Entry level job : requires a college degree, minimum 3 years experience in the specific field youre trying to get into, be willing to relocate and pays 16$/hr. There you go, heres your answer.
I know it's illegal to discriminate based on family status, but 4 years ago when I signed my lease for a two bedroom with my now-husband, it stated no kids and no dogs allowed to live in the unit. I worry about what happens when if decide to start our family in this apartment... You are spot on.
Canada is such a dump for young people. Everything is expensive, everyone is overqualified and underemployed, and the federal government is concerned more with the plight of foreigners than its own people. What happened here?
I was part of a gov funded employment program where they pay for 50% of your wage. I got placed at a struggling start up company to help them boost sales. Instead of using my business/consumer psychology background they had me clearing out their storage room and testing products. The job ended up causing a serious knee injury from crawling around on their hard wood floors. At the same time the team was making complaints that I wasn't making a drastic increase in sales, as I was entirely committed to this second undiscussed job description. The aim of this program was to give me the skills I needed and at least 1-2 years career experience to break through the resume barriers. Instead I helped a bunch of techie jerks clean their storage room.
THE LIEBERALS HAPPENED when youve figured that out go Look at the immigration statistics CHINA PHILLIPINES INDIA Endless immigration To flood us with cheap labour Lower our standard of living So the Banks, Corporations 1%er land owners/ developers Mortgage brokers and Real estate Brokers/ realtors all chearlead the downfall Of our Country and run and cry Racism If you question their INSANE anti Candian Policies.
TOTransitGuy7755 this might be a sollution, in the sense that it would decrease demand by I believe around 4-5 percent... However, also keep in mind that foreign buyers are getting billions of dollars into the Canadian economy, creating tens of thousands of jobs in the process... But yes, I do agree that foreign buyers need to be at least tapped, or taxed more (with the premium tax they pay going for instance to offset/subsidize costs for first home buyers)
In China, they've restricted how properties you can own because of the same reason what's facing Canadians. There's a reason why we cancelled the "investors visa".
u want to know the culprit? 1. real estate agents 2. Bankers 3. foreign investors who contribute 0 to local economy. 4. impotent and reckless politician and government leaders who let this happen to the next generation canadian who won't be able to purchase their own house like their grand parent did 5. real estate board
No, they do not take it from you, by going there you gave it to them. Like when I told the doctor I broke my arm in three places he boxed my ears and said stop going to those places.
Foreign investors contribute a lot to your economy - if investors stopped pumping money into your economy, the GDP would drop significantly. I think you should learn how your economy works.
Exactly and that’s why Canada’s birth rate is low and they figure they gotta bring in immigrants because of it. Then house prices rents rise. It’s an endless cycle
It's not just soaring real estate prices, it's also stagnating wages despite an increase in productivity. Wages have not kept up with inflation. The government has been bending over for big corporations for way too long now. Something's gotta give.
China deserve to rule the world they have it all sorted they know how to run a country they an ahead unlike the westwtn world who are greedy and want it all for themselves and harm the people.
With the inflation on house prices, I couldn't afford to buy my own home today. Less than a decade after buying this home, it has inflated to a point where at my income it would be very difficult to buy it. Rent is VERY high (even in the small cities) making it next to impossible to save for a down payment. Quality of employment is another issue.
Boomers may have had it tough in the late 70s and 80s with interest rates, but they have prospered well in the 90s, 2000s and 2010s. Interests fluctuate up and down, but once house prices increase, rarely if ever go down in value. That’s the problem here and it appears there is no end in sight. Here are some reasons why we can’t afford homes: 1. Wages have not kept up with house prices, and I’ve seen my parents house quadruple in price, but my professions wages only go up 10-15% in the same period. 2. Foreign investors buying up real estate and jacking up prices. 3. Less land for development in downtown or even suburban areas driving up pricing. 4. Realtors inflating homes prices and driving up speculation. 5. Governments turning a blind eye as they reap benefits from municipal taxes, land transfer taxes, taxes paid on construction, as well as the jobs associated with home building, maintenance, banking etc.
The market is artificial. People depend on housing. It's not a commodity you can say I can live without. Greedy aholes exploit this need for a place to live. People are wasting their lifes working just to pay for a roof over their head, making others richer and richer in the process while not getting any farther. A house shouldn't increase in value. It should lose it's value over time. How can it be that one can demand multiple times the original value for something that is run down and on the brink of collapse. It's not a natural law or God given that housing prices have to increase. That's just something the greedy aholes wish for. When you buy a sandwich, you don't expect it to increase in value. You eat it and your money is gone. But somehow houses are expected to bring that money back, x-fold. The greedy aholes are calculating with money which nobody has. Even before buying an investment property, or simply a house to live, they all calculate that they'll make x% gain every single year. They don't care where that money is supposed to come. They buy for a high price with the expectation that they'll be able to increase the rent, let the idiotic renters pay off the mortage and then sell it for twice the money they bought it. It's this expection and the demand that the prices have to go up that they go up. These greedy aholes aren't forced to go up with the prices, they aren't forced to dry out their tenants. But it is simply what they want. As everyone gets on with it and every property on the market is put out with the same high price, people who direly need a home are given no other option but to pay up or live on the streets. The greedy aholes don't care at all that people have to pay half of what they earn or even more for a place to live. They could be paying 90%+ of their income, and these aholes would still feel justified about their prices, saying "look, they can still pay it, that means it's still not too high after all".
Pick a more affordable area. It’s not greed, it’s smart investing and sacrifices made. If you don’t like the rent there then MOVE where rent is lower. It’s really quite simple.
Try being a hard working self employed millennial and buy a decent home while also sending a whole bunch of your cash to the gov in taxes between the corporate taxes and personal taxes.
They tell us to pull ourselves up by the bootstraps, but they forget that they took away our boots, and continuously make sure we can't hold onto any boots. Millennials work 2 to 3 jobs, stay up longer, work longer, and invent new ways to make a living. Yet these insane boomers that wrecked the system with their greed and voted for trickle down economics, have the nerve to call us "lazy, entitled, brats"
dipojones, You are delusional, If you would like to find the root of your issues climb the stairs out of the basement and look at your debt ridden Gen X parents.
LOL The milenials who want to live in trendy neighborhoods are responsible for ALL of this. If we all stop eating meat there will be no slaughter houses. If milenials stop following trends and moving into expensive areas these foreign buyers won't bother investing because NO ONE WILL RENT FROM THEM.
Show me someone that is still paying those 20% interest rate mortgages. I guarantee you they have long since refinanced for a lower rate along with the low purchase price of that 1979 home.
Prices outside the growth/immigrant settling areas are still cheap. The problem is Canada has very little industry left, it's only industry really at this point is government and real estate. If we stop immigration real estate will tank and take out the last growth area of the economy. Our economy is very sick, because we need housing price appreciation to drive growth. That's not good. 30 years ago, real estate wasn't the driver of growth, manufacturing was. Real estate was a means to house workers. Now, real estate is the economy.
