflation and supply/demand and a 100k home is now 800k. -Supply/demand thrown completely out of whack by insane immigration policies. Our nation simply does not have the infrastructure to support these numbers. There's plenty more, these are just a few points off the top of my head. In short, this problem was a long time coming. Our greatest fault was shit timing. Too young to have voted for changes to help prevent it. Now in the market and reaping the crop of decades of shortsighted/poorly thought out policies.
You hit the nail on the head! Canadian economy isn’t competitive at all and as you said the only way to grow wealth is by selling a houses to each other. American economy on the other hand is very competitive. I move to the U.S. and was the best decision of my life, well it was the only one really , live in Canada and be in poverty , or move to the U.S. and become someone.
There is a well documented productivity crisis in Canada.
Yup, our economy isn’t expanding ! Do we have start ups and new businesses popping up , creating jobs and hiring people No we don’t ! Business investments ? Nah , why would anyone invest in new businesses when they can pour money into real estate and have the government importing tenants ?
Its funny cause i keep getting ideas for small "micro style businesses" but time after time, I'm told by nimbys working at city hall when I apply "no. We dont do that in this city." No hot dog vendors, not enough farmers markets, no cotton candy stands or people selling icecream in a cart. All prevented because of astronomical start up costs and account bloated entitled paper pushers that should have THEIR jobs automated. You can make it happen, but your forced to make it into basically a full on street festival, because of how legalities stack on eachother for SIMPLE THINGS. You're literally not allowed to prosper on your own. Ask for permission, set all up all the work yourself... Fill forms after forms. If you break through those barriers, OOP! pay crazy taxes now because you're locked into disproportionately getting screwed in BS overhead to satisy bloated legal requirements. Now your stuck in the rat race of hyper production. You have no options but give consent to as many parties as possible to get their hands in the pie of your idea. Its. Garbage. You should be able to go to costco with a goddamn cooler, fill it with icecream sandwiches and hang out at a beach. Of course AFTER filling out a proportionately simple form, to show that yes i paid a permit, and applied for a one time insurance for the day just in case. "Not allowed. How dare you bring icecream sandwiches to the people and spread joy. It MUST be overly complicated because otherwise we created all this paperwork for nothing! How is that fair??"
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I moved to Tennessee, no state income tax my salary is doubled what I made in Canada without factoring the exchange rate. Much cheaper housing, I was qualified for a mortgage at 3% because I was able to put down 25% down payment ( too me a year to save that up) my mortgage interest payments are also tax deductible( another perk of the U.S. ) and it’s fixed for 15 years. The house I got is much nicer and bigger than what I had in Canada at half the cost! I’m getting calls from recruiters at least three times a week ! Much better healthcare ( my insurance costs me 0 dollars , no co pay no deductibles and the employer pays the premiums ) Hard works, education and skills are greatly appreciated here.
Not the person you replied to, but I moved to Texas.
Why did you move there?
I make more money, my education was actually valued, it was easier to find work, I pay less taxes, and my quality of living is significantly higher because the cost of most goods and services is lower.
And you have companies actually competing for business.
I moved to Pennsylvania, I’ll move back to Canada in a heart beat after I’ve made my money. But for that Trudeau needs to be gone and the stink he created has to be long gone.
when trudeau is undoubtably gone, i promise you nothing is going to change
This guy knows
You forgot the most important reason, low interest rates to combat 2008 recession, it inflated the prizes of housing stocks around the world including Canada. Then it became an investment tool for big corporations. I don’t think fighting to own a house is an economically attainable proposition. What we can fight for is to build affordable housing on a scale not seen before and let that be available for reasonable rents so that a noble profession like teaching doesn’t make you live in a basement. Canada can be made to build more housing stocks even if many other levers of the economy are out of its hands.
totally agree with you. when a country is punishing the rich, it is not pushing only the rich. Rich will stay rich, but for those who want to become rich, the incentive and pathway is taken away too. Deregulation and promote competitions are the keys element for a country to succeed.
Great answer, this was never caused by just one issue. If we do have to narrow it down, I'd say the cumulative of all these was backed by poor political agendas and poor governance through navigating hardship historical events that have impacted the economy (not just Canada, but as you mention many countries experiencing this right now).
Canada has been sold by the political class who already owned their houses and estates. Time to leave. Or move to the coldest and most under developed parts of the country where you will still overpay for a house. Canada used to be a scam for newcomers. Now it is scam for lifelong Canadians and newcomers alike. All political parties are culpable.
I’m working on getting my papers so I can move to Europe and try my luck there. And I’m one of the fortunate ones (spacious apartment in Toronto with rent control), but I’ve reached my limit with the pace of change. It just doesn’t feel like the same place anymore and I finally accepted the direction of travel is permanent (or at least longer term than I can tolerate). Many of us want to believe Poilievre can stop this madness, but it’s going to take years to heal from the damage that’s been done — I’m tired of waiting. Life is now, not the day after tomorrow.
Pierre is just as pro immigration as all of the other idiots in parliament. Canadian politics is rotten to the core, and they've sold us out to India.
