@@PunsandPixels I mean yeah, plenty of people dont like the cbc very much (myself included) but these programs are actually super relevant and useful. I don't think it's helpful to throw out the baby with the bathwater here
@@PunsandPixelsmost of that money goes to making shows and movies and Radio Canada has a larger budget than the english language CBC. Only a small percentage is spent on news in english.
I'm one of those born in the 90s and a homeowner, and while I'd love to give you some uplifting story about hard work, grit and dedication... no I am sorry to say it is mostly just inheritance. We need to build more housing, we should not have to live in a society where the only people who can afford to be on the property ladder are those fortunate enough to have received money from previous generations who were on the property ladder, where does that lead us? I don't know but I'm guessing it's not pretty, or good for any of us.
It leads us to being as bad as Europe. The reason most of our ancestors left Europe was because they'd have a chance to actually own property and land in the New World.
I'm 33, bought by saving but the reason why I was able to save at all was because my dad was completing a contract in another country and was able to let me live in his apartment rent-free. Quite honestly, if it wasn't the case that would only be possible at like 45 and within a marriage saving together.
CBC in general is great at making docs. I hope people realize that when they talk about the idea of defunding it. It's not beholden to corporate interests. In a world with so much that is, that's valuable.
@@user72974..... Well I'm no "expert". But I'd say 90% of Canadians... Would actually feel relief and happier if CBC went under and was never heard from again.
The compounding effect they don't discuss here is that you're also more likely to earn more yourself if your parents helped you pay for education and gave you job opportunities/connections that less affluent people wouldn't have.
I understand. It’s not just people born in the 1990s who have been squeezed out. Home ownership is unattainable for most people who don’t have parents to help them and are single. Even if you have some savings, the cost of even a one bedroom condo in major cities where the work is, is astronomical. In most cases you can’t qualify for a mortgage on your own. Salaries are not keeping up with the cost of living.
@@shanerob681 You can blame that on feminism. Women in the workforce taking all the men's jobs but not doing any actual work. Almost everybody is single now and that drives up the cost of housing.
I own a home and work for exclusively homeowners and your exactly wrong. The only person that does well is the realtor and property tax. Short of that your just doing a lateral move unless your moving into a trailer. Then a lot of homeowners use the equity in their home, so now that rates have gone up you're going to see a lot of long term homeowners struggling as they might have bought a new vehicle etc. So if your stuck with a higher mortgage and the value goes down, then your in real trouble. Thats not greed, thats survival after Tiff promised rates would remain low for the foreseeble future.
@@GrantM.-gx2kn Seems like greed to me. You're borrowing based on the promise that the money will be free forever, and creating your own wildly excessive liability. It's also very true that many Gen X and Boomers truly do not want the status quo to change, and many are quite happy to show up to meetings and voice their opposition to what would have been forward-thinking changes 100 years ago. They like their prejudice.
@@GrantM.-gx2knyou’re forgetting people who work in home construction and can bring actual skills to the table and generally do not have retirement plans unless they are unionized. Self-employed construction workers with an ounce of financial smarts can do well in real estate.
I moved out and worked hard from the age of 20 and invested and sacrificed a lot in order to purchase my home. I am now 30 and I can say if I could go back in time I would have just moved out of Toronto to a cheaper market and have actually enjoyed my 20's. I'll never get those years back. I think it's time for the younger generation to start considering their future because this country doesn't look like it's headed in the right direction.
Absolutely agree, also a young homeowner that started from zero. What sacrifices are we willing to accept to be part of this ideal? Still debating if the purchase is worth it, only time will tell!
The real issue is people like me, who spent their 20s learning, realizing its something that can help increase income and quality of life potentially forever. Now you would be 30, super smart, capable, top of the pack in Canada.. but no house yet. Whats the move? You leave. It's one thing if that was just a potential business owner. It's another if its all our doctors. The great brain drain has just started, making even those who bought early, in a bad position anyway.
