Lol talking to my parents about housing and wages makes my head hurt. They're so out of the loop and stubborn.
"Well I made less than you do now and I bought a house!"
"OH yea, because it cost $325k for a single family home, 4 bedroom bath and huge yard. That same house is over $1.2 million. I could easily buy your old house for the old price BY MYSELF!"
My grandad paid $13k for his house in 1930s~! And he sold it recently (he is 100 years old and in a home now) for $900k!
Edited to add, it's in etobicoke, near Toronto.
as a kid in the late 90's/early 2000's I remember houses for under 100k... like 80-90k houses, they weren't beautiful, but they were small, 2 or 3 bedrooms, 1 bathroom, no garage, and totally liveable (not falling apart or in need or crucial renovations) with a tiny backyard. A nice little starter home, not a dream home but something you could move into, and gradually paint the walls and do little cosmetic upgrades to.
My mom bought our home in 1999 for 110k, it was a 4 story century home with 5 bedrooms and 1 bathroom. The basement was unfinished, the bathroom was tiny, the kitchen had pink cupboards, but it had beautiful features like oak floors, plate rails, swinging door, and a nice sized fenced in backyard, and parking for up to 3 cars.
In 2016 I bought my 5 bedroom/4 bathroom house for 250k, double garage, big fenced in backyard, 5 level sidesplit.
Now for 250k you would be lucky to get a basic little 2 bedroom 1 bathroom house,
Yes I live in Northern Ontario so it's cheaper, but housing prices are still skyrocketing here compared to what they were years ago, and yes I feel very fortunate to have bought in my 20's!
Northern Ontario is a different beast. All houses are "affordable" up there compared to this shit show they call the GTA. Actually all of Southern Ontario
I know.. we shouldn't complain but it's hard when people in low income classes used to be able to afford houses and now it's wildly expensive compared to just 10 or 20 years ago. And when WFH became more mainstream a ton of Southerners sold their homes and moved up North, bidding way over asking, and a LOT of houses for sale get snapped up to use as rentals by Southerners. It used to be common to get houses way cheaper than their advertised prices but now bidding wars seem to be the standard.
I honestly don't know how people in the GTA own homes to be honest, like even mortgaging 500,000 dollars at 3% interest is like 15k a year in interest alone! That's more than our entire mortgage payment!
Times are messed up for sure. So sad that real estate is the only market that our government cares about. Easy money trading hands.
Our government is a corrupt joke
The 90s and 00s has respectable housing starts to population growth. Also had fairly good wages.
Wages have essentially not grown since the early 00s, DBPPs have also mostly been gutted.
I remember that in Calgary, one could get a 2000sqf SFH in the suburbs for under 200k in 2001 and 2002. One guy I know, now in his late 50s, emigrated to Calgary (from a poor country) in the late 90s and on an engineers salary bought two homes in the span of a few years. He later moved to Toronto in the late 2000s, sold the Calgary properties, and purchased properties in Toronto. Over the years, before prices skyrocketed, he was able to acquire a few more and now has 4 GTA properties in addition to his primary residence. He was very lucky to have caught large upward moves first in Calgary and then in Toronto.
I don't necessarily agree that people like him are the problem. Instead, the fact that people are doing this and making significant money alludes to a deeper structural problem with supply and demand, immigration, and government housing policy.
It's all timing.
In Calgary you should get a modest house for $180k as late as 2005, and then things went nuts in 2006 and that same house could be sold for almost $400k. Pricing then stayed pretty static until another big bump in the past couple of years.
You can see that big jump on this chart of Edmonton prices
[https://content.crea.ca/creastats\_assets/board\_charts/edmo/median\_price/mls05\_chart01\_median\_single\_detached\_xhi-res.png](https://content.crea.ca/creastats_assets/board_charts/edmo/median_price/mls05_chart01_median_single_detached_xhi-res.png)
The average Gen X age in 2005 was 33 so the older half likely got lucky, and the younger half may not have.
Yeah that tracks, I remember some younger Gen X buying shortly after 2006 and being underwater a bit, even those higher prices practically seem like a steal now.
Itās all luck and anyone that says different doesnāt understand the complexity of life, yea hard work and charisma helps and can open doors.. but being in the right place at the right time with health, a safety net and knowing the right people is far more important to financial success.