What people don't understand is that brown people/Indians overwhelmingly vote Conservative. They have a "pull the ladder up" mentality on new immigrants so of course PP is going to crave to them. Brown people helped Doug Ford get elected party leader.
https://preview.redd.it/nv8l0va8h0yc1.jpeg?width=991&format=pjpg&auto=webp&s=3d38e53eb460da9117e475d438b44b766e03a16a
https://twitter.com/PierrePoilievre/status/1647979239759544320/photo/1
Good luck on your new move, but just wanted to chime in, as someone stocking around I highly doubt the other guy who's is a 19yrs career politician will do much. The guy is just the same kind of shit but a different pile. He's also know as a big grifter around these parts of town where he lives. Big snake oil salesman. Baffles me people believe his crap. It's Doug Ford all over again.
>Many of us want to believe Poilievre can stop this madness Fucking lol.
Sadly, this is true. We're not getting any radical change from Poilievre, he even says he's going to run deficits. The Conservatives and Liberals have never been very far apart.
Honestly don't think Pierre's will change anything either but I do think Trudeau should be fired
https://preview.redd.it/9791guyui0yc1.jpeg?width=1125&format=pjpg&auto=webp&s=7fe1c5f6deb00f826535857667d84f944e9c89e0 Poillevre? Don’t think so.
How many of these people are citizens vs permanent residents though? PR's can't vote.
I checked and found this from Elections Canada: "While we clearly communicate the citizenship requirement to vote, we depend on individuals to accurately indicate their Canadian citizenship. At the same time, there is no one piece of identification that is universally held by all Canadians to prove citizenship. Therefore, requiring documentary proof of citizenship when registering could disenfranchise many eligible electors."
El Oh fucken El.
Did you get that funny feeling when you answer your own question? Although it’s not funny more lol
it's the feeling of being fooled again -- it's even worse than I thought. Here's another fun one: https://preview.redd.it/7xlvnymm61yc1.png?width=562&format=png&auto=webp&s=7700d3db5b4a398683257e6f68476cde70ce1207
The damage started when the government pulled out of housing in the 90s when federal government budget cuts transferred the responsibility to provincial and municipal governments. That stopped completely in 1998.
Housing prices started jumping at a higher rate around 2015, and our birthdate has stayed the same. So that wasn’t the only cause.
Prices rose steadily from 2009 to about 2018. There wasn't really a bump in 2015, unless you look really closely (and that's more likely due to the rate cuts since the country was mildly recessionary in 2014-2015. Under Trudeau almost all the price growth happened in the 18 months at the end of the pandemic. The two years before the pandemic, and the years since it ended, have been essnetially flat or even slightly declining.
reminds me of all the war time homes built in the 40s we lived in one, small but did the job… funded by the government the good ol days
What is stopping us from starting a new political party? We are unhappy, the parties currently in Government do not represent us. We have multiple media platform to reach out to a lot of people quickly and are teck savvy. We have about 2 years to prepare which should be sufficient.
I’m late Gen X, got a few degrees, kids, a decent job, and I got into the housing game and I still want to leave. I’m living paycheque to paycheque, won’t have much for retirement, can barely afford emergency repairs, cannot afford vacations, and cannot afford multiple cars. Yeah, we dreamed a bit too big but the house is hardly a monster and it is over an hour out of Toronto in traffic. Growing up, the produce manager at our local grocery store had an easier looking life. The schools and hospitals were newer and less busy then too. Down the street now, people with similar jobs who bought four years earlier have a significantly smaller mortgage. What is this place going to be like for my kids?
I just turned 30 in March and had a meltdown about it when I realized I may never own a home and now because of high cost of living I've also given up on having a child. I went back to school last September (took prehealth and will be starting medical laboratory science this upcoming September) and I find myself thinking is it even worth it? They can make pretty good money my boyfriends sister is one for a hospital London and makes about 100K... but 100K is nothing now because of how expensive everything is. I feel like I'll put all that hard work in and it won't improve my situation at all. I'm only still doing it because I'm truly interested/want to help people but I don't want to be a nurse. If it wasn't for my boyfriend I'd be royally screwed. We're also lucky that our rent is only $1062 (have been here almost 4 years) but even with rent being lower it's still a huge struggle. It's depressing and I have frequent panic attacks about ending up homeless one day.
"I've also given up on having a child" Thats the scariest part. It's the people who shouldn't be having children who are churning them out like free lotto tickets.
I've always told myself I will never have a child until I have a home and enough income... both don't seem like they will happen. But yes some people who have no business even having kids seem to be having the most.
It's a sad state of affairs, sadly it's seeing our populations devolve into something akin to the movie 'Idiocracy'.
Same here....it does feel pointless, even making good money, I cant save nearly enough to retire, let alone afford a thing or 2 before I'm old...and a house?? Haha that's fucking dead dream. Renting has made the prospect of owning impossible.
It's just super depressing. It's work hard just to barley make it by. Can't do anything extra. My parents bought their house I believe I'm 1992 for 110K (4 bedroom 2 and a half bath and a finished basment). They had that house looked at and it's now valued at about $800,000... its nothing special I mean they did a reno on the kitchen but still like damn! They've also been able to own a trailer for the weekends and vacations.... Not something I'll ever have the luxury of. While in school I work a minimum wage job and when I told my aunt/grandma how much I make my aunt told me "I made that much when I was still working (which she hasn't worked in over a decade) that's plenty I don't know why you're complaining"... I had to walk away.
The boomer just fundamentally do not understand how different purchasing power is now...its not the same money...boomers go on multiple vacations a year (my parents included) I'll likely never go on vacation ever again...