Well ya got your crash, but it didn't exactly help, lol. Rent and housing prices didn't drop an inch because they know foreignors and Gen X'rs are already lined up ready to scoop up property to rent out when the pandemic blows over.
Buddy it’s way worse up here 700,000 to a million for a damn 3 bed 2 bath 1200 sq ft house! It’s absolutely criminal. In the states you have the choice to move somewhere else if you want less price. There is nowhere to go here across the country it’s ridiculous insane. Locked in
I make significantly more than my father and can’t afford to buy the house he raised me in....on a single income....with my wife’s wages included.....something in Canada has to give eventually you’d think
Dear Millennials, it's far more heinous than has been presented here. The two dominant factors are these: 1. The Debt Game. Ever increasing Government debt (the expanding Social Welfare State and buying Elections), and the cahoots Financial/Banking Sector pumping out the 'easy money', skimming off all that unsustainable debt, and the self-serving hedging/protection with artificially low interest rates. Where did a lot of the easy money go? Into the Markets, and pooled into the hyper commoditizing of Real Estate. Much of the rest of the Stock Market etc, had already been tricked out/saturated in the ever increasing sophistication of Big Money Trading. 2. Immigration (Legal and Otherwise) and Foreign Investment. We don't have to hate in having a conversation regarding this. But if, as was demonstrated in this segment, it continues to be taboo to even broach the topic, you Millennials should just get used to barking at the moon.
Wheather you like or not, the interest rates are going to rise up around 4~6%+@ In soon. And many of the people who bought the houses with the lots of depts, they'll drop off the market. Millennials are just unlucky, unlike the Babyboomers. They were able to save up the money with the high-interest rate with the bank's savings account. Don't marginalise the Millennials; they simply unlucky.
Kyle Park - Millennials are not unlucky. They are suffering the consequences of greedy older generations who sold-out for short term benefits, and scores of immigrants who have arrived over the past few decades, and whose own selfish interests have also contributed to the terrible inflation. I'm not marginalizing Millennials, on the contrary, I have empathy for them. However, if there is any hope in addressing this situation, Millennials must help by participating in acknowledging the root causes. If you can't do that, forget about it, it's a lost cause.
Jay Larsen I don’t think you understand how the Economy works. Therefore It is meaningless to furthermore discuss. Research more about the interest rates. And I don’t think you don’t need to feel empathy to Millennials because after the Interest rates hike soon, one of the victim is going to be the Baby boomers as well. And do you think Canada is able to run by itself without immigrants? The answer is no think twice. Without population growing, who’s going to pay for the boomer’s pension and taxes?
Immigration to Canada is not the problem like some people here have suggested. The prices of the homes are simply getting too damn high because the housing market could get away with it. Buying a home is a bad move regardless of the equity that you build. One is taking on too much debt doing that. The deal works best for the banks and lending institutions. The price you agreed to buy the house for is not the amount that you've paid for the house after it all is said and done at the end of the 25 or 30 year mortgage. It's much, much more with all the interest being paid.
It is the extremely low interest rate that started in late 2001 until very recently that encouraged Canadians and people around the world to borrow excessively to buy homes and buy things. This is the major driver in the escalating housing prices that has occurred around The world. The other factors are zoning restrictions, red tape and construction costs. In Vancouver's case, there was a massive drive to get people to move here from within Canada and abroad, via Expo 86, 2010 Winter Olympics and all the best place on Earth, most livable place, etc. campaigns.
Sure but I’d rather experience equity gains and not worry about my landlord selling the home and me having to move out, rather than paying skyrocketing rent in downtown Toronto. Up until I bought my condo, I was paying more in rent than if I had bought the condo 4 years ago.
@@Dholi1 I used to think like that too. The myth about that argument is that the equity gains are going to be offset by the interest you're paying for your property by the time you reach the end of your mortgage. Real estate will make the serious money for you if you buy the property as an investment property, write off business expenses, and have tenants. Also, if you're about making money, you want to be owning an apartment that gives you several doors. Not a condo or a detached house which each give you only one door. Condos are a dime a dozen and everywhere now. That's the problem with them. They're hard to resell as new ones are always being built up everywhere. I know. I had one.
Canada had 300,000 people immigrate last year. Houses arent being built fast enough, which means higher demand and thus higher prices. Immigration is certainly a part of it, not the entire problem but its a part.
@@durrhurr2012 I see where you're coming from. I would sooner say foreign investment in Canada (particularly the Vancouver and Toronto markets) have driven up the prices. Many of the investors buy remotely and don't even live in Canada. The cities are supposed to grow in population. Demand in building materials (lumber sans for cement etc) for commerial and residential builds is what drives up the cost. That's a global problem. Especially the sand. Google the article "The world is running out of sand". Sand is important for the mixing of cement.
1950's 7-9k got you a starter home which is around 70-90k today. My grandmother purchased her last home 3 floors for around 70k in 1990. Fast forward her home is now worth about 600k. Even adjusted for inflation thats a 400% increase. Millennials can barely afford 1br apartments today. As for interest rates my mother took advantage over over 10% interest rates on CD accounts and doubled the money she put in the bank.
lowering taxes and fees for buying a new house for 1st time buyers (even lower than they are already), and raising taxes for foreign buyers who already own property, and banning future foreign buyers who do not have citizenship or residence permits would do it. that would slowly balance things back out
Nothing will be balanced out those kind of lost its ability to print its own money at 0 interest and has been replaced buy a currency that has no value as it one-sided and silver coinage and is rapidly losing value and has lost 80% of its purchasing power and under 50 years, as well as governments keeping artificially low interest rates dries up Supply increases the price of remaining little Supply left Presto you have a bubble
Move more of the jobs into rural areas, where there lower cost of living. Majority these jobs should be entry level positions. So young people can live life and save.
So many people are ragging on foreign investors, when there are so many canadians who own several investment properties they rent out to make their living on, by renting at a profit and/or air B&Bing them, which drives up the market value around them. Canadians should not be able to monopolize housing like this. Treating homes as investments and buying up a bunch of them prevents other canadians from being able to have an actual home. There should be a limit as to how many properties canadians can own.
CBC, thank you for not shutting down the comment section. As a millennial, I am terrified about what is happening with Canadian real estate and foreign buyers. I'm really happy that you guys had this discussion. I feel our previous generation havnt done much to protect the future of Canadian youth. But I don't blame them. Who could see this coming after all. I work hard at my job and at school, but its discouraging to see a system that prevents me from buying a house in the future. When I raise a family I don't want a landlord constantly hovering over me. I just want the same independence that Gen X'er and baby boomers have. We need legislation to protect young Canadians like myself.