Same here. I was only passed down a small inheritance from my grandparents (which definitely helped), but the number one reason I can attribute to my ability to own a home is how my parents brought me up which included living almost completely rent free into my late twenties.
You didn’t mention the cost of housing vs income. Since 1980 incomes have only a little over doubled, but housing has gone up 7 fold. That makes it unaffordable for most.
In 1980 i moved to ontario .started working at 5 dollars per .left work 45 years later making 32 dollars per hr .thats over 6 times the increase.dont know where u get double the wages since the 80s. In the 80s average single family home was approx 1200 sq ft. 3 bedtoom 1 bathroom .now the homes are average 1800 to 2000 sq ft 4 bedroom 3 bathrooms hardwood floors quarts countertops pattern concrete driveways etc . Thats why homes have outpaced wage increases .people moved away from the basics.today people want to work less time example some want a 32 hr work week.in the 80s both husband and wife worked as much extra overtime a they could get .thats how its dons thats why they own their homes.
@@patrckdinn7265you're comparing apples and oranges. You are comparing your career at two different points. You have to make a comparison of someone entering the workforce in 1980 vs someone entering the workforce at 2024.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have $500 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards. One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
I was born in 1969 and bought my first home at age 20 and it cost $74.000.00 in Hamilton, Ontario. That same house sold few months back for 1.2 million. An average wage was roughly $8.00 an hour and you could service that mortgage debt easily. My first house was like $450.00 bucks a month and property tax if I remember correctly was about $811.00 and the City of Hamilton crew cleared the sidewalks in the winter.
The Greed of having multiple homes, keeps inflating the price of an home and thus making it affordable for most Canadians. Home ownership should be maximum one home per adult of max two homes for a family. Everyone should be owning a home and can start their families without being worried about their landlords kicking them out.
@@thetheaterofdreams Sure real estate is an option, but we should limit it to commercial real estate. Too many landlords "renting out" their extra home like a slum lord.
@@thetheaterofdreams Actually, that is precisely the problem. A House is NOT an asset, it is a House. People used to understand this very basic concept. There are other ways to invest.
Kind of agree, it’s nice to start life with zero debt as long as you stay educated about how to ask for salary increases at work and keep your career relevant.
Born in late 80s. Live in Surrey, bought a townhome in 2022. Single, no kids, not pets, don't smoke, don't drink, no drugs nor pot, don't gamble, no subscriptions like Amazon Prime, Spotify, and Netflix. Never used Uber, Uber Eats, Door Dash, etc. Work 99% overtime if available. I finally did it and I'm so proud of it!
Crazy. Basically couldn't have less of a life, and still the outcome is an attached home in one of the cheapest, worst areas of that region. If you are/were a female, the option of even having kids would be basically gone. Not to mention, you are praying everyday interest rates drop by 2027. Otherwise you will have to renew at much higher rates and could potentially lose the attached house. 😳
@CommoditySC welcome to Canada 2024, in which you either thriving or struggling. There's no middle ground. Having kids, relationship, pets, dining out, travel abroad, living alone is considered as luxury.
that's a lot of money that's now forced to go straight into the real estate economy too. think about if everyone was as frugal as you? we'd all be out of a job.
Sure but no one don't want hear this. Forget that income and savings are single the biggest factors to home ownership in Canada. People want to hear that it's unfair and saving for a home isnt their responsibility. People want to chill every night yet complain about how bad they have it because no one gave them a house.
I’m born in 1995, my partner is born in 1994. We bought an apartment together in March 2022. We only had a little over 10% for our down payment but we just wanted to get into the housing market. My mom bought her first home when she was almost 50 years old! We didn’t get any help from others! It was totally worth buying it!!
And those young dreamers who decided to try to buy a house anyway even though they could only afford long variable rate mortgages are going to be punished severely for stepping outside of their class boundaries by the interest rate hikes.