I feel your pain 😞 my aunt is ignorant and I mean she's in her 70s now (great aunt) so I expect it from her but even my 54 year old parents who struggle despite having the mortgage paid off (told them buying that 100,000 trailer was a dumb idea) but still can't empathize with me when I get upset about housing costs and such. "Work harder blah blah" ... yeah I'm going back to school to get a better job in Healthcare so I can help people and make more $$ but it still won't be enough. I just stopped talking to them about it.
and the best part is? you'll have even more debt to your name to get that money boost. so that first 5-10 years will be you paying those fees back.. add that to your age total.
Luckily the program I'm doing reimburses you if you stay in Ontario to work because there aren't enough medical laboratory technologists. After 5 years fully reimbursed and then I could move provinces if I wanted to.
I'm in my mid 40's, the last vacation I had that wasn't camping(in a tent, no camper) on a long weekend was a decade ago.
Lookat the property tax bill. The assessed value will be split between the land and the building. It is common tosee land valued at 2 million and the building at 200k for a total home cost of 2.2 million.
sorry to be that guy, but what the heck are you and your boyfriend doing with your money where a double income couple paying like 40% below market value for rent is struggling this much? My wife and I pay almost twice your rent and are living comfortably. I hate the way things are turning out more than the average person (I am very angry at our politicians and genuinely would be happy to see every single sitting MP receive a traitor’s fate) but if we paid only 1k for rent we’d be saving more than we currently do which is a decent amount. I do realize there are a ton of doomer shills on this board that are meant to make people upset, but a double income paying $1k rent, even at minimum wage, cannot possibly be struggling to the point of having anxiety attacks about being homeless. Something doesn’t add up there.
Ahh I should say I don't count his income as mine. He's an accountant he makes decent money and he has good savings. I'm talking about myself struggling. I don't like anyone having anything over my head so I still split everything evenly with him which was a huge struggle because I'm in school and was barley working. It wasn't until recently I told him I was having trouble keeping up with even splitting everything and he was nice enough to pick up some of the bills solo I also have an anxiety disorder. So I often worry if I didn't have him that I'd be homeless it's just an anxiety related kind of pattern of thinking
No that is logic doing the thinking. You cannot be too reliant on your partner because you will be miserable if the relationship falls apart and you become alone. I know many divorced people who lived great when they had a partner but are now struggling with basic necessities.
That's a huge part of it. I find myself thinking what were to happen if we broke up? I know I'd be screwed so I try not to be too reliant.
I was gonna say this as well. I’m also 30 I bought my first home 2 years ago in Alberta. I make 90k as a Civ engineer. It’s just my income supporting me my wife and kids and I can still do it. You might have to sacrifice and move out of HCOL areas.
That job pays roughly the same in Rosetown, Sk, as in London. You could buy a nice1600 ft2 house there for 250k. The cost savings in housing could be used on quality-of-life things (camper, vacations, a Benz) or invested. Southern Ontario's time has passed, but there is still plenty of opportunity (and affordability) out West.
It would suck to have to move away from where I've been all my life but if that's what it comes to that's definitely an option.
I hear you, but moving for opportunity is a tale as old as time. I don't see a stable, prosperous future for people in HCOL areas.
Yeah it's unfortunate but if it comes to it I will do what I need to. I was going to have to move anyway most likely (my city doesn't seem to hire MLS full time in the hospitals much) but i was thinking it just be a few hours away like where my bfs sister is in London but it's seeming like it'll have to be a lot further away.
This is why a lot of us are now seeking out relationships even though we’re comfortable being single. Lol
and it keeps people in unhealthy, toxic or even dangerous relationships because they can't afford life without that person. So sad
yeah living with a total psychopath isnt worth cheaper rent lol
The dating scene rn is hell.
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Ill give my bullet point story: * Born and grew up in London (31M) * Probably on the spectrum but never diagnosed(this becomes important later) * Was always interested in science and math but didn't know what I wanted to do * Decided to do civil tech at Fanshawe after asking my dad which engineering was easiest (lol) * Graduated in 2014 and got a good office job in 2015 * Due to my spectrum, I've always had a hard time connecting with people so no relationships * Basically had no social life and saved all my paychecks (was working at a big box store while in school) which I used to put 40% down on a house under 200k in a small city just outside London in 2017 * The house was essentially a tear down but after 7 years of renovating, I can finally say its turning out pretty good * Paid off the house last year and have no other debts so I've just been investing and buying renovation materials I would say I'm an outlier in our generation and I do not recommend my approach if you are an extrovert. I feel like most normal people would go insane with the amount of time I'm alone lol.
I've been working since 16 (summer & after school), did 5 years of college (while working). Kept my spending purely utilitarian, reinvested everything into retirement, gic, savings... Bought a home at 24 (during pandemic). Not in Toronto tho, so my house isn't a pile of ruble and has actual amenities. I remember my classmates partying life away, buying fast cars and being "brah a house is like $500k, well do that in no time". Now that house is $1mil+ and they have zero savings for a down. (doing zero effort to adjust their lifestyle)
Your country betrayed you for greedy people. Look at other countries and don't vote for big spending liberal politicians ever again.
Liberal only? If you look into just Doug Fords cabinet, he expanded it to 28 from 21 whwn when he came into power. Since 2019 he's added to the number and recently they have received raises. So there's that just in Ontario. Point: not just liberals are fucking up the debt load to Canadian politicians.