And Tony that is due to inflation, when they took the silver and gold backing out of the money and the people's productivity through economic freedom they began of printing spree of money which is cause the loss of purchasing power of both the American and Canadian dollar of 80% and under 50 years. Not really everything is going to cost more when this occurs. Add a little bit of artificially low interest rates by government and you dry up Supply causing the remaining little Supply to go up in price and Presto you have a bubble. Also interesting to note that the level of narcissism amongst millennials has doubled in comparison to those from the 60s generation. This is very very serious implications. With huge moral and ethical consequences to the stability of society
Technology is always a great solution to inequality. We need to invest heavily into technology that will help build homes at an affordable price. Look towards 3d print houses in the next 20-30 years to become mainstream.
Ima just move to the states. That's my plan. I can get a place for $200K over there and I already work for an American corporation so employment isn't an issue. At least they had a housing crash (although their banking system is still flawed). I think Canada's housing market is in a bubble.
Or have a tax for each additional home you own, 1 home; exempt from the tax, 2 homes 20% tax on the value of the 2nd home upon sale, 3 homes 30% tax on the value of the 2nd and 3rd home upon sale and so on... The only exception would be owning a vacation property out side of high population areas (Like the GTA) so way up north in cottage country....
@@A-rk3dn You are correct investments. Though these investments are causing a huge issue when they are hoarded. Housing is one of the necessities of life.
@@rulz2663 no for some it's survival to have one rental , due to illness or age ( elderly). I think having at least 1 other property is fine. 100s & 1000s is just crazy.
I keep thinking what needs to happen is that the bank brings up interest rates back to normal levels, 6% or more. I think we'd see a lot of those morgages default to the point where housing prices would fall again.
This is not true. We didn’t do this, you just need a govt issued IRD number and NZ and account. Both easily obtained when you visit. Or you just set up an NZ investment company which buys the house without setting foot in NZ
I'm young, make 60k, 24k liquid, 15k portfolio, and can't even get a starter home! They're already under contract within an hour of listing and I'm not going underwater just to win a bidding war 😡 Just saw a lovely 230k house that checked all my boxes and description reads "Can't even get it listed, UNDER CONTRACT!". So sad.
Older people who have high equity in their homes that they bought 20+ years ago haven't won the lottery. Let me explain: The high price of housing is a function of artificially kept low interest rates set by the Bank of Canada. This means savers get virtually no return on their savings, and you cannot live off the interest from it. So what's left? The house you bought. It is what most of people my age and older have left to live on. I don't see a lottery winning here. I see a market distortion created by monetary policy.
Hosuing in the 60's: 3 bedroom, 4 kids. 2 kids per room. My parents had a 2 bedroom house, 700 sq ft. There were 3 kids in one bedroom. Parents and 1 baby in the other bedroom. No basement. That was an affordable house. A house today that is 700 sq ft is not new, it's 60 years old. If people are willing to buy affordable houses, if cities allow us to build them, we can have affordable houses again.
Small homes aren't built anymore as they've been replace with small condo units. The cost of development (taxes and permits) and low ROI deter developers from building small detached homes.
Part of the problem is that Canada still doesn't have 1st world transit infrastructure, so most people are forced to buy cars to get around, even in many of our densest urban areas. That seriously impacts our ability to save.
I bet there's a guy or gurl out there who could only afford eating avocado toast and is eating their 17th piece with a stunned look at their face watching this.
Yeah, but interest rates were 20% back 40 yrs ago so you cant compare house prices. If interest rates ever go back up, house prices will be cut in half or more. That's why they try to keep the rates low since people will freak out if their property value goes down.
Limit the number of homes you can own within a certain area to 1 per person/family. No one needs 2,3,5 homes.... That would surely shut out the people who are just buying to sit on the home and make bank at the end. Or people buying multiple properties to rent them.
Read up on hyperinflation Zimbabwe Weimar Republic, constitutional money coins and silver removed replaced with funny useless money printed out of thin air period and government intervention in the free markets going back to 100 BC comma example keeping interest rates artificially low allowing more people to buy drying up Supply causing remaining Supply to go up in price. Knowledge is power the same time knowledge can be terrifying but it builds character and wisdom
If taxes were 100% of income the landlords wouldn't be able to collect rent, then would lose their property since they can't pay the taxes on their land. Then the government would use that taxpayer money to buy up the property. No different than the corporate banks using ursury to game the system to make people lose their homes.
It's settled then...we'll raise taxes to 100%, bankrupting taxpayers and landlords. The government will then seize all property due to failure to pay property taxes...then the government will distribute the properties to their loyal supporters.....did I miss anything?
Not sure why CBC is reporting on this, as there is outrage from this channel regarding the slashing of Toronto City Council. A council which regularly green lights a ridiculous number of condos downtown so they can suckle off of the property taxes. City hall and the increasingly capitalist ideologies of Canadian politicians have sold Toronto and Canada off to the highest bidders for their own personal gain.
This is a problem not only in Canada, but can be seen all over the world; like Belgium. With a decent pay (above our country avg), it would take 10 years to pay 20% off a house payment.
you can put a percentage cap on what you can sell a home for. but that is bound to piss homeowners off and people who are investing in property. but it would benefit people who are merely looking for a place to live.
Solution is simple. I myself being an immgrant will still say stop foreign buyers ... just look like at New Zealand. I love this country and will do everything that helps the new and next generation in this country. Regulating the housing mkt is the only way
481k average price in what part of Canada. My townhouse was 382k and that's the cheap end. Townhouses in Abbotsford go up too 800k. Houses are reaching the million dollar mark in Abbotsford. And we're 80km away from Vancouver. The closer you get to Vancouver the more it costs.
I've been saying the exact same thing since the mid 1970's when the Chinese destroyed a city called Agincourt a small city in the suburbs of Scarborough, Ontario Canada. I saw firsthand what the Chinese did to that city.
Since Canada taxed foreign buyers 15% in Vancouver and Toronto, prices in Montréal have started going up. 12% average increase in 1 year in the West Island, some areas up 18%. 5% min in all GMA. There`s a direct correlation if you ask me. I'm 35 and bought a house 5 years ago, but the way things are going we will end up like Toronto and Vancouver soon.
the real problem is the lack of real wage inflation and high taxes !!!!!! , also just think about how cheap auto insurance was in the 80's , the cost to register your car , the cost of a passport , the price gasoline , your water and hydro bill had way less taxes etc....
Melinials should understand that their ever increasing demands on an over blown social welfare society, along with the gov'ts they support are now, considering all tax layers, taking around 70% of your earnings; thus eroding disposable income and saving potential for a starter home in the market. There is a cost for all that 'free stuff' that some gov'ts are willing to buy your vote with... On the pricing side, we can all see that it's not Canadians driving ridiculous and unapproachable values. Foreign money sees Canada as kind of a benign SwissBank-like place to put cash...not all of it clean. What better place than a condo in TO or a bungalow or three in Burnaby. Political will, could fix that. Our neibours south of the Rio Grand won't allow foreign ownership of residential property. Me thinks if JT and his Marxist-Globalist cronies get their way, that we all, along with a whole lot more folks, will soon be wards of the state and living in social housing anyway...except for the Laurentian Elites of course.