Well, Even though those people should've educated themselves a lot more. Many of them were also lead astray by so called "professionals". Basically, every banker and mortgage specialist was telling everyone that interest rates would be at 1% forever and not to worry about it. So well it doesn't obsolve any of the responsibility from those "covid buyers", since in the end nobody is responsible for you - except you.... Having an entire industry praising low rates for a long time - adds some much needed context. When you consider those things, it's easy to see how young potential buyers could be easily convinced that things will be fine. Especially since the 2010s were a decade of unprecedented lows, 3-4% being the norm, so rates of 1-2% didn't seem too farfetched.
I know many young dreamers who got bitcoins instead of a house or a car. They have their plans to make it 10x, 100x, it’s probably better than cutting grass and shovelling snow. Maybe they will hit the jackpot one day.👍
I was born in 86 still renting and saving for a home. I've been saving and saving, but the price of housing keeps growing. So I feel like I'm chasing after something I'll never have. I've been saving for over 5 years. Unsure of this dream.
There was an analysis done that showed homes appreciated more in some years than the average person's annual income. In other words: homes made more than the average person did. So, you're not imagining the price increase.
And those born in the 70s and 80s who bought a home but then divorced will not be able to buy a home either. We only hear about young ppl but there are many slightly older folks (greater than 50% of them) may never be able to return to home ownership. We have also created a situation where ppl won't leave abusive relationships simply because they can't find housing or fear not being able to find a home.
Years ago I read that 60% of married couples stay together simply for the financial stability. Ive been through the wringer a couple times, so fortunate to own a home still. But ya, people dont think about the working divorced. Most just think of the homeless for whatever reason (not always drugs) that they simply regress from society altogether.
I am in this situation now. I was born in the 1980s and am going through a divorce. We own a house but I am living with my parents. By the time the divorce is finalized and everything is divided up, I don’t think I will be able to qualify for a mortgage on my own.
Owning a home is not just about saving enough money for down payment. The real struggle right now is how you can afford the mortgage payments, the maintenance costs, utilities and property taxes. The exepenses add up and take a huge portion or the borrower's paycheck! + one income salary is not sufficient to buy a house !
I purchased my first home at 32 last year and I can tell you it took my whole life of saving and lots of sacrifices along the way. I've never been on vacation and I was very modest with my spending. I also lived with my parents until I bought my first place. My parents were not homeowners and couldn't financially help me. It was extremely hard (and still is!), but it IS possible.
@@DAMfoxygrampa yes I paid rent. What I meant was my family didn't give me anything toward my downpayment. Did I get free meals? Yes. I think that is fairly typical when living at home though.
@@peachwedding That means they helped you. Other people without family assistance (rent, meals, electricity, etc) would have had to save up for longer. Good on you that you saved up and managed to get into the market but you definitely did have financial assistance from your parents.
@@DAMfoxygrampa Sure, if that is the way you want to look at it. Most people live at home though well into their 20's and 30's during these days and aren't contributing to rent.
I'm turning 53 and have times changed. When I was a kid all my friends' families owned homes. It would have been odd to know anyone living in an apartment to be honest but now younger folks are bumping up again insane pricing and wages that have not kept up. I'm lucky I live in Regina and not TO or Van. You have to 1 mill+ for even crap. Thank you, investment owners.....
What happened was human labour was over valued for decades Humans are not underpaid The market has adjusted to correctly pay human labour The future is fully automated AI There is not a single job that cannot be replaced by AI
I would have liked to get even a little time dedicated to pointing out how growing up poor or with non-homeowner parents is also a factor in a (90s) kid not being able to go to college, not being able to get those higher salaries that are "much bigger determinant". It just feels like a really insidious statement that there's good news, and that's the good news? And what about those of us who didn't just have to worry about the disadvantage of lacking financial support from parents, but having to financially support one or both of our parents from our teens or twenties onward? That's a very common reality for a lot of people, which is extremely relevant to this topic of parents' financial situation and its effect on their children's livelihoods, e.g. intergenerational wealth. It's not just a matter of "I studied hard and got a job and saved". So many people have this delusion that that is enough because it was for them. Of course work ethic and financial planning are incredibly important, but to focus on that misses the bigger picture, misses the truth.