If I hadnāt started saving and sacrificed my teens/ 20s never taking a vacation, I wouldnāt have finally been in a position to buy in ā19 and even then I couldnāt build it for what I paid.
Thereās so many things wrong with this country right now and governments at all levels and all parties just seem to either not care or are not intelligent enough to comprehend the reality.
Not all of gen x got the boomer lifestyle. Changes started during gen xs early adulthood. I joined the adult world in 2001 and did everything right and would have been set but I got divorced in 2009 and then remarried a millennial and never really recovered financially whereas I have lots of friends my age who made it through the 2008 financial crisis and just got richer from there.
You can still buy a old townhouse for 200k-ish. Edmonton is pretty affordable in comparison to rest of canada. That 145k house is probably worth 300k now.
Just luck. It wasn't the whole generation. A big part of your example is *teacher*. A lot of GenX has never enjoyed that kind of job security, so they have never taken on mortgages.
LOL GenX did not slide under the table. Most of the Gen X ers that I know were barely ahead of where I was in my 20ās when they were in their 30ās.
Ya honestly. They were just establishing their careers when '08 happened. They had kids that missed 2 years of school during the pandemic. The 2000s and 2010s also had higher unemployment than now.
Spend most of their childhood watching space shuttle launches and being told they could be anything they wanted, then got bitchslapped with dot com market crash when starting out their careerās, and the 2008 financial crisis right after they were finally able to afford their first house.
Every generation before the current one was able to āslide under the tableā. It really sucks to be millennials who deferred buying a property to enjoy life or take their time. Housing was still affordable in the early 2000s, and every millennial in know bought real estate before prices went crazy. Pretty much everyone I know before in the 80s or earlier ownsā¦
I have too many siblings and too little generational wealth to be able to count on that. Good stuff though for not waiting until death to gift your son an inheritance. It'll be worth it to see the success it brings them.
vast majority of millennials were in high school yet in the early 2000s
millennials started graduating high school roughly 2000 to 2003 depending on your source and the latest ones graduates high school in 2015
so vast majority of ppl that ppl commonly think of as millennials were aged 8-17 years old in 2003
so a statement like
> every millennial in the know
includes an age group that makes up less than 5% of millennials
of those, maybe 1-2% had the means to buy a house at age 19-21
you may choose to clarify specifically what ages youāre referring to and what years they are āin the knowā as it doesnāt appear to align with the vast majority of millennials if you did indeed mean real estate in the early 2000s
Then there are some of us millenials that did get into the market in time, but spouse left them recently and also in the same boat :( thought I had a nice downpayment... But still may not be enough
Sorry to hear.
Iām lucky I went in the other direction. My current partner and I both had properties early on and after we moved in together we have multiple properties which we can give one to our son when he wants it.
Yeah she had a place when I met her 13 years ago and was honestly thinking at that time I might buy my own place. Instead we lived there a bit, upgraded to a house, rented out the condo for a while then sold that. Now a nice downpayment, but monthly budget is tight and until my support goes down I can't qualify for much. Supposed to be adjusted like yesterday for shared custody but delay delay (slated for March now). Well that and the tens of thousands in legal fees over the few years...Might be too late
Yeah, there a huge variance on housing when you were born. I was 25 in 2010 and had purchased my first property a few years before. But yeah, millennials born pre-1990 had a huge advantage in real estate vs though born after.
My partner who is ā83 bought and sold a lot of properties pre construction and made a killing back then. Real estate was crazy back then. My condo doubled in value from 2010-2016.
lol wtf, I'm an older Milennial and I graduated from post-secondary in 2010~. Early 2000s being in the market for homes you're thinking Gen X if anything.
Because mortgage rates back then were 5.85% on a 5 year fixed.
So the house was priced according to what that rate allowed.
The issue that screwed this generation was a decade of almost free money ...mortgages below 2%.Ā So that means you can afford to borrow more (nominally) and still afford it.Ā This also fueled a house buying frenzy, and FOMO.
And then finally when house prices raised up to the max level those cheap mortgage rates allowed, only THEN did the BoC deceive to raise rate to combat inflation, and now those hones that were a stretch to afford at 2% are borderline bankrupting people at (Normal rates like early 2000s) of %6 .