Nowadays with a lot of BA degree professional jobs paying just shy above 6 figures is still difficult for saving the 20% down payment. These past few years made it so much harder to save since the home prices are going up so fast and our annual salary raise is not going up fast enough to match it. Rent has gone up too! So instead of saving for 5 years, now is more like 7 years (hoping the home prices don't climb too fast). I mean, we are lucky that it's very easy to get a home mortgage but if you do the math, when are we going to pay off a house that you bought for $800k in GTA area? I don't know how my friends can even buy anything over 3000 sq ft because they cost over a million easily.
Yet the millennials still keep moving from rural Canada to the cities where a junior framer on a construction site makes $35 to $45 an hour. And in cities where they can buy and flip homes as a full time job. Not until people load up the U-haul trailers and leave the cities will you see prices decline. That hasn't been happening as most millennials have a safety net and that's their parents drawing down their own house equity to support their adult children. In the end we have a highly indebted nation to the banks where inflation will lead to higher and higher interest rates.
Instead of helping else where and try to be this role model. Help the ppl in ur own backyard 1st. Before lighting elsewhere 1st put light in ur own home. Work like a dog and pay for the walfare ppl and they buy a house and collect free money. It's the shame in the government for not being able to provide for its ppl.
price of houses in canada shouldn't be compared with those in Vancouver. While a normal house can cost $400,000+ in Vancouver, it would cost $180,000 in Québec city, $ 80,000 in Trois-Rivieres
Its worse for young people because they don't even have a starting point, at least older generations have their foot in the door and already own a property.
more bad guys are at work: The land scarcity created by the ALR* has rendered Vancouver housing the most “severely unaffordable” of any major city in the 265 metropolitan markets across Canada, the United States, Australia, New Zealand, the United Kingdom, and Ireland, as analyzed by Wendell Cox and Hugh Pavletich (2009) *Agricultural Land Reserve (ALR) was established in 1973. source in 2009 : www.fraserinstitute.org/sites/default/files/BCAgriculturalLandReserve.pdf as you can read, there are no Chinese, no "foreign" buyer, just farmers who will make your children have a miserable room to live. the solution, the trend? rent a room at $ 400 a month in the city center to work and go for a high salary, then return on Friday in the late afternoon, 50km away in your beautiful house with pool and forest!times have changed guys, mobility is forced.🖤 👍
forget 1976.... in 1996 my parents bought a semi-detached house on a great neighborhood in Toronto and they only paid a little over 200K for it.... now they can sell for a million easy.... but where would they buy?
I know not all are like this but there is a lot,single guys and girls in there 20's are driving brand new full size 60k trucks and 4 door jeeps when all they do is commute to a factory job complaining about not being able to save a down payment. lots of people have no problem signing up to for debt but don't see why they can't save, stop with the credit and use cash, if you don't have cash you can't afford it.
Joe Fekete in California were seeing the same thing but don't judge these kids. Most have to own a vehicle if they want to work. A new vehicle while expensive is worth it for most over a used bucket because millenials need to establish credit in order to really do anything. Cars and trucks are mobile while a house is not. Mkst young people switch jobs every year or two because they are offered more hours at a higher pay rate. If they did not have working vehicles and were stuck in a house for 25+ years with a mortgage they would really be screwed. Not to mention aside from building credit new vehicles have warranties.
LegendaryFrost totally illogical and it has nothing to do with judging anyone, life is a balancing act. what is more important, a house that you live in or a status symbol(car)you loose money on every year with depreciation and all the interest you pay on the loan. You buy a car or truck for 50k , you pay for 7 years at 600 a month plus tax and it is worth around 20k so 30k you loose over 7 years is 4.3 thousand a year in the name of building credit? that is insane. you can get personal bank loans for 5k or so buy a car and payments are about 144 a month for 3 years still build credit, save every month for a house and be able to breath. plus you drive that car for five years and throw the car away after because it only cost 1000 a year, to drive. come on do the math, it isn't hard. Like I said balance, what do you want more a good car and your own home or a brand new car and live with your parents or apartment and complain that you have no money.
@@LegendaryFrost Read more carefully, he isn't saying for people not to have a vehicle to get to work but rather buying expensive trucks and SUVs rather then a 4 door sedan. The perception kids look for towards there peers is more important to them than the future of tomorrow in regards to wealth and financial stability.
@@prunejuice281 I did read what he said. He said pay cash for everything and dont take on debt. Another person commented that you can get a 5k personal loan instead, not sure what planet you live on but a 20 something year old with no credit can get about $500 max with a personal loan. The only time I've heard of a young person getting that ammount of cash is if somebody who does have good credit co-signs on the loan or they own some sort of asset they can put up as collateral. I know a few drug dealers who make 100k a year and even though they have plenty of cash on hand they have no work or credit history, now they are turning 30 and want a house and while they have the 3.5% for the down payment no banks gonna give them a reasonable mortgage with no credit history or proof of income.
And getting a mortgage is not debt? As for using credit cards, as long as you pay it off every month, you can at least get something back in rewards. The hilarious thing is that the interest rate on a savings account can be lower than the cash back rate on a good cash back credit card. Also, a lot of businesses that accept credit cards don't give you a discount for paying in cash anyways.
I'll say. Quarter mill for a house that would've less than 100,000 when my parents were young. Luckily wages have kept up with increasing housing prices... The joys of having right wing governments in power for decades.
Jay Ray no they haven’t. Wages have not even kept up with inflation. House prices to income ratio is the highest it’s ever been. Problem is the interest rates have been kept too low for too long.
For all you people in the comments who blame “other” people, you fail to understand what technology has done for and against the economy. Housing prices are up. Wages are down. That’s the crux of the issue. Why is this? It’s because more jobs are automated, which lowers wages by 1) taking jobs people used to do, 2) sending people who would have once done those jobs to compete in other fields, thus, saturating those fields, and 3) concentrating the labor economy into fields that can be performed in a small area such as a city vs the old farming or cottage industry jobs that needed to be spread over a large area. It isn’t the houses in the countryside that are going up. Housing prices in cities are going up because automation dries up farming jobs, thus, sending everyone to the city. Even China has this problem. We are seeing mega cities for a reason. But more concentrated populations means a strain on resources in the area, especially housing and water. Now, we could all stay in the countryside and work at picking watermelons or taking care of chickens or cleaning up after cows, but most people who were born in the country and their parents do not want them to do those jobs. Besides, demand in the tech sector is growing. That’s why the cities are growing in the first place. Those jobs need to be filled. Those tech jobs need to start paying what it costs to live or help invest in infrastructure that will allow the city to grow or move pieces of their operations to another part of the country.
@JL J interesting idea: real estate prices would be correct: it's my salary that might be too low! conclusion : Lazy workers and family in small apartment ( and hight local taxes) at 2 hours from the city and ... the laborious workers in big house next to University ... the survival of the fittest , an old statement.
In 1976, interest rates were about 10%. Also few families had (or needed) duel-income households. With low interest rates around 2-3%, now going on two decades, are a significant reason for high house prices.