I had zero dollars from my parents and went to university. Post secondary schools are still affordable enough that most people can go so that’s not an excuse. You just have to take on student loans which scares people
When did you go to university? I went to an in-state public university 2010-2014 and 4 years of tuition was over 30k of student loans even with pell grants. Even working on top of it was impossible to pay for and hurt my grades so I stopped. I barely covered food and rent with grants and scholarships. And many public universities are actually too expensive to pay for with student loans alone, esp when you consider non-tuition cost of living. I'm not saying it's impossible. But also just cause you did it doesn't mean it's reasonably doable either, or something that should be the norm. I did it too, but I don't expect all of society to be okay with a broken system. And I still had many privileges like a good high school to say the least. And student loan debt is verifiably a hindrance to our economy.@@jeffgifkins7684
You also might want to consider that just not having parental financial support isn't the worst case scenario. Some of us have poor parents or siblings that actually need financial support themselves for whatever reason or emergency. You're thinking net zero, when there's many net negative scenarios too. Imagine how many millennials were supposed to graduate college or high school during the peak of the great recession. How many lost their homes or had parents who lost jobs and lost homes and were thrust into completely unstable conditions and maybe unable to even afford basic survival without a full-time job. @@jeffgifkins7684
My wife and I bought in 2019, in BC, when we were 21 and 24 y.o. My parents owned their home, hers did not. We managed this by living with our parents - rent was cheap. We saved 5% down payment and closing costs, and purchased essential items in just 9 months. We weren't making excellent wages, $17-$22/hr. Our house is now worth double what we paid just 4.5 years ago, which is absurd. But we did it ourselves with no cash gifts or co-signers. What is shocking is that we likely wouldn't be approved to purchase this same home today, even with our wages at/around $25/hr each. People now are simply not getting approved for a mortgage at the average home price. Car loans, student loan debt, personal loans/credit card debt, etc all make it even more challenging for people these days. I think most aren't living within their means anymore, mostly due to overspending (on unnecessary things) and also due to rising costs of all the necessities. We keep overhead low. We hate payments. We save for the things we want to buy, and we don't carry personal debts. No auto loans. No credit card debt, etc. Vehicles are paid off, we have a few toys too. It's nothing super new or fancy, but they're reliable, and they get us out into the world. I don't know what the answer is for those who may be reading this, but we work plenty hard and live below our means and we were able to pull it off. We do feel the financial strain, even now, but we're figuring it out. Hopefully you can too. Might just mean that you won't be buying anything in/around Vancouver.
I'm 49 and happily living in an apt, paying rent. I used to think I was missing out and not a real adult because I never owned a home. Now I feel extremely lucky because my rent is still reasonable and I don't live in a tent in the middle of Halifax.
There's a very real difference between "owning" a home, and having a massive 25 year mortgage...which translates to "you owe the bank a lot of money" and you "own" nothing.
Born in the 90s. Parents weren't the richest out there. Did it on our own. The pandemic gave me so much economic leverage and allowed me to become a home owner. Timing was perfect. Our mortgage and cars barely scratch 10% of our income. Now 33, I'm already setting money aside for my child when he will want to buy a home.
I'm born in the mid 80s and recently became a homeowner. I am not married and have no kids. I rarely travel and I drive an 18 year old car. It takes a lot of sacrificing to get to own something. I knew I always wanted to own a home since I was in my early 20s. I remember you could purchase a 1 bedroom condo in the late 2000s for about $200K in North York. But sadly, I did not have enough saved up at that point. Lived at home until my early 30s and secured a pre construction condo in the suburbs of Toronto. Waited 5 years for completion. By the time I closed, I had nearly 50% of the purchase price of mid 400s. For reference, I have never made more than $50k in any job since I graduated college. For many, living the way I did just isn't possible. But if you can alter your lifestyle and dedicate yourself, it isn't impossible.