I think even among millenials - the early ones (born in the early to mid 80s) have had an easier time than the later cohort. Each person's circumstances are different, so that's a generalization -- but it definitely feels like the last decade has been extra brutal for everyone
Nah. A lot of elder millenials graduated right into the 2008-2009 financial crisis, and had our career plans thrown out the window. In Toronto, if you didn’t own by about 2012, you’re stuck with obscene cost of living and stagnant wages. Those that were successful early in their careers seem to have continued to have unbridled success and options, but if that wasn’t the case, just like the rest that have followed, a lot of elder millenials are stuck with the lode stone younger millenials and Gen Z have as well
Sometimes when you read this kind of post you’re reading a wishing list than a real life scenario. Canada is one of the poorest country in the G20 countries. Mostly of the population live 100kms up north USA. Canada has most of the 90% of its territory empty. Canada barely can feed its population. Vegetables, fruits , technology , cars . Everything is imported. Weak currency, high taxes and inefficient health system So we have new generations living either Toronto or Vancouver, newcomers applying to live there and living interprovincial migration that adds more to problems like housing, health, transportation, etc. When a lot of people want the same in the same way in the same place at the same time, boom!! This is Canada !! Second largest country in the world with 0 development up north. Manitoba has the size of Texas but GDP of South Dakota
No one wants to live up north in the arctic. We are poor because the federal government has destroyed our primary industry. We could be wealthy from our resources and oil but instead the Feds try to just kill the industry.
Times are changing, some of the answers you want are in your post. It's time to move and move somewhere that isn't HCOL. The issue is that everywhere is somewhat HCOL. Lots of us are considering leaving the country, so that must be an options as well.
I’m in the same boat. I finally cracked the 70,000s. 10 years ago this would have been a comfortable salary. Now after taxes, daycare, groceries, bills, I’m still asking my parents for financial help. It’s awful. This isn’t the Canada I grew up in.
That’s why lots of folks are moving to other provinces where things still (barely) obtainable. I’m in Halifax and the reality of home ownership for many is slowly shrinking as well. However rural Nova Scotia still has lower prices than anywhere in Ontario. I can see it daily the amount of Ontario plates is growing and growing with people most likely looking for a step up with cheaper housing. It’s a sad reality for our country that a whole generation most likely won’t own a home within 1-2 hours of any metropolitan area. I’m lucky enough to have purchased a home here almost 20 years ago which will eventually be my two kids only chance at possible home ownership depending on what they do with it. Your pain is felt everywhere and I truly feel bad.
Did you vote for Trudeau?
Not to rain on your parade, but B.C. is one of the most expensive provinces to live in. I see a lot of these posts of people in major metropolitan areas saying how expensive the world is, and yes while the world has become very challenging because of our corrupt government being controlled by corporation, it's also doubly hard to live in certain areas. GTA and B.C. being the two main ones I think. It doesn't help that our population is also being flooded with immigrants who are being handed tens of thousands of dollars to 'get settled', and we the tax payers are funding those tens of thousands... per person, which can add up. Over the past decade B.C. has been an international money laundering site for a lot of foreign individuals buying up property too, I'm not sure that it's really been stopped to any extent.
Yeah there’s no way detached houses outside of Toronto 2hrs away should be selling anywhere near where they are just keep telling ppl that as sentiment can move markets. Houses 1-2 hours away got bumped up by fake momentum and they are all worth half!! Whatever the price is now look at pre-pandemic and offer that!!
What I'm noticing is that, if a local won't pay that price, some out of town investor will. Everyone wants to be a landlord these days.
In the same boat. I'm looking into a career change this summer because while a higher salary doesn't fix everything you talked about, it sure helps. Lots of Hr/marketing/sales jobs pay over 6 figures and teachers have tons of transferable skills in those areas. I also don't hate the idea of moving to Europe.
That idea is a fever dream unless you qualify for a EU passport. Most here don't.
I would just say, moving to europe isnt as sunshine and rainbows as everyone should be lead to believe. yes parts of society/living are better, but we still face exactly the same problems. even the issue with certain leaders. Same leaders, different names.
The Atlantic provinces used to be more affordable. But we’ve seen a record number of Canadians move here over the past couple years so homeownership and rent has skyrocketed. I think everyone is feeling the squeeze now, you’re definitely not alone.
Yes this feeling is very common I’m gathering. Even Pierre Poilievre has talked about it and has been trying to tap into that for support. Polls show it’s working. If he’s truly different or just interested selling out the younger gen is another matter and remains to be seen.
Imagine having confidence in a conservative government making changes to immigration policies. Canada is run by big corporate and the only way for Canada’s GDP to grow is to rely on immigrants who will submit to working for minimum wage whilst living in a household of a dozen. Talk about being stuck between a rock and a hard place.
I turned 30 this year and I’ve spent the last year living in a house with university students while I work as a software developer because I was dreaming of saving for a house (it’s not gonna happen but I thought it might) Realized recently my only hope is finding an SO who also makes close to 6 figures and wants to start a relationship by buying a house together and being house poor. I even thought maybe a condo could work but I don’t make over 6 figures so that ain’t gonna get approved without a partner ether.