Entry level job : requires a college degree, minimum 3 years experience in the specific field youre trying to get into, be willing to relocate and pays 16$/hr. There you go, heres your answer.
Not if your uncle is Doug Ford. Then remove everything you said except “pays” and change $16/hr to $40/hr.
@wute aevere $9 though?
How to destroy the family. Don't let the young own homes so they can't start families.
I know it's illegal to discriminate based on family status, but 4 years ago when I signed my lease for a two bedroom with my now-husband, it stated no kids and no dogs allowed to live in the unit. I worry about what happens when if decide to start our family in this apartment... You are spot on.
IrelandVonVicious I’m pretty sure the young are starting families without houses. At least that’s how we do it here south of your border.
@MrHoppers002 go figure.
@MrHoppers002 less kids
Put away the smartphones and get some skills in a trades college.
Even a nurse makes more than $100,000 per year.
Canada is such a dump for young people.
Everything is expensive, everyone is overqualified and underemployed, and the federal government is concerned more with the plight of foreigners than its own people. What happened here?
Exactly what most republicans don’t want for the United States...
that can be said everywhere in the world
I was part of a gov funded employment program where they pay for 50% of your wage. I got placed at a struggling start up company to help them boost sales. Instead of using my business/consumer psychology background they had me clearing out their storage room and testing products. The job ended up causing a serious knee injury from crawling around on their hard wood floors. At the same time the team was making complaints that I wasn't making a drastic increase in sales, as I was entirely committed to this second undiscussed job description. The aim of this program was to give me the skills I needed and at least 1-2 years career experience to break through the resume barriers. Instead I helped a bunch of techie jerks clean their storage room.
Adam Bernard
Leftism happened.
THE LIEBERALS HAPPENED
when youve figured that out go
Look at the immigration statistics
CHINA
PHILLIPINES
INDIA
Endless immigration
To flood us with cheap labour
Lower our standard of living
So the Banks, Corporations
1%er land owners/ developers
Mortgage brokers and Real estate
Brokers/ realtors all chearlead the downfall
Of our Country and run and cry Racism
If you question their INSANE anti Candian
Policies.
Ban foreign buyers from the country.
TOTransitGuy7755 this might be a sollution, in the sense that it would decrease demand by I believe around 4-5 percent... However, also keep in mind that foreign buyers are getting billions of dollars into the Canadian economy, creating tens of thousands of jobs in the process... But yes, I do agree that foreign buyers need to be at least tapped, or taxed more (with the premium tax they pay going for instance to offset/subsidize costs for first home buyers)
Notetwo77notetwo77 Yeah, New Zealand did that because their housing market goes nuts.
Maybe you should tell Trudeau to ban the foreign buyers.
TOTransitGuy7755 Housing prices were very high before Trudeau was in power. The housing prices started to skyrocket in 2005.
In China, they've restricted how properties you can own because of the same reason what's facing Canadians. There's a reason why we cancelled the "investors visa".
u want to know the culprit?
1. real estate agents
2. Bankers
3. foreign investors who contribute 0 to local economy.
4. impotent and reckless politician and government leaders who let this happen to the next generation canadian who won't be able to purchase their own house like their grand parent did
5. real estate board
The main culprit is greed.
The ones selling/renting the houses are the ones who see the dollar signs flashing before their eyes.
It is a supply problem. I recommend "Basic Economics" if you are interested in real reasons that aren't scape goats
No, they do not take it from you, by going there you gave it to them. Like when I told the doctor I broke my arm in three places he boxed my ears and said stop going to those places.
No mention of interest?
Foreign investors contribute a lot to your economy - if investors stopped pumping money into your economy, the GDP would drop significantly. I think you should learn how your economy works.
Babyboomers are gonna miss out on having grandkids because I am not raising a child in a one bedroom condo.
Exactly and that’s why Canada’s birth rate is low and they figure they gotta bring in immigrants because of it. Then house prices rents rise. It’s an endless cycle
Or sleeping on the damn floor with nothing to own!
Wow you have a one bedroom Condo!?
how about a studio apt?
It's not just soaring real estate prices, it's also stagnating wages despite an increase in productivity. Wages have not kept up with inflation. The government has been bending over for big corporations for way too long now. Something's gotta give.
I'm so glad CBC is now allowing viewers to make comments instead of disabling them.
I'm in my 40s and we still can't afford a house. That's in America. Feel for you
Depend on where you live. If its too high , move to another state.
Thats only for the selfish wealthy. Thats why I hate the wealthy.
In China, there are laws about owning too many properties for this very reason.
China deserve to rule the world they have it all sorted they know how to run a country they an ahead unlike the westwtn world who are greedy and want it all for themselves and harm the people.
is that you don king???how you doing man???betting on the mayweather fight again huh??
True... but let’s not take lessons from the CCP
With the inflation on house prices, I couldn't afford to buy my own home today. Less than a decade after buying this home, it has inflated to a point where at my income it would be very difficult to buy it. Rent is VERY high (even in the small cities) making it next to impossible to save for a down payment. Quality of employment is another issue.
4 years later... You thought housing prices were high back then ... With today's prices you can safely scratch the home dream off your list of dreams!
Lots of people are gonna end up living in a van down by the river
Just purchased my Float home... Work 2 jobs. Not where I pictured my life at 40.
Chris Farley 😂
simplify your living, stop over buying crap.
Tiny house here I come
Boomers may have had it tough in the late 70s and 80s with interest rates, but they have prospered well in the 90s, 2000s and 2010s. Interests fluctuate up and down, but once house prices increase, rarely if ever go down in value. That’s the problem here and it appears there is no end in sight.
Here are some reasons why we can’t afford homes:
1. Wages have not kept up with house prices, and I’ve seen my parents house quadruple in price, but my professions wages only go up 10-15% in the same period.
2. Foreign investors buying up real estate and jacking up prices.
3. Less land for development in downtown or even suburban areas driving up pricing.
4. Realtors inflating homes prices and driving up speculation.
5. Governments turning a blind eye as they reap benefits from municipal taxes, land transfer taxes, taxes paid on construction, as well as the jobs associated with home building, maintenance, banking etc.
The market is artificial. People depend on housing. It's not a commodity you can say I can live without. Greedy aholes exploit this need for a place to live.
People are wasting their lifes working just to pay for a roof over their head, making others richer and richer in the process while not getting any farther.
A house shouldn't increase in value. It should lose it's value over time. How can it be that one can demand multiple times the original value for something that is run down and on the brink of collapse. It's not a natural law or God given that housing prices have to increase. That's just something the greedy aholes wish for. When you buy a sandwich, you don't expect it to increase in value. You eat it and your money is gone. But somehow houses are expected to bring that money back, x-fold.