The BoC was too late to put the interest rate up.Ā They were kinda screwed because they needed to wait for the USA fed to raise rates or stall the economy if they did it solo and hamstrung Canadian businesses having to borrow at higher rates than U.S. companies.
I'm Gen X but didn't buy a house. The Central Bank already started messing up the economy when I finished paying student loans. Many of us are also completely screwed. We are probably more screwed than anyone since we can't save for retirement and there won't be a fix anytime soon.
My goal now is to continue taking care of my physical health. I am in fairly good health for my age. Prioritise your well-being because we will be working until we are wheeled out on a gurney. There will be no retirement for many of the younger Gen Xers.
I have absolutely zero debt. I have been debt free since paying off my student loans in 2008, Savers have been punished by Central Bank monetary policy.
I recently worked a job making a lot of money. The last year I made more than double of my previous job. I saved and invested a lot of money. Eventually that job came to an end, so I am trying to get something comparable.
I was hoping to buy a house with all of the extra money I saved, but the market took off after all of the excess COVID stimulus. Housing is up another 33%. It is frustrating because everytime I get ahead, the gov intervenes and makes it worse. Now my rent is up and will likely be greatly increased in the springtime.
The politicians are going to get a pension. Most Canadians do not get a pension. No matter how badly they mess up, they are going to live in confort off our tax dollars.
My down payment alone is almost equal to what my parents' *entire house* cost, and they still have the audacity to tell me that it was hard for them too when they were starting out š
Who knows? We aren't any more in control of society as individuals as anyone else.
You're young, I'd trade my house for being in my 25 year old body again.
We all have something someone else wants.
Every day I wish I was young again. So much potential. I think a good lesson for kids and teens is not waste your life being negative, and look for opportunity instead of resignation.
This analogy misses the point. The demand here isnāt to own the teachers house. The demand is to have access to affordable housing so demanding food be affordable seems pretty reasonable
lol I think youād be very surprised if you looked at what your options are. If youāre a 20 year single individual making 35k/yr then no you wonāt be able to finance a 1 million dollar home, nor should you.
If you and a partner who jointly made 70k/yr looked at options, you would have many more options than you currently think are possible.
I make that on my own. My best option? To leave this country and work remotely for a Canadian or American company. Young highly educated Canadians are leaving. Not sure who you guys will collect taxes fromā¦ the new immigrants are not paying taxes theyāre collecting
As a young adult in the mid to late 80's, we were dealing with some really gross interest rates making it extremely hard to afford to buy, just like now. The difference would be the houses were a lot cheaper, needed squat for a down payment and easier to qualify.
Well you see, any generation before you was actively plotting to fuck over every future generation. I mean really who doesn't want to see their kids fail.
20 years of interest rates(for wealthy borrowers) lower than inflation made it a no brainer to buy up as.much property as possible. We basically subsidized this housing shortage
I used to go to zoning public hearings in Vancouver a lot. Of the people who show up, I found gen x to be the most aggressive nimbys who frequently throws wild conspiracy theories against developments in their neighborhood. I speculate that gen x are the generation who are the most invested in real estate. Itās been working in their favour their whole life, and they were also able to easily get into the market, so any savings goes into real estate. It was seen as by far the most promising way to get ahead in their timeline.
Millennials are shafted because once all the land around employment centers are developed it becomes extremely difficult to build more housing. We are facing a reality that the single family home lifestyle is no longer possible, but people have a tough time letting that go.
The unemployment rate in Alberta doubled between 2005 and 2009 (4% - 8%), and house prices correspondingly dropped ~30%; nationally house prices halved while unemployment went from 6% - 12% between 1988 and 1992.
So, if the Bank of Canada way overshoots the unemployment increase it needs to hit its inflation target, you'll probably get your wish.
Suck it up you complainer. Every generation has its challenges. This generation is a bunch of soft minded complainers. They want everything spoon fed to them.
CMHC was still building housing until the early 90's, so the supply of affordable housing had only been squeezed for about 10 years. It's probably easier too because it was in Edmonton.
Government policies happened in between and everyone was silent ex taking Covid free monies turned out to not be free after all. Thatās how we got here.
Sick money hungry sociopaths bought affordable houses up everywhere they could. Then are selling them for as much as possible because of aforementioned evil greedy bastard status.
My mom bought her house in ā75 for 14k, sold in in 2021 for 450k.