@@Jacko0_0 coz the system aint changing any time soon. Personal sacrifices are all you can do at this point or move somewhere else. I am an IT professional and I can work from anywhere, I am thinking about moving out of GTA and going to be Calgary or something to get a cheaper house, maybe even buy 2 or 3 houses down there.
100% agree, our generation doesn’t understand sacrificing short term for long term gain. It has yet to be seen if we made the right choice, but I do agree it is doable with sacrifice even on a lower salary and no outside help.
Because there’s no more space in Canada to build houses? Why is it that I s only in the last 9 years that housing prices have skyrocketed. Blame the boomers😂, not the horrible government financial management. to quote Trudeau five years ago “interest rates are at all time lows… forgive me if I don’t worry about economic policy.”
hmmm, the graph you showed actually shows the relationship between home ownership and income level is stronger than "family owning homes". Am I the only one who saw that ?!
No you are not the only one. It also showed the vast majority of first time home owners did not have help. The segment focused on the fact that the rates of generational assistance has increased. The comment section is morose and filled with dread and apathy as a result.
Born in 1995 and 1998, purchased our first house this year at $430k with 2-1 buy down at a 5% cap on the rate. Not exactly cheap but it is better than renting.
I bought my first place off a pretty low salary by not furnishing my rental, not eating out, having a side gig, not buying new clothes etc … and it only took a year (10% down with CMHC). It was extreme, but it got me where I wanted. My purchased home is still not fully furnished, and for now I’m ok with that. - I’m more interested in knowing what percentage of 90s kids are in a bad debt situation from their homes? Is home ownership really worth it if you are sacrificing so much to have it? I would like the conversation to change from “I can’t afford it” to “I choose to live a life of simple pleasures so I don’t prioritize buying a home”. Inheritances are obviously a different story, I’m more interested in people who started from zero.
I was born in the late 90’s and it feels impossible to buy a house. I am just starting my career as a teacher but I have no financial support from my parents I guess my likelihood of buying a house dramatically decreases 😢
I was born in 1989 and still not a homeowner. Next year I'll be 35, it's almost impossible to become a homeowner in Toronto. My goal is to become one by 38, will see how the economy changes in 3 years time.
@@CaapriceTube1Can we stop bringing a "God" into these discussions? If he is there allowing this garbage to happen on his watch, then he's responsible for it!
I was only able to buy a house because I lived with my parents, i worked at the same company as my mom. I didn't spend a cent on anything for two years and saved 17,000. That was enough to cover the down payment and start renovations. I didn't believe i was ready to buy a house, but it checked every one of my boxes, so i went for it "since that never happens". Bought it 2018, when i was 22. Thanks Mom ❤
Great reporting! I’m 29 and own and home. Parents not only helped with downpayment and other costs which is obviously critical, they also helped me save, qualify for a mortgage, navigate the financing process, find a realtor, evaluate options, and advocate for the sensibility of buying. I have friends with similar stories. It’s not fair; yes we need more housing!
born in 86. when i left the military in 2014, I took my pension out and put a down-payment on my first home in the GTA, at that time it was a single detatched for $425, 000. best decision of my life. instant millionaire. we sold it 7 years later $1.7 million
My wife and I were born in 79, we only became homeowners at age 40, and we had to move out of toronto to make it happen. People who own a home in their 20’s, I don’t care when they were born, are in incredibly privileged positions.
Born in 88. Spent 6 years screwing around saving 0 money. Bought a house right before everything went to hell. The rules have changed. 20% down is insane.