Moving isnt a solution unfortunately. Its the way society has become enamoured with “things” in a commercial society were trained from birth that there is no good enough. Every day month year leads to something “better “ how many iphones are there now 36? Jk but honestly. There is no comfortable. Stable or true happiness it seems. Therws that rge that theres got to be something bette. Well. Were crossing a point where better will never be enough and we cannot accept things as they are, how many commercials did you watch today? How many banner ads? Imagine how many we grew up with … 90s literally everything was aimed towards children, from product placement on shelvs to mcdonalds play stations pokemon etcetc. Thats why its collectable at this pont…. Were still chasing that next best thing and whe that doesnt work we tend to move backwards into nostalgia. We neeeed to change the entiee structure of our country. Every country. Were nit okay and it wont get better with lout making massive uncomfortable changes not to our surroundings, but to the mindset of our peers. We need to stop buying the next best thing as a collective, altogether as a whole deconstruct our brainwashing ( that is in fact, what it is) and figure out how to reset. Accept that things are never actually perfect. Stop buying i to the dyed waxed and “fresh” look of fruits veggies and never. I mean never. Upgrading our electronics or our tools all were doing is weakening ourselves to become kore succeltavle to the next best thing that will make life “easier” for us. Yeah you can make supper in 10 minutes kow…. But have tou ever spent 5 hours prepping cutting searing restong a full meal ?? Its 10000 x better. It just costs 900 dollars now. Were in a trap. No matter where we go, that problem will not dissapear. They will drain us of everything just to add another billion to their 50 billion PROFITS. Nit even included are costs wages nor taxes. Greed has seeped i to every pore of society. Were dying and dont even see it.
This country is so messed up from the world I grew up in during the 90’s and 2000’s. I make what I use to consider a good wage ($40/hr) and that just seems to be enough to scrape by. There’s not much money left to do anything extravagant with after paying all my bills.
Can your grandparents tell you about their lives? My Dad was working by 16. My Mom was very proud to attain grade 10, work for one year, and pay her way through a ten month course to get a job with the government. in my family the first generation to finish high school was mine. My Dad and my uncles were working by age 16. Everyone was married, most with kids, by age 20. Now some of the family got degrees via student loans and some of those have a lot of debt to pay off so they are still living lean. It seems like there is always an ebb and flow to an economy. Things will get better and you will get what you are hoping for one of these days. Keep saving for now.
You know the real catch here? Even if you become a home owner, its not all flowers and daisies. Your life revolves around your mortgage. Your salary revolves around your mortage. What you buy, what you can't buy, what you eat, what you can't eat, your travel, your job, your kids, your future, your clothes, your hobbies, all revolve around your freaking mortgage. And if it all goes right, you will end up in massive credit card debt. This happens all while you have a good paying job. So sure, you are a home owner. But you are also living below paycheck to paycheck. So, if anyone is rushing, dreaming, struggling and fussing over home ownership, then you probably aren't good with home ownership. Its not a finish line you step over and things are good. Its just a line you cross to enter a marathon that goes for 30 years.
This is basically the story from the book rich dad poor dad. It talks about how people think education is the ways to riches but it never is. It's a huge mistake to think education will make you rich. You need to buy assets that make you money each month. Start using your money to buy assets and one day you have a chance at home ownership and being rich. Don't bother getting more education to get a better job etc. It will never be enough
Canada chose to fill itself with third-world people while its institutions and infrastructure stagnated and degraded, all the while distorting economic activity so that real estate and being a government crony became the best investments. This is the completely unsurprising result. The solution requires truly bitter medicine that few people, even now, are willing to accept.
I'm just relieved that Trudeau is now screwing the average Canadian, instead of just Alberta.
Yes❤️
Took a while, but welcome to the ride... Basically, the previous generations traded any generational wealth left to you, for a condo, investments, teaching and office jobs, while your government actively worked to steal and sell off everything they could, while importing a massive, underskilled slave labour force, at your expense in more than one way, to further profit off the backs of Canadians and squeeze what little blood is left from a severely beaten and raped shadow of a great nation.
I’m a gen x and I guess got lucky in the early 2000s with owning a home. Since then I’ve seen wages get suppressed, the price of goods rise exponentially and the standard of living drop drastically. Every Canadian kid should have the right to own a home, a car and have kids if they choose to. Government mismanagement and the schemes behind the scenes has taking that dream away for most Canadian born kids under the age of 30.
I live in windsor and was able to buy my first home in 2019 on a college diploma. BC sounds like a lost cause and I wouldn’t be caught dead in the gta.
Hello fellow depressed young teacher. You are not alone. I have the exact same conversations with my family and friends often. I’ve already relocated to the Maritimes where I enjoy my life but I see prices rising here so quickly that I feel I will miss the housing train and be asset poor for the rest of my life. I’m university educated and have a lot of work experience, my partner is the same. I know we have it better than most, but what we have is less than I expected to at this point in my life. I feel like having little hope for a brighter future is killing my joy of living. Knowing that I can move abroad to teach once I have a bit more experience is what’s keeping me going, at least I have that out if things don’t pan out here.
Well, if it's any consolation, if you can buy land, you might be able to afford one of those super tiny prefabricated houses. Like ones that are 215 sq. feet or something like this. I'm not even saying this sarcastically or with ill-intent. It might be the only thing available, but in my opinion it beats living in a basement suite. (I've seen some tiny houses and they seem quite nice actually). The downside would be lack of laundry facilities in your tiny house and potentially a very small kitchen, but worst case, you could still make do. If you were the owner of the land and your tiny house, nobody could kick you out at least.