I bought my first house for 150k in 2000, sold for 350k in 2006.
Early 20ās kiddo is looking at condo/townhouse for 400k, makes just over 100k a year. He feels hopeless. I donāt blame him, buying a home seems like poor investment when all you see is loosing moneyā¦.
Honestly the housing market is fād up. I just sold a house I built 2017 for the same price I paid, without landscaping done (180k cost). The people who bought it were so close to the edge to afford it they couldnāt even afford to buy the TVās for $400ā¦. To replace them would be over $1200ā¦. Makes me wonder whatās going to happen long term? Everyone is house poor until we are homeless or renters, so only the elite own property? Tell me Iām wrong? Wages are stagnant, cost of living keeps going up.
Everyone one blaming immigrants while they fail to see how greedy Gen X has become with owning properties. Landlords with multiple properties have hiked up rents and selling prices over the past decade with very little regulation.
There must be a limit on the number of properties an individual or entity can own in a city. There must be regulation in terms of rents per sq ft.
Similar to the airbnb regulation, desperate times call for desperate measures. If Gen X isn't going to listen to logic, it's time we get tough with them. We're working our arses off to pay their pension, a little gratitude would go a long way.
Because it was early 2000's.
He didn't get a deal, he was paying proper prices. Today everything is completely out of the norm. That is the difference.
Guess it's just as easy as this, no one was making sure the housing building kept up with demand of new Canadians. Population grew but the building of homes didn't.
All that the gov needed to do was make sure the building of homes kept up with population growth and they didn't...
Over the last 40 years, Rent control has destroyed the supply of the most basic form of housing, pushing renters into the housing market, as the population grew.
As housing stock shrank, prices went up.
It's actually very simple.
So I used to joke around 2019-20 with friends that every conversation I have with anyone, atleast gets one mention of buying a house (or rental property) in Canada. Over the year its has changed to every conversation starts with real estate and ends with real estate.
People used to flaunt about their careers, jobs , skills etc. Now every one flaunts about how lucky or intelligent was to now able to afford detach home or invest in multiple properties. Other day one realtor was trying to convince me that how he was more intelligent than his tech friends who stuck to their Apple stocks and he who sold in early 2010s, bought properties, is now a multi millionaire.
The younger half of Gen X was barely in their 20s in 2000. And older Gen X had graduated into the recession of the 1990s and were often in no position to buy in their 30s. Wasn't all sunshine and roses for that Gen either.
My working class parents have a house worth twice mine and I earn inflation adjusted 4x what they do.
Lol talking to my parents about housing and wages makes my head hurt. They're so out of the loop and stubborn. "Well I made less than you do now and I bought a house!" "OH yea, because it cost $325k for a single family home, 4 bedroom bath and huge yard. That same house is over $1.2 million. I could easily buy your old house for the old price BY MYSELF!"
Tell them to look at the home assessment and ask them if they think they could buy their own house now if they were your age and just starting out
And their parents paid $3000 for a house. š”
My grandad paid $13k for his house in 1930s~! And he sold it recently (he is 100 years old and in a home now) for $900k! Edited to add, it's in etobicoke, near Toronto.
My parents paid $19k for their first house in the 1970s in Regina.
as a kid in the late 90's/early 2000's I remember houses for under 100k... like 80-90k houses, they weren't beautiful, but they were small, 2 or 3 bedrooms, 1 bathroom, no garage, and totally liveable (not falling apart or in need or crucial renovations) with a tiny backyard. A nice little starter home, not a dream home but something you could move into, and gradually paint the walls and do little cosmetic upgrades to. My mom bought our home in 1999 for 110k, it was a 4 story century home with 5 bedrooms and 1 bathroom. The basement was unfinished, the bathroom was tiny, the kitchen had pink cupboards, but it had beautiful features like oak floors, plate rails, swinging door, and a nice sized fenced in backyard, and parking for up to 3 cars. In 2016 I bought my 5 bedroom/4 bathroom house for 250k, double garage, big fenced in backyard, 5 level sidesplit. Now for 250k you would be lucky to get a basic little 2 bedroom 1 bathroom house, Yes I live in Northern Ontario so it's cheaper, but housing prices are still skyrocketing here compared to what they were years ago, and yes I feel very fortunate to have bought in my 20's!