My partner and I bought a home as we were told our rental house would be taken over by our landlord the next year. I worked 7 days a week for 1.5yrs at my career job and a business I started on the side and we barely made it. I spent maybe 5 days in that time with my partner where I wasn't working where we could enjoy our time together. We don't even live in a city, and the reality is Canadians need to sacrifice hobbies, goals, children so they can get a secure roof over their head. Things need to change. Young people can't enjoy their lives anymore and have to sacrifice their relationships just to get a roof over their heads.
Bought my house in 2018 for 480k. Fully detached. 1800 square feet. 1 car garage with a loft in it. 2 car driveway. Wife makes 103,000 a year..I make 110,000 base with unlimited overtime opportunities. I have co workers working everyday and making 300 plus k a year. Even with our combined salaries being so high, and recession proof, we don't live like kings. Not these days. Haven't been left anything. My parents owned a home. My wife's always rented and recently (2021) bought a home. It's absolutely insane. Insane.... what's going on here these days. I don't know how people are doing it. I don't. Wife and I born in the late 80's. We want a larger house but it's impossible these days. It's way too much in Canada.
I was born in '75 (yes I'm old) and I bought my first home (a condo) when I was 28. Now I own a detached home outright. I can't imagine starting out today and trying to buy a house in this environment.
all those young people that got a household need to stop lying. 95% of them can own is because of their "dad and mom's bank" money. Even if you make 100k in canada you only pocket 72k after tax. Not counting you get taxed on everything else as well. it is literally impossible to buy in Canada these days. middle class is gone. you only left with rich or poor
Great video. Will we see a follow up on what is being done to ease the problem? My two cents; I worked in new construction development. Only the large name builders are getting "rich." Small and medium size developers are not making money. The carrying costs of delays and public kickback on approving developments is a great issue. I cannot stress this enough. The public cannot afford housing due to a lack of supply, however their own relatives, parents, home owners are slowing down developments due to complaints. we need less regulation, hire more city planners to approve and address "public concerns" asap, let the builders build. We need more of a free market economy. Most developers are not greedy and getting "rich" as per public opinion.
I’m 32 and I just came to Canada. Obviously, I don’t have any money to buy something, not to speak of downpayment. Sometimes I feel sad, that even if I save save save and take mortgage, I’ll probably have to pay till my retirement. That’s disgusting
The article misses a few items that make a huge difference: The immigration quotas seem to increase all the time. Universities are bringing more foreign students than having seats for locals because the international fees is lucrative. And people living in other countries live in apartments. when they come to Canada, they are surprised by the small size of the pigeon holes they call new apartments here. If you have a family, then the only option is a house, albiet a small one.
Having a mortgage is good because if you're capable of making payments on time .. your credit stays up, and you have the flexibility to access money at any time, maybe even to purchase more homes. Also, when you sell, you get all the money minus fees and debt tax-free. There are huge advantages to own and pass it down to the next generation.
@themindfulmonk108 true. And if we are in a japan 1990 scenario. They won't get their money back for 30 years. And they will lose a lot of wealth from interest if they don't have the house on rent, profits will be low while they rent and losses to sell will be high. Trapping people to their homes if they can't sell for what they want.
And since the money printer went off and Muncipalities need to keep their money coming in. We could see houses price drop while property taxes rise higher faster and faster every year. Or houses prices will stagnat and taxes will rise slowly just IMO
True but at the same time, the study quantifies things. The numbers is why you do a study. Is something 24% or is it 48% and if you repeat the study one day, you will know if the numbers are going up or down and by how much. So cool!
My dad drilled it into me since i was a teen. Buy a house as soon as you possibly can. i bought my first house when i was 25 (born in 90) the house peice went up 2.5x in 5 years. Im soo lucky I did.
As usual, the biggest single factor is ignored. The difference between being a single income family (single, divorced, single parent), and a two income married family. The difference is often DOUBLE the income, or in other words having an income to live off vs having an income to live off, plus an additional income to save. Imagine having a whole other income over a few years to save. That is a difference that is very often just as important as getting parental help. That, plus parental help, is where the split between the have and the have nots, the rich and poor, is. And that is what governments never acknowledge, because that is the issue they will never address.