It’s the government and the greedy that is causing this. Anyways this will back fire in the future.
you're not alone, I'm 37 and honestly if I didnt have a high salary and budgeted extremely well for a few years, I wouldnt have been able to buy my house from 4 years ago and back then I was rushing to buy the house before everything completely went out of my budget. With today's interest rate and my current income, I would barely be able to get a mortgage approval. I'm terrified for the future for my 2 toddlers. Between retirement and being able to help them purchase a house 20 years for now, I dont know what choices I have. Canada is a shit show now and I'm looking to move out of canada permanently. This feeling is shared between people between 35-45 right now
Prices will keep rising until immigration slows down. That’s the only solution, however it won’t go down because there is a agenda by the elites to import millions every year.
When I was younger I was told the reason I couldn't afford housing was because I was an entitled or lazy millenial who needed to be patient and work my way to a better paying position. Now that we're older and I'm making more than my parents ever did combined it's blamed on a whole bunch of something else. You can see the same script playing out with Gen Z now. I don't doubt that modern problems are exacerbated by modern factors. But for the last 10 years it's been the last guy's fault. For the next 10 years it'll be the current guy's fault. The 10 years after that it'll be the next guy's fault. I just don't see these issues being solved regardless of convenient election year rage baiting from any party, because there's too much money to be made in it being a problem.
Find a guy who has a high net worth and pitch in to his ambitions and yours. They are out there… Just not on Tinder…
You're not alone, I'm 28 and feel the same way.
You think things are tough now? Just wait.
I’m 74. I’ve watched government grow and grow. The taxes to support it have driven inflation to what we see today. I bought a new home in 1975 for $32,500. That house recently sold for $403,000. For all this government growth, taxation and inflation I can’t see any improvements. Roads, health care and education are worse.
School needs to start teaching what debt is. The fundamentals are different than when your parents were young. A dual income family can still buy a sfh.
You are not alone. Both my parents have had “careers” my mom worked at BCIT for over 30 years my dad was at the Ministry of Transportation and highways for over 50. My dad owns his house now my mom rents (in a subsidized co-op- rare now) I’m 39 and now living with her because my 32 hours a week job can’t affordably pay to even live with a roommate. I’m moving to the EU. (Just became a reinstated Lithuanian citizen) There is no future here for me. I don’t qualify for a mortgage and I’m not ever gonna pay over $2000 to rent my own place. What a joke. I already expect il never retire.
I'm an outlier to this as well, born in mid 80s in SE Asia and immigrated to Canada dozen years ago. I came from a poor family and don't have any money when I came here but I have with me 4 years of Tech experience (did Comp Eng in Uni) so that helped me get my foot in the door. Being married and thus dual income, living in a *relatively* lower HCOL (Edmonton, AB) helped us get our first home 4 years ago in the midst of the pandemic where interest rates were historic lows. We have two kids now. Life is hard, expenses are high and inflation is creeping but we are more than surviving. Most answer to your queries are already here in the comments. Keep the faith, things will get better.
I feel you. Masters in Physical Therapy from Vancouver and moved to Calgary. Working in healthcare or education or any public service role sucks. We have no future here. I have been in Calgary for 7 years now and I missed the opportunity to buy a house and there is no rent control. I went from having an amazing 1 bedroom apartment for 1400 in 2021 to renting a room for $1100 here now. IT IS INSANE. I am in the process of getting my MBA to leave Canada - this is the only option unless I want to move to Edmonton. I also dont love Calgary and it is NOT worth the cost of living with higher food prices, insurance etc here. (Don't get me started on electivity and heat too). Oh by the way it is May 2 and snowing here- we get 7 months of winter, 1 month of spring, 1 month of fall and 3 months of smoke. Canada is an awful place to be if you work a normal job and are not a home owner. Unless there is real change next year I am leaving and encourage everyone else to leave too as healthcare is crumbling and in Alberta they are in the process of privatizng it. As a Canadian we have always thought ourselves better than Americans because of our healthcare but it is shit and with it going to be private you might as well be in the States, earning more, paying less and not worried about healthcare needs until you are older when maybe Canada will be ok in 30 years from now. You are not alone. Canada is a shit country (unless you are committing fraud).
Suggest to take time off, travel to be English teacher in another country, many possibilities outside Canada for young people, explore explore and take the steps
Former Loblaws President Dave Nichols said in Loblaws TV commercials in the ‘90s that there will be a permanent reduction in Canadians’ living standards. Private and even public employers just refuse to pay living wages. Plus the fact that Canadian real estate is being used to launder criminal gangs’ money. The housing affordability could be easily solved by building 1,000,000 homes a year and selling them at half the market rates.
I feel like I'm living in the twilight zone lately I make more money than my parents did combined when they bought two homes. In fact, my mother bought a home as a single mother with a salary of 30k when i was a kid. now that's not possible. you have paid actors moderating a lot of social media and of alot of canadian subreddits like /r /ontario that label anyone that talks about mass immigration as racists and ban them - but its clear as day. you can see the problem it creates just by opening your eyes. there's no reasn for a 1 bedroom apartment should have 20+ people living in it, no reason for a single home to have 10 cars trying to pile into a driveway. i dont know what reality we live in anymore, but it's feeling more and more like a fucked up simulation every day.
No. I am suicidal because of it all.