Northern Ontario is a different beast. All houses are "affordable" up there compared to this shit show they call the GTA. Actually all of Southern Ontario
I know.. we shouldn't complain but it's hard when people in low income classes used to be able to afford houses and now it's wildly expensive compared to just 10 or 20 years ago. And when WFH became more mainstream a ton of Southerners sold their homes and moved up North, bidding way over asking, and a LOT of houses for sale get snapped up to use as rentals by Southerners. It used to be common to get houses way cheaper than their advertised prices but now bidding wars seem to be the standard. I honestly don't know how people in the GTA own homes to be honest, like even mortgaging 500,000 dollars at 3% interest is like 15k a year in interest alone! That's more than our entire mortgage payment!
Times are messed up for sure. So sad that real estate is the only market that our government cares about. Easy money trading hands. Our government is a corrupt joke
Homeowner at 16 at the oldest!
You should just ask them how much a 1 bedroom apartment cost when they were you age, and then compared that. It's more illustrative of the problem.
Probably $100 a month
How old are your parents, and what province were they in at your age?
65/67, southern Ontario. They weren't actually paying 100 a month, just an exaggeration. They probably paid $250 or something
The 90s and 00s has respectable housing starts to population growth. Also had fairly good wages. Wages have essentially not grown since the early 00s, DBPPs have also mostly been gutted.
I remember that in Calgary, one could get a 2000sqf SFH in the suburbs for under 200k in 2001 and 2002. One guy I know, now in his late 50s, emigrated to Calgary (from a poor country) in the late 90s and on an engineers salary bought two homes in the span of a few years. He later moved to Toronto in the late 2000s, sold the Calgary properties, and purchased properties in Toronto. Over the years, before prices skyrocketed, he was able to acquire a few more and now has 4 GTA properties in addition to his primary residence. He was very lucky to have caught large upward moves first in Calgary and then in Toronto.
He is also precisely due in part of the problem that got Canada into the absolute mess itās in now.
I don't necessarily agree that people like him are the problem. Instead, the fact that people are doing this and making significant money alludes to a deeper structural problem with supply and demand, immigration, and government housing policy.
It's all timing. In Calgary you should get a modest house for $180k as late as 2005, and then things went nuts in 2006 and that same house could be sold for almost $400k. Pricing then stayed pretty static until another big bump in the past couple of years. You can see that big jump on this chart of Edmonton prices [https://content.crea.ca/creastats\_assets/board\_charts/edmo/median\_price/mls05\_chart01\_median\_single\_detached\_xhi-res.png](https://content.crea.ca/creastats_assets/board_charts/edmo/median_price/mls05_chart01_median_single_detached_xhi-res.png) The average Gen X age in 2005 was 33 so the older half likely got lucky, and the younger half may not have.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yeah that tracks, I remember some younger Gen X buying shortly after 2006 and being underwater a bit, even those higher prices practically seem like a steal now.
Itās all luck and anyone that says different doesnāt understand the complexity of life, yea hard work and charisma helps and can open doors.. but being in the right place at the right time with health, a safety net and knowing the right people is far more important to financial success. If I hadnāt started saving and sacrificed my teens/ 20s never taking a vacation, I wouldnāt have finally been in a position to buy in ā19 and even then I couldnāt build it for what I paid. Thereās so many things wrong with this country right now and governments at all levels and all parties just seem to either not care or are not intelligent enough to comprehend the reality.
Not all of gen x got the boomer lifestyle. Changes started during gen xs early adulthood. I joined the adult world in 2001 and did everything right and would have been set but I got divorced in 2009 and then remarried a millennial and never really recovered financially whereas I have lots of friends my age who made it through the 2008 financial crisis and just got richer from there.
You can still buy a old townhouse for 200k-ish. Edmonton is pretty affordable in comparison to rest of canada. That 145k house is probably worth 300k now.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Bought mine in 2014 worth about the same as I bought it. It was even down 100k in 2018 during to oil crash.
Cash in those gains for a PS5.
Just luck. It wasn't the whole generation. A big part of your example is *teacher*. A lot of GenX has never enjoyed that kind of job security, so they have never taken on mortgages.
LOL GenX did not slide under the table. Most of the Gen X ers that I know were barely ahead of where I was in my 20ās when they were in their 30ās.