The guy they interview says “the dream of secure housing has little to do with one’s work ethic and access to a job.. more to do with generational wealth”. While generational wealth does of course help to an extent the graphs they showed just prior contradict what he said. The graphs show work ethic and access to a job, in the form of making more money, can increase you percentage of home ownership from 8.5%, to 21.0%, to 45.5%, for those making 0-40k, 40-80k, and 80+k, respectively even when your parents don’t own a house. This shows that if you have a good job making 80+K you can go from a 1 in 10 chance of owning a home to a 1 in 2. Generational wealth helps undoubtedly, but a good career and hard work will also make it much more likely.
I am a homeowner born in 1994 and I support housing prices falling. I purchased a home last October with a substantial gift for a down payment (200k). My mother received a nice inheritance from her stepmother and has/will pass most of it on to her four children. Her father was incredibly cheap and wouldn’t help her with a home down payment in the 80’s so I am fortunate that my parents, particularly mother, are helping us out. “It would’ve helped me and your uncle out a lot if we’d been given a bit of money when we were younger than receiving a large inheritance when they died.” I realize I am very fortunate and I do hope for a real estate correction so that more people can afford a home.
I live in Southampton, England. A starter 3 bed semi or row house in nice condition costs about £275,000 or $475,000 Cdn. All my kids in their 30s have their own house and so do all their friends. The answer is to move out of Canada and build yourself a family life. We did.
That’s a price of duplex or triplex in Quebec City or Gatineau. With that, you get 1500 monthly income from tenants and you pay your part. Not sure why you are suggesting UK as an alternative.
Interesting video. I was born in the 90s and own a home. My parents didn’t help financially but my wife and I had to leave Vancouver to make it happen. I think this gets lost in the conversation. There are more affordable places to live in Canada but it just means you don’t always get to live in Vancouver or Toronto (or a larger Canadian city).
I was born in 1989 and own a home, but I live in an affordable city in Northern Ontario, so things haven't really changed much over the years. Big cities heavily influence this data.
I really wanted to buy a condo when I was young and I wasn't too fussy, I worked doubles and saved for years. I bought a place by the skin of my teeth. But even with the same work ethic it would be harder now, maybe even impossible. Now, owning a place all I can say is it has nothing to do with avocado and toast, it has nothing to do with hard work anymore as it used to be. It will only be the people with generational wealth that will prosper.
I tell this to new immigrants all the time. Canada is NOT about hard work. It's about how much money your mommy and daddy have and how low you're willing to stoop to for fast money.
Born in 1998 - I moved out of Canada two years ago, now living in Chicago to study dentistry but I rent and sadly, I do not foresee myself ever moving back to Canada. If the tax system and buying power were equivalent to the US, I would move back in a heartbeat and pursue my dream of opening a dental practice in my hometown. Alas, that is not the case and I have begun planning my live here 😔
Hey pipe down and stick to the narrative please. As you can see in the comments, the narrative is to give up and not bother because everyone else has rich parents. (15% is everyone else)
this made me feel a little proud, I haven't received a single dollar from my parents or anyone else, and I bought my first home in 2021 in my early 30's. I guess I'm part of an exclusive
It really depends on what your circle is like, my dad gave me a deposit for my first preconstruction condo (we're not rich by any means but he had enough saved up before the condo market went wack) while I was still in college, but I took a bit of that money (less than 20k) to start a business, it did quite well. During covid, I bought my first mcmansion just a few mins north of Toronto for 1.4m, it's now in the 2m+ range without a penny from my parents. I didn't think it was unusual at the time until the bank started doing money laundering checks on me stating I was still in my 20s, apparently it was highly unusual without a gift. However, all the people around me who were entrepreneurs, youtubers, doctors and even high performing real estate agent in their 20s and early 30s all owned homes, some multiple. If you broadened your mind to the possibilities, believe that it's possible first then take action/step out of your comfort zone/traditional routes there's endless possibilities out there.