The greedy aholes are calculating with money which nobody has. Even before buying an investment property, or simply a house to live, they all calculate that they'll make x% gain every single year. They don't care where that money is supposed to come. They buy for a high price with the expectation that they'll be able to increase the rent, let the idiotic renters pay off the mortage and then sell it for twice the money they bought it. It's this expection and the demand that the prices have to go up that they go up. These greedy aholes aren't forced to go up with the prices, they aren't forced to dry out their tenants. But it is simply what they want. As everyone gets on with it and every property on the market is put out with the same high price, people who direly need a home are given no other option but to pay up or live on the streets. The greedy aholes don't care at all that people have to pay half of what they earn or even more for a place to live. They could be paying 90%+ of their income, and these aholes would still feel justified about their prices, saying "look, they can still pay it, that means it's still not too high after all".
Pick a more affordable area. It’s not greed, it’s smart investing and sacrifices made. If you don’t like the rent there then MOVE where rent is lower. It’s really quite simple.
@@Wynteroptimusprime Of course you can move to an area without (proffesional) jobs, but how are you going to pay your debt then?
The amount of old people I'm going to show this to. Facts!
Old people with money are afraid they'll have to lose what they have to make life better for the next generation.
We aren’t overspending I save at 30% per year, At above median income a year for the past 5 years and can’t even get into a home.
I had to leave the country to give my family a home.
There is no fn way I would take on a half million $ debt.
Even half a million is not enough
half million is like a small condo nowadays lol
Youre better off.
Yep I did the same thing for the same reason + the damn house just isn’t worth half a million dollars. People have done lost their minds!
Revisiting this 3 years later feels like damn house prices were actually cheap back then!!!
Try being a hard working self employed millennial and buy a decent home while also sending a whole bunch of your cash to the gov in taxes between the corporate taxes and personal taxes.
Millennial work? Good luck with that one.
git off muh lawn
They tell us to pull ourselves up by the bootstraps, but they forget that they took away our boots, and continuously make sure we can't hold onto any boots. Millennials work 2 to 3 jobs, stay up longer, work longer, and invent new ways to make a living. Yet these insane boomers that wrecked the system with their greed and voted for trickle down economics, have the nerve to call us "lazy, entitled, brats"
dipojones, You are delusional, If you would like to find the root of your issues climb the stairs out of the basement and look at your debt ridden Gen X parents.
LOL The milenials who want to live in trendy neighborhoods are responsible for ALL of this.
If we all stop eating meat there will be no slaughter houses. If milenials stop following trends and moving into expensive areas these foreign buyers won't bother investing because NO ONE WILL RENT FROM THEM.
Show me someone that is still paying those 20% interest rate mortgages. I guarantee you they have long since refinanced for a lower rate along with the low purchase price of that 1979 home.
Prices outside the growth/immigrant settling areas are still cheap. The problem is Canada has very little industry left, it's only industry really at this point is government and real estate. If we stop immigration real estate will tank and take out the last growth area of the economy. Our economy is very sick, because we need housing price appreciation to drive growth. That's not good. 30 years ago, real estate wasn't the driver of growth, manufacturing was. Real estate was a means to house workers. Now, real estate is the economy.
True
(( only industry really at this point is government and real estate. )) = EXACTLY, you hit the nail on the head !
I bet if all millenials were to leave Canada and struggle elsewhere the government would be more concerned.
Sweetness 94 not in America lol
Na, Canada is completely ok with replacing a millennial with a foreigner
Nope, they'd just import more Indians and Chinese, for whatever reason that is the government seems to have a fetish for those two nationalities.
Recession depression coming in 5 yrs be patient
"Saving" for a downpayment for most canadians is not a viable idea. You have to figure out how to beat the system.
Yeah, the savers usually neglect to mention inflation being a compounding factor.
any tips?
I can't wait for the next market crash so I can finally afford something.
Di Saar and then u lose a job. :(
Well ya got your crash, but it didn't exactly help, lol. Rent and housing prices didn't drop an inch because they know foreignors and Gen X'rs are already lined up ready to scoop up property to rent out when the pandemic blows over.
@@shadow7988 exactly and if anything property values went up in Toronto. The market was hot end of summer.
I’m from the US! You Canadians are in the same boat as us!
Buddy it’s way worse up here 700,000 to a million for a damn 3 bed 2 bath 1200 sq ft house! It’s absolutely criminal. In the states you have the choice to move somewhere else if you want less price. There is nowhere to go here across the country it’s ridiculous insane. Locked in
I make significantly more than my father and can’t afford to buy the house he raised me in....on a single income....with my wife’s wages included.....something in Canada has to give eventually you’d think
Dear Millennials, it's far more heinous than has been presented here.
The two dominant factors are these:
1. The Debt Game. Ever increasing Government debt (the expanding Social Welfare State and buying Elections), and the
cahoots Financial/Banking Sector pumping out the 'easy money', skimming off all that unsustainable
debt, and the self-serving hedging/protection with artificially low interest rates.
Where did a lot of the easy money go? Into the Markets, and pooled into the hyper commoditizing of
Real Estate. Much of the rest of the Stock Market etc, had already been tricked out/saturated in the
ever increasing sophistication of Big Money Trading.
2. Immigration (Legal and Otherwise) and Foreign Investment.
We don't have to hate in having a conversation regarding this. But if, as was demonstrated in this
segment, it continues to be taboo to even broach the topic, you Millennials should just get used to
barking at the moon.
Wheather you like or not, the interest rates are going to rise up around 4~6%+@ In soon. And many of the people who bought the houses with the lots of depts, they'll drop off the market. Millennials are just unlucky, unlike the Babyboomers. They were able to save up the money with the high-interest rate with the bank's savings account. Don't marginalise the Millennials; they simply unlucky.
Kyle Park - Millennials are not unlucky. They are suffering the consequences of greedy older generations who sold-out for short term benefits, and scores of immigrants who have arrived over the past few decades, and whose own selfish interests have also contributed to the terrible inflation.
I'm not marginalizing Millennials, on the contrary, I have empathy for them. However, if there is any hope in addressing this situation, Millennials must help by participating in acknowledging the root causes. If you can't do that, forget about it, it's a lost cause.
Jay Larsen I don’t think you understand how the Economy works. Therefore It is meaningless to furthermore discuss. Research more about the interest rates.
And I don’t think you don’t need to feel empathy to Millennials because after the Interest rates hike soon, one of the victim is going to be the Baby boomers as well.
And do you think Canada is able to run by itself without immigrants? The answer is no think twice. Without population growing, who’s going to pay for the boomer’s pension and taxes?
Instead of working on oneself, you blame the system? Yes there’s broken aspects in the system, but there’s always 2 sides of the country coin.
Immigration to Canada is not the problem like some people here have suggested. The prices of the homes are simply getting too damn high because the housing market could get away with it. Buying a home is a bad move regardless of the equity that you build. One is taking on too much debt doing that. The deal works best for the banks and lending institutions. The price you agreed to buy the house for is not the amount that you've paid for the house after it all is said and done at the end of the 25 or 30 year mortgage. It's much, much more with all the interest being paid.
It is the extremely low interest rate that started in late 2001 until very recently that encouraged Canadians and people around the world to borrow excessively to buy homes and buy things. This is the major driver in the escalating housing prices that has occurred around The world. The other factors are zoning restrictions, red tape and construction costs.