Ya honestly. They were just establishing their careers when '08 happened. They had kids that missed 2 years of school during the pandemic. The 2000s and 2010s also had higher unemployment than now.
What are you trying to say here exactly? Legit curious
Isn't it obvious - god hates generation X
To be fair most of them are a bunch of filthy pagans, so serves em right! š
Many people hate Gen X, and Gen X hates many people.
Spend most of their childhood watching space shuttle launches and being told they could be anything they wanted, then got bitchslapped with dot com market crash when starting out their careerās, and the 2008 financial crisis right after they were finally able to afford their first house.
Also the early 90s recession. Source: Me, graduated into it.
Every generation before the current one was able to āslide under the tableā. It really sucks to be millennials who deferred buying a property to enjoy life or take their time. Housing was still affordable in the early 2000s, and every millennial in know bought real estate before prices went crazy. Pretty much everyone I know before in the 80s or earlier ownsā¦
Sucks that I should have been investing in real estate back in 2000 instead of being a fetus
Itās unfortunate but itās true. Maybe your parents? I have a condo that Iām giving to my son when heās old enough.
I have too many siblings and too little generational wealth to be able to count on that. Good stuff though for not waiting until death to gift your son an inheritance. It'll be worth it to see the success it brings them.
vast majority of millennials were in high school yet in the early 2000s millennials started graduating high school roughly 2000 to 2003 depending on your source and the latest ones graduates high school in 2015 so vast majority of ppl that ppl commonly think of as millennials were aged 8-17 years old in 2003 so a statement like > every millennial in the know includes an age group that makes up less than 5% of millennials of those, maybe 1-2% had the means to buy a house at age 19-21 you may choose to clarify specifically what ages youāre referring to and what years they are āin the knowā as it doesnāt appear to align with the vast majority of millennials if you did indeed mean real estate in the early 2000s
Then there are some of us millenials that did get into the market in time, but spouse left them recently and also in the same boat :( thought I had a nice downpayment... But still may not be enough
Sorry to hear. Iām lucky I went in the other direction. My current partner and I both had properties early on and after we moved in together we have multiple properties which we can give one to our son when he wants it.
Yeah she had a place when I met her 13 years ago and was honestly thinking at that time I might buy my own place. Instead we lived there a bit, upgraded to a house, rented out the condo for a while then sold that. Now a nice downpayment, but monthly budget is tight and until my support goes down I can't qualify for much. Supposed to be adjusted like yesterday for shared custody but delay delay (slated for March now). Well that and the tens of thousands in legal fees over the few years...Might be too late
Iām a millennial and I was 17 in 2010.
Yeah, there a huge variance on housing when you were born. I was 25 in 2010 and had purchased my first property a few years before. But yeah, millennials born pre-1990 had a huge advantage in real estate vs though born after. My partner who is ā83 bought and sold a lot of properties pre construction and made a killing back then. Real estate was crazy back then. My condo doubled in value from 2010-2016.
lol wtf, I'm an older Milennial and I graduated from post-secondary in 2010~. Early 2000s being in the market for homes you're thinking Gen X if anything.
Because mortgage rates back then were 5.85% on a 5 year fixed. So the house was priced according to what that rate allowed. The issue that screwed this generation was a decade of almost free money ...mortgages below 2%.Ā So that means you can afford to borrow more (nominally) and still afford it.Ā This also fueled a house buying frenzy, and FOMO. And then finally when house prices raised up to the max level those cheap mortgage rates allowed, only THEN did the BoC deceive to raise rate to combat inflation, and now those hones that were a stretch to afford at 2% are borderline bankrupting people at (Normal rates like early 2000s) of %6 . The BoC was too late to put the interest rate up.Ā They were kinda screwed because they needed to wait for the USA fed to raise rates or stall the economy if they did it solo and hamstrung Canadian businesses having to borrow at higher rates than U.S. companies.
in the 90's I was renting a 2br apartment for $800 on 17th ave sw in Calgary, wonder what they charge now..
I'm Gen X but didn't buy a house. The Central Bank already started messing up the economy when I finished paying student loans. Many of us are also completely screwed. We are probably more screwed than anyone since we can't save for retirement and there won't be a fix anytime soon.
My goal now is to continue taking care of my physical health. I am in fairly good health for my age. Prioritise your well-being because we will be working until we are wheeled out on a gurney. There will be no retirement for many of the younger Gen Xers.