It's so weird watching everyone address a housing bubble by constantly acting like it isn't a bubble and these rises are guaranteed to continue. Only a matter of defaults at this point before the house of cards falls apart
At 6:40 "The dream of secure housing has little to do with ones work ethic" But still the study shows clearly that the best predictor is how much you make.
EXACTLY. CBC pushing a narrative here, which is not helpful to anyone. The video itself touches on the loss of hope, while itself contributing to the hopeless mindset!
But income is also something that has little to do with one's work ethic. There are hard-working people stuck in low-paid jobs just because they weren't able to access post-secondary education. And even for the folks working highly-paid jobs, most of the economic gains from productivity increases we've experienced over the past few decades have gone to shareholders, not workers.
@@user72974 yes I agree in principle. But I’m saying the way he said it to me implied that he’s saying that mommy and daddy giving you money is the best predictor and not having a great job. Which is not true. Income still is the highest predictor and the other factors just increase your chances. The lowest cohort making over $80K had a higher chance of home ownership than the highest cohort making $40K with rich parents. That’s what I was pointing out.
Income and savings peaked in my 30s. No vacations and rarely went out with my friends to save for my initial downpayment on a preconstruction condo while working 60+ hours to build my resume.. then worked into a townhome and finally a detached home. The values I learned from my dad brought me into this path, not his money.
This is quite biased. It made me angry to hear "the rich stay rich" when they help their kids. Most of my friends made way more money all their lives but spent most of it on vacations, expensive cars, constantly eating and drinking out. We never did any of those things because is was our personal decision to live more frugal and pass on wealth to our kids. That should be 100% our right and not have the government now take it away through the increased capital gains or have reporters make it sound bad that our kids get ahead because of our sacrifices. Shame on you CBC. You should encourage more parents to do the same and help their kids.
“Own a home” or “live in a home that the bank owns which you’re paying a mortgage on”. Please specify. You don’t “own” anything until the payments are done.
I had a choice. Either I had a family, or I owned a home. I can't afford to save for a home while caring for a family of 5. So. The poor who do push for a home probably have less children, meaning even the few who do climb into home ownership, fail to make it intergenerational.
37 years old. Just bought our first home. It was a combination of hard work but mostly a generational inheritance. It’s unfair I know. But it’s the reality of our society.
The study clearly shows that the vast majority of first time home buyers don’t have help from their parents. But most in the comments seem to have given up on life entirely.
I was born in 1979, came to Canada in 2015, work 60 hrs a week. Already gave up owning a house. I've been underpaid, ignored for job postings, and promotions, only because of where I came from. I keep from many Canadians that they are welcoming and better than Americans, but man, Americans are way more generous.
I was fortunate enough where my parents, who benefited from the housing price boom, helped me with my first home. Not every parent can or are willing to do that
When you say "Homeowner," do you mean that they actually "own" their home? or do you mean that they have purchased a house and have a mortgage payment? There's a huge difference.
I think people are still confused about the difference of actually “owning” and being a “lifetime mortgage slave”. Keep buying things you cant afford and see where you end up.
Can this please serve as the nail in the coffin of the 'how I bought my own home by age 30' and every single time it's that their parents gave them a massive loan or gift. It's generational wealth, simple as that. The parents who own more than one home contribute to rising housing costs that edge the rest of us out of the market. So depressing. Housing should be like elementary school pizza parties: everyone gets their first serving before anyone gets seconds.
They need to further add in that if the parents don't have the financial stability to be able to purchase a home, how much if that burden is passed onto the kids and if that affected their ability to save for their own home. If a parents own a home, they ain't gonna be asking their kid to chip in and help out with bills