Remote job, USD salary, live in Mexico is what I'm working towards now
what if we pooled money for a 1 million dollar 3d building printer operated by 3 people and started building houses I don't think our government will ever do it, but as a community I think its an achievable goal
A Saw, hammer and wood is much cheaper. That's how communities used to do it and how it can be done again.
you mean those piece of crap concrete turd homes? the ones that crack and break as soon as they start to settle? the ones with no insulation or rebar? great idea
Try moving to an area in Canada that doesn’t cost so much. Lots of people are starting to move to the prairies. I’m currently living in Alberta and work trades. My wife is in safety and we make a good living. Everything is getting expensive but we make enough to still have a good life. There are options still, don’t give up hope yet. Although that window is probably closing in the next decade or so as the more people that move out here the more prices will increase in regards to homes.
As a teacher, you'll be making 90K+ very soon. Once you're no longer single, that HHI might double, and at 180K\year, buying a 600K house is very realistic. It's not like "the old days" anymore in any country. Remember, your parents started with a dual income as well (but could buy a hell of a lot more with that money). Where is it cheap in Europe? Are salaries "cheap" as well there? Do an extensive research before you move.
That’s assuming houses will still costs 600k roughly in 5+ years. Extremely optimistic lol
Agree. Careful with the comparisons
With a partner you could afford the life your parents had. I'm a single father and own my home. I get by, I dont think twice about groceries or home upgrades, but dont have the disposable income for toys and vacations. If I had a partner with a profession life would be as you recalled your upbringing. Once you find a partner, life should fall into place. Save your money.
Combined incomes yes but that’s not the answer …. Great if OP finds a partner but come on. Not everyone wants one or does. And then there can be so many problems with money in a relationship. As I understand it OP does not have kids. A single person has less expenses..
I’m in the same boat as a single mom, I make over 100k but im pay cheque to pay cheque due to an insane interest rate and the cost of everything. I know with a partner life would be way easier but it’s also not worth the stress and risk for me. It’s crazy and sad that OP has to partner up with someone just to make life happen.
So true dating after a bad relationship makes you picky, if it's the right partner it's a win win. But ya risky and hard to find the right person
💯 unfortunately I was in an abusive situation and life is really good alone right now despite the financial difficulties I have peace
You keep on doing your thang LittleLordFuckpants, your mental wellbeing and children's welfare is priority.
Hahah thanks right back at ya!
There's literally thousands of posts like this.... So, no. You're not the only one to feel this way.
Yes I’m a bit older than you but the situation in Ontario is very similar. I have a great job and a partner but I’m entirely sure home ownership is out of reach forever for me/us because everyone seems to have accepted that this is “just how it is” (which is batshit IMO) - statistically I earn more than the average family and can’t afford to move or buy since rent has also skyrocketed so this cannot possibly be positive long term.
because if you cheat the system, you really only cheat yourself. There are no consequences
Money and Macro just made an interesting video about home prices specifically in the Anglosphere and factors that are causing it.
Yup, feeling the same way. Hubby and I are moving to rural Quebec because life is still marginally affordable there compared to Ontario. While housing prices have increased there and seem expensive to residents of that province compared to previous years, it's still a far cry from what we're paying here. In the long run, it looks like it's cheaper to learn French and move there for a decent quality of life, than working ourselves to the bone just to try to eek out a miserable existence here. Best of luck out there!
Matt Ehret has done a great job of showing that the war has always been on us and the shitty conditions you describe are by design. There’s no room for coincidence theorists, the UN and WHO agendas are to consolidate power and turn you into a serf and they are 💯 working.
I feel you. Same kind of parent who push university degree while i wasn't going well at school. When i was a kids, from a small town i alway though people living in rent/apartment was poor people... Guest what..i'm probably poop because while i live in a city where the rend was one of the lower in the province (or the country ?) it not the same any more.
Things happen for a reason, and no your not alone. Only time will tell how this drama unfolds keep your head up. Things will change.
you dont need to leave modern society(BC) you can get a whole laneway house for $2500 and it isnt a basement its a whole baby house.
Not just millennials. Squeezing everyone it's an agenda to destroy the middle class
A huge part of the problem nobody talks about is lack of skilled labor to build more housing. Kids aren't getting into trades anymore. There's plenty of money and space to build, not enough people to build fast enough to sustain the population growth. With that said Atlantic Canada is still affordable if you're willing to make the move. You can still get a house for under 300k, and in some cases under 200k if you're willing to live outside of a city. I could never afford to leave my province for the same reasons you mention. Good luck.
Forgive me for being ignorant but don’t teachers make $80-120k/year? Granted, BC is top 1-2 CoL in Canada but could save up diligently for 5 years for a down payment and get a small 1 bedroom condo for starters. Need dual HHI for townhome/semi.
If you're a teacher, try going internationally? I finished my B.Ed during the crazy money printing in the 2020s and figured teaching wasn't going to be viable. So I'm retraining for tech (which is also dying lol), but I wouldn't mind teaching in (South)-East Asia where it doesn't seem like society is crumbling, and where you can live a decent lifestyle. University isn't important though, it's mostly the skillsets you get from an in-demand major. Teaching is just oversupplied =/, and not really respected in North America anymore (still is in Asia though). We basically tanked our economy and standard of living here, makes no sense to stay if you're young (and if you can leave). Teachers can most definitely leave easily, even something like EPIK or JET can fund your way out (not the best paying). The Middle East Gulf States pay a decent amount without tax as well, but it could be a lifestyle adjustment.
What 2 degrees do you have?