In Vancouver's case, there was a massive drive to get people to move here from within Canada and abroad, via Expo 86, 2010 Winter Olympics and all the best place on Earth, most livable place, etc. campaigns.
Sure but I’d rather experience equity gains and not worry about my landlord selling the home and me having to move out, rather than paying skyrocketing rent in downtown Toronto. Up until I bought my condo, I was paying more in rent than if I had bought the condo 4 years ago.
@@Dholi1 I used to think like that too. The myth about that argument is that the equity gains are going to be offset by the interest you're paying for your property by the time you reach the end of your mortgage. Real estate will make the serious money for you if you buy the property as an investment property, write off business expenses, and have tenants. Also, if you're about making money, you want to be owning an apartment that gives you several doors. Not a condo or a detached house which each give you only one door. Condos are a dime a dozen and everywhere now. That's the problem with them. They're hard to resell as new ones are always being built up everywhere. I know. I had one.
Canada had 300,000 people immigrate last year. Houses arent being built fast enough, which means higher demand and thus higher prices. Immigration is certainly a part of it, not the entire problem but its a part.
@@durrhurr2012 I see where you're coming from. I would sooner say foreign investment in Canada (particularly the Vancouver and Toronto markets) have driven up the prices. Many of the investors buy remotely and don't even live in Canada. The cities are supposed to grow in population. Demand in building materials (lumber sans for cement etc) for commerial and residential builds is what drives up the cost. That's a global problem. Especially the sand. Google the article "The world is running out of sand". Sand is important for the mixing of cement.
IM 25 AND I DONT THINK ILL EVER BE ABLE TO AFFORD A HOME UNLESS I MOVE TO SOUTH AMERICA
move to india you can buy lots of homes for cheap
Rent is going up too!
I rather stay in the U.S the houses are cheap here
It's really sad that the middle class is fading away. Now we have just rich and poor.
1950's 7-9k got you a starter home which is around 70-90k today. My grandmother purchased her last home 3 floors for around 70k in 1990. Fast forward her home is now worth about 600k. Even adjusted for inflation thats a 400% increase. Millennials can barely afford 1br apartments today. As for interest rates my mother took advantage over over 10% interest rates on CD accounts and doubled the money she put in the bank.
my brothers tiny one bedroom was 350000
It's hard on everyone
lowering taxes and fees for buying a new house for 1st time buyers (even lower than they are already), and raising taxes for foreign buyers who already own property, and banning future foreign buyers who do not have citizenship or residence permits would do it. that would slowly balance things back out
Nothing will be balanced out those kind of lost its ability to print its own money at 0 interest and has been replaced buy a currency that has no value as it one-sided and silver coinage and is rapidly losing value and has lost 80% of its purchasing power and under 50 years, as well as governments keeping artificially low interest rates dries up Supply increases the price of remaining little Supply left Presto you have a bubble
Move more of the jobs into rural areas, where there lower cost of living. Majority these jobs should be entry level positions. So young people can live life and save.
So many people are ragging on foreign investors, when there are so many canadians who own several investment properties they rent out to make their living on, by renting at a profit and/or air B&Bing them, which drives up the market value around them. Canadians should not be able to monopolize housing like this. Treating homes as investments and buying up a bunch of them prevents other canadians from being able to have an actual home. There should be a limit as to how many properties canadians can own.
So paying a $1000 mortgage will take me 40 years to pay off 🤯😩
CBC, thank you for not shutting down the comment section. As a millennial, I am terrified about what is happening with Canadian real estate and foreign buyers. I'm really happy that you guys had this discussion. I feel our previous generation havnt done much to protect the future of Canadian youth. But I don't blame them. Who could see this coming after all. I work hard at my job and at school, but its discouraging to see a system that prevents me from buying a house in the future. When I raise a family I don't want a landlord constantly hovering over me. I just want the same independence that Gen X'er and baby boomers have. We need legislation to protect young Canadians like myself.
cost of living in Canada in general is very high. taxes, cost of goods, food and energy, transportation, shipping
better than USA!
Andrew C it’s expensive in the USA as well just like Canada
And Tony that is due to inflation, when they took the silver and gold backing out of the money and the people's productivity through economic freedom they began of printing spree of money which is cause the loss of purchasing power of both the American and Canadian dollar of 80% and under 50 years. Not really everything is going to cost more when this occurs. Add a little bit of artificially low interest rates by government and you dry up Supply causing the remaining little Supply to go up in price and Presto you have a bubble. Also interesting to note that the level of narcissism amongst millennials has doubled in comparison to those from the 60s generation. This is very very serious implications. With huge moral and ethical consequences to the stability of society
California and New York is much higher
huge debt and forced to go to a job that I hate-no thanks
I'm from Hong Kong
This problem been going on for over 10 years
I'd settle for an oilfield trailer in the bush. I can't even get that.
So what's the sollution? What needs to be done so that this generation can get a chance at buying a home?
substantially increase housing supply and look at ways to address stagnate wages. This issue isn't isolated to just Canada....
Technology is always a great solution to inequality. We need to invest heavily into technology that will help build homes at an affordable price. Look towards 3d print houses in the next 20-30 years to become mainstream.
Here in Barcelona you need to be Albert Einstein to get a job and get paid 900€ a month. We're failing as society and that's really sad.
Same thing is happening here in NZ and AUS.
Ima just move to the states. That's my plan. I can get a place for $200K over there and I already work for an American corporation so employment isn't an issue.
At least they had a housing crash (although their banking system is still flawed). I think Canada's housing market is in a bubble.
we need declining population for cheap housing. instead, population keeps growing because of immigration.
Should make a law making it so you can only own one house at a time and ban foreign investors for sure.
Or have a tax for each additional home you own, 1 home; exempt from the tax, 2 homes 20% tax on the value of the 2nd home upon sale, 3 homes 30% tax on the value of the 2nd and 3rd home upon sale and so on... The only exception would be owning a vacation property out side of high population areas (Like the GTA) so way up north in cottage country....
@@A-rk3dn You are correct investments. Though these investments are causing a huge issue when they are hoarded. Housing is one of the necessities of life.
@@rulz2663 no for some it's survival to have one rental , due to illness or age ( elderly). I think having at least 1 other property is fine. 100s & 1000s is just crazy.
Immigration and foreign buyers dominate the limited market for toronto housing. its not that we or the older generation don’t work hard. truth
As they do in London England, NYC, LA, Paris, Sydney and Bangkok. Welcome to be a world class city.
I keep thinking what needs to happen is that the bank brings up interest rates back to normal levels, 6% or more. I think we'd see a lot of those morgages default to the point where housing prices would fall again.