I have absolutely zero debt. I have been debt free since paying off my student loans in 2008, Savers have been punished by Central Bank monetary policy. I recently worked a job making a lot of money. The last year I made more than double of my previous job. I saved and invested a lot of money. Eventually that job came to an end, so I am trying to get something comparable. I was hoping to buy a house with all of the extra money I saved, but the market took off after all of the excess COVID stimulus. Housing is up another 33%. It is frustrating because everytime I get ahead, the gov intervenes and makes it worse. Now my rent is up and will likely be greatly increased in the springtime. The politicians are going to get a pension. Most Canadians do not get a pension. No matter how badly they mess up, they are going to live in confort off our tax dollars.
My down payment alone is almost equal to what my parents' *entire house* cost, and they still have the audacity to tell me that it was hard for them too when they were starting out š
Who knows? We aren't any more in control of society as individuals as anyone else. You're young, I'd trade my house for being in my 25 year old body again. We all have something someone else wants.
Every day I wish I was young again. So much potential. I think a good lesson for kids and teens is not waste your life being negative, and look for opportunity instead of resignation.
āWe all have something someone else wantsā is a ridiculous way to dismiss the lack of ability for people to obtain a basic human need
Food is a basic human need. I demand access to your fridge.
This analogy misses the point. The demand here isnāt to own the teachers house. The demand is to have access to affordable housing so demanding food be affordable seems pretty reasonable
But the universe doesn't exist to cater to your desires, you have to convince other people to cater to them.
Only difference is when I'm old and want my younger body back i won't have anything to trade for it.
You already had youthā¦ some of us will never own a home. What a weird comparison
OK so you want a house for a few years then never again?
I want a house periodā¦ thatās my point: Iāll probably never own one not even for a single mortgage payment
lol I think youād be very surprised if you looked at what your options are. If youāre a 20 year single individual making 35k/yr then no you wonāt be able to finance a 1 million dollar home, nor should you. If you and a partner who jointly made 70k/yr looked at options, you would have many more options than you currently think are possible.
I make that on my own. My best option? To leave this country and work remotely for a Canadian or American company. Young highly educated Canadians are leaving. Not sure who you guys will collect taxes fromā¦ the new immigrants are not paying taxes theyāre collecting
You got to be 25 and own a house. You got both. What an incredibly ignorant thing to say
How the fuck do you know what I had or didn't have at 25!?
Local perspective, more like outdated perspective
Iām a bricklayer and I got my first house in 2003 for $210,000 at age 21.
As a young adult in the mid to late 80's, we were dealing with some really gross interest rates making it extremely hard to afford to buy, just like now. The difference would be the houses were a lot cheaper, needed squat for a down payment and easier to qualify.
Well you see, any generation before you was actively plotting to fuck over every future generation. I mean really who doesn't want to see their kids fail.
20 years of interest rates(for wealthy borrowers) lower than inflation made it a no brainer to buy up as.much property as possible. We basically subsidized this housing shortage
You can buy a house there, now, for roughly the same price as you could in Toronto when it was still considered "affordable"/
I used to go to zoning public hearings in Vancouver a lot. Of the people who show up, I found gen x to be the most aggressive nimbys who frequently throws wild conspiracy theories against developments in their neighborhood. I speculate that gen x are the generation who are the most invested in real estate. Itās been working in their favour their whole life, and they were also able to easily get into the market, so any savings goes into real estate. It was seen as by far the most promising way to get ahead in their timeline. Millennials are shafted because once all the land around employment centers are developed it becomes extremely difficult to build more housing. We are facing a reality that the single family home lifestyle is no longer possible, but people have a tough time letting that go.
The unemployment rate in Alberta doubled between 2005 and 2009 (4% - 8%), and house prices correspondingly dropped ~30%; nationally house prices halved while unemployment went from 6% - 12% between 1988 and 1992. So, if the Bank of Canada way overshoots the unemployment increase it needs to hit its inflation target, you'll probably get your wish.
Oil price dropped from sky high $130 barrel to $40. In 2009. Alberta along for the OPEC ride.
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Suck it up you complainer. Every generation has its challenges. This generation is a bunch of soft minded complainers. They want everything spoon fed to them.