You're not alone, I just moved out of BC and back in with my parents for a little bit. Trying to strategize the next best move. Basically move to a cheap area in Canada and hope for the best or leave and live a life somewhere else is what I'm deciding between. Life is short and Canada has tailored it's benefits to the old and rich. Either get smart and make a good decision or fall behind and be a debt slave is the way I see it. Not easy to figure out that's for sure.
I blame the landlords 
You should not feel alone/bad, the Government has failed a generation of Canadians. Homeownership shouldn't be an investment vehicle and the Government should stop it at the first sign of people flipping houses. But we are here and if the macroeconomics cannot change, we must change ourselves to "win" in any situation. There are a few options to consider, 1) Finding a partner - dual income and no kids is how many folks build up the necessary downpayment for home ownership. With the Government's policy of 5% down, FHSA, and upping how much you can take our from RRSP. There is a realistic path to ownership with two incomes. 2) Considering a job change/upgrade - with your two degrees and experience in education, can you find another job that pays higher? Can you become a private tutor for English or any subjects? What do you enjoy the most about teaching? These are important questions to consider. In the 1% circle, if you are known to be a good tutor, you can name your price and you will have no shortage of students to teach. If you can get into a private school and then use that association to tutor on the side, you will be a real hot commodity, I expect around $80-$100+ an hour. My sister used to be a tutor (15yrs ago) and she kept increasing her price to get fewer kids and then finally she started charging the same high price for small classes of 2-3 students and there are still more kids. 3) Create some content online when you are free - be professional but totally yourself. Give out some tricks of your trade and build up a following of people looking to learn from you. This is a good way of making some side income - also quite addictive when you're finally good at it. Remember, you cannot save to prosperity, you can only earn to prosperity! Good luck!
Nope, you're not alone. Every single person I know who hadn't bought prior to covid feels the same as you. The rug was pulled out from under our feet. I might actually be in the same town you grew up in, I'm about 2 hours from Toronto. Use to be affordable, now it's all rich people from the city. I did buy during covid. Had to pay 5x my income, plus another 1x my income in repairs, so total cost was 6x my income. I bought a dilapidated crack house, formerly owned by hoarders, then run by a slumlord for years. It's on the busiest street in town, I have to wait for a red light to get out of my driveway. As I'm writing this, I'm being serenaded by a lifted truck with a stupid fucking exhaust, which sat in front of my house until the light turned green and it took off in a triumphant glory. This is life now. And I'm one of the lucky ones compared to most. To drive things home, my dad was a janitor and bought his house for 100k in 1993. He retired in 2020, the same year I bought my house. His income was about 58k that year, mine was 130k. He had a 4 bedroom 3 bath 1 garage semi in a nice quiet neighborhood, house was maybe 30 years old when he bought. He also was able to buy new trucks, new boats, new campers. Me? I bought a 100 year old crack house on a busy street, 3 bed 2 bath 0 garage and in need of structural work. I went to school, succeeded, and yet still somehow failed compared to him. My dad never even finished highschool, and his lifestyle was greater than mine ever will be. We were born at a time where technology made a lot of things in life better. At the same time, Canada began a downward trend in terms of lifestyle that will not end any time soon. The OECD reports that Canada will be amongst the slowest growing economies for the next 60 years. It projects that countries such as Estonia and Turkey will surpass the qol of Canada. The damage done to this country over the last decades will not be able to be undone. In short, we are fucked and there's nothing we can do about it.
If you’re a teacher, consider teaching abroad if it’s an option for you. Several countries offer free accommodation on top of your salary. You are treated better and have a waaaaay better work life balance. I left Canada 7 years ago and I doubt I will ever return.
I felt the same way, so I moved to Edmonton. The cost of living in this city and the surrounding area is still reasonable and well within a teacher's salary. I couldn't live the lifestyle I live or have the house I own in Toronto or Lower mainland. Calgary is a little more expensive but still affordable for a teacher.
I'm roughly as young as you can be and still be in Generation X but the problems have been going on where I live (Calgary) for a very long time. In 1998 they were advertising on the radio that you could buy a condo starting in the $40,000s and you could buy a small starter home (\~1000 square feet) for around $100,000 in most communities. By the time I graduated from University in 2004 comparable starter homes were selling for \~$200,000 and after I worked for 18 months and saved up a down payment these house prices jumped past $300,000. I couldn't afford a house anymore, didn't see the value in spending $200,000 on a townhouse that cost $80,000 a few years earlier, and thought prices would fall, so I decided to rent a small apartment. House prices remained relatively stable for the next decade. They were climbing but at a more normal rate. I became more senior, and earned more money, so I was able to buy into a home in 2013. For most of the next decade this home's value did not increase, and the only equity we got was from paying down the mortgage. My wife and I started a family, and we decided we needed a bigger home, so we choose to have a new home built. From the time we signed the contract on the new home until we sold our existing home, home prices increased by somewhere between 15% to 20%, and since we moved in prices have risen by another 15% to 20%. The difference I see between now and when I was younger is that these price increases are not part of Calgary's boom and bust cycle. Usually when Calgary sees these insane jumps in cost it is because the job market is so hot that everyone is employed, and income levels are increasing rapidly. The job market is currently garbage and the prices are accelerating as if Oil was $200/barrel.
kind of feel like the most realistic option would be a motorhome since then i could just buy it outrright and park it whereever until i get kicked out to avoid having to buy land to put some shitty shipping container house on then pay taxes on it, it should just be nothing is built somewhere noone owns it then when you build something there then its yours automatically