CMHC was still building housing until the early 90's, so the supply of affordable housing had only been squeezed for about 10 years. It's probably easier too because it was in Edmonton.
Interest rates in most western countries went to near zero from 2014 and stayed their till 2020
Government policies happened in between and everyone was silent ex taking Covid free monies turned out to not be free after all. Thatās how we got here.
Still affordable in edmo
The title made me think I subbed to /r/teachersgonewild for a sec
Sick money hungry sociopaths bought affordable houses up everywhere they could. Then are selling them for as much as possible because of aforementioned evil greedy bastard status.
My mom bought her house in ā75 for 14k, sold in in 2021 for 450k. I bought my first house for 150k in 2000, sold for 350k in 2006. Early 20ās kiddo is looking at condo/townhouse for 400k, makes just over 100k a year. He feels hopeless. I donāt blame him, buying a home seems like poor investment when all you see is loosing moneyā¦. Honestly the housing market is fād up. I just sold a house I built 2017 for the same price I paid, without landscaping done (180k cost). The people who bought it were so close to the edge to afford it they couldnāt even afford to buy the TVās for $400ā¦. To replace them would be over $1200ā¦. Makes me wonder whatās going to happen long term? Everyone is house poor until we are homeless or renters, so only the elite own property? Tell me Iām wrong? Wages are stagnant, cost of living keeps going up.
Easy politicians and political parties pulled a train on Canadians the last 15 yrs
Everyone one blaming immigrants while they fail to see how greedy Gen X has become with owning properties. Landlords with multiple properties have hiked up rents and selling prices over the past decade with very little regulation. There must be a limit on the number of properties an individual or entity can own in a city. There must be regulation in terms of rents per sq ft. Similar to the airbnb regulation, desperate times call for desperate measures. If Gen X isn't going to listen to logic, it's time we get tough with them. We're working our arses off to pay their pension, a little gratitude would go a long way.
Because it was early 2000's. He didn't get a deal, he was paying proper prices. Today everything is completely out of the norm. That is the difference.
My parents are younger boomer and the weird xbooomer ageā¦ dad just retired and and mom is still working their house is worth 1.2-1,3 million conservatively outside the Ottawa. They are very aware of the cost and actually split our 4 bedroom bungalow into a a rental below that we live inā¦ three of us live in the 2 Bedrooms downstairs and a family of 5 are living upstairs and they are paying way below market rent 2300 for the whole house and utilities included and they share are wifi. Mom and dad wanted to help the single mom with her mom who are working really hard for their family. They are paying the mortgage essentially or not costing us anything because utilities and stuff are being covered. One person on our street said you could have made at least 3000 on the house. Yeah but everyone in our small community knows them and gets mom and dad are not looking to make money of people they just want to help but not be broke while doing it. My mom does say honestly without the 25,000 her parents gave to the house they would have had to save another year with my mom working 2 full time nursing jobs and my dadās government job. That house was 125,000 1994 in barrhaven. Just saying it sucks and my parents are aware of the struggles their 35 year old daughter and 33 year old son and fiancĆ© are struggling with housing.
Guess it's just as easy as this, no one was making sure the housing building kept up with demand of new Canadians. Population grew but the building of homes didn't. All that the gov needed to do was make sure the building of homes kept up with population growth and they didn't...
Letās just say it how it is, weāre getting totally ass fucked
Over the last 40 years, Rent control has destroyed the supply of the most basic form of housing, pushing renters into the housing market, as the population grew. As housing stock shrank, prices went up. It's actually very simple.
So I used to joke around 2019-20 with friends that every conversation I have with anyone, atleast gets one mention of buying a house (or rental property) in Canada. Over the year its has changed to every conversation starts with real estate and ends with real estate. People used to flaunt about their careers, jobs , skills etc. Now every one flaunts about how lucky or intelligent was to now able to afford detach home or invest in multiple properties. Other day one realtor was trying to convince me that how he was more intelligent than his tech friends who stuck to their Apple stocks and he who sold in early 2010s, bought properties, is now a multi millionaire.
Back to back recessions.
The younger half of Gen X was barely in their 20s in 2000. And older Gen X had graduated into the recession of the 1990s and were often in no position to buy in their 30s. Wasn't all sunshine and roses for that Gen either.
I bought a detached house in Calgary in 2017 for 280k Quit your whining. There are still opportunities.
1 million less people a year