Now these days,
$Half million dollars
It’s just small amount of money
Just like a worth $500 bucks
dThor Riven learn how to speak English
do what New Zealand has done and ban foreign buyers.
citizens only
This is not true. We didn’t do this, you just need a govt issued IRD number and NZ and account. Both easily obtained when you visit. Or you just set up an NZ investment company which buys the house without setting foot in NZ
So - similar income
4 times house price increase
The Taxes are getting out of control
I'm young, make 60k, 24k liquid, 15k portfolio, and can't even get a starter home! They're already under contract within an hour of listing and I'm not going underwater just to win a bidding war 😡 Just saw a lovely 230k house that checked all my boxes and description reads "Can't even get it listed, UNDER CONTRACT!". So sad.
Older people who have high equity in their homes that they bought 20+ years ago haven't won the lottery. Let me explain:
The high price of housing is a function of artificially kept low interest rates set by the Bank of Canada. This means savers get virtually no return on their savings, and you cannot live off the interest from it.
So what's left? The house you bought. It is what most of people my age and older have left to live on. I don't see a lottery winning here. I see a market distortion created by monetary policy.
Hosuing in the 60's: 3 bedroom, 4 kids. 2 kids per room. My parents had a 2 bedroom house, 700 sq ft. There were 3 kids in one bedroom. Parents and 1 baby in the other bedroom. No basement. That was an affordable house. A house today that is 700 sq ft is not new, it's 60 years old. If people are willing to buy affordable houses, if cities allow us to build them, we can have affordable houses again.
Small homes aren't built anymore as they've been replace with small condo units. The cost of development (taxes and permits) and low ROI deter developers from building small detached homes.
Part of the problem is that Canada still doesn't have 1st world transit infrastructure, so most people are forced to buy cars to get around, even in many of our densest urban areas. That seriously impacts our ability to save.
I bet there's a guy or gurl out there who could only afford eating avocado toast and is eating their 17th piece with a stunned look at their face watching this.
Yeah, but interest rates were 20% back 40 yrs ago so you cant compare house prices. If interest rates ever go back up, house prices will be cut in half or more. That's why they try to keep the rates low since people will freak out if their property value goes down.
It’s bound to drop soon though
Limit the number of homes you can own within a certain area to 1 per person/family. No one needs 2,3,5 homes.... That would surely shut out the people who are just buying to sit on the home and make bank at the end. Or people buying multiple properties to rent them.
Im surprised down the road lot more homeless folks on the streets who can really afford too live these days
Read up on hyperinflation Zimbabwe Weimar Republic, constitutional money coins and silver removed replaced with funny useless money printed out of thin air period and government intervention in the free markets going back to 100 BC comma example keeping interest rates artificially low allowing more people to buy drying up Supply causing remaining Supply to go up in price. Knowledge is power the same time knowledge can be terrifying but it builds character and wisdom
Perhaps if we didn't have to fork-over half our pay check to support the government (and the CBC) we would be able to buy home?
If you paid less taxes the people who own the homes would charge you more money because you have more money. Nothing would change.
I see, so then by extension we should raise taxes to 100% of income, that way homes would be free.
If taxes were 100% of income the landlords wouldn't be able to collect rent, then would lose their property since they can't pay the taxes on their land. Then the government would use that taxpayer money to buy up the property. No different than the corporate banks using ursury to game the system to make people lose their homes.
It's settled then...we'll raise taxes to 100%, bankrupting taxpayers and landlords. The government will then seize all property due to failure to pay property taxes...then the government will distribute the properties to their loyal supporters.....did I miss anything?
@@jjlad5037 you just discribed communism , u r extremely foolish.
Not sure why CBC is reporting on this, as there is outrage from this channel regarding the slashing of Toronto City Council. A council which regularly green lights a ridiculous number of condos downtown so they can suckle off of the property taxes. City hall and the increasingly capitalist ideologies of Canadian politicians have sold Toronto and Canada off to the highest bidders for their own personal gain.
This report is spot on.
0:19 not true, i live far away from any big city and my place costed $950,000 for a 2000sqft place.
Seriously? Were is that? I bet you're still somehow close to the beach or you have land, one or the other.
This is a problem not only in Canada, but can be seen all over the world; like Belgium. With a decent pay (above our country avg), it would take 10 years to pay 20% off a house payment.
The problem is that we are too many. There will be always someone to do your work for half price.
you can put a percentage cap on what you can sell a home for. but that is bound to piss homeowners off and people who are investing in property. but it would benefit people who are merely looking for a place to live.
Obvious solution: Build new cities.
If toronto and bc have expensive houses,leave and go to other provinces your wasting your time..
Solution is simple. I myself being an immgrant will still say stop foreign buyers ... just look like at New Zealand. I love this country and will do everything that helps the new and next generation in this country. Regulating the housing mkt is the only way
481k average price in what part of Canada. My townhouse was 382k and that's the cheap end. Townhouses in Abbotsford go up too 800k. Houses are reaching the million dollar mark in Abbotsford. And we're 80km away from Vancouver. The closer you get to Vancouver the more it costs.
Its the average across the country.
Taxes on new houses are too high.Pick a pen.
I've been saying the exact same thing since the mid 1970's when the Chinese destroyed a city called Agincourt a small city in the suburbs of Scarborough, Ontario Canada. I saw firsthand what the Chinese did to that city.
Since Canada taxed foreign buyers 15% in Vancouver and Toronto, prices in Montréal have started going up. 12% average increase in 1 year in the West Island, some areas up 18%. 5% min in all GMA. There`s a direct correlation if you ask me. I'm 35 and bought a house 5 years ago, but the way things are going we will end up like Toronto and Vancouver soon.
no foreign or Chinese ... just land scarcity created by the ALR.
Anything is valued at one is willing to pay. As long as there are people willing to buy these high priced homes they will remain high.
Same problem in Hong Kong
How in the world is 500,000. 00 tha average price of a home? Is everyone making six figure incomes?
be more creative bring in more money, start a few businesses,
the real problem is the lack of real wage inflation and high taxes !!!!!! , also just think about how cheap auto insurance was in the 80's , the cost to register your car , the cost of a passport , the price gasoline , your water and hydro bill had way less taxes etc....
Melinials should understand that their ever increasing demands on an over blown social welfare society, along with the gov'ts they support are now, considering all tax layers, taking around 70% of your earnings; thus eroding disposable income and saving potential for a starter home in the market. There is a cost for all that 'free stuff' that some gov'ts are willing to buy your vote with...
On the pricing side, we can all see that it's not Canadians driving ridiculous and unapproachable values. Foreign money sees Canada as kind of a benign SwissBank-like place to put cash...not all of it clean. What better place than a condo in TO or a bungalow or three in Burnaby. Political will, could fix that. Our neibours south of the Rio Grand won't allow foreign ownership of residential property.
Me thinks if JT and his Marxist-Globalist cronies get their way, that we all, along with a whole lot more folks, will soon be wards of the state and living in social housing anyway...except for the Laurentian Elites of course.
The average home here in LA is about 600k 😂
ok
$1.4 Million in Toronto, so double the L.A. price, but wages in T.O. are a lot lower than in L.A.
Nowadays with a lot of BA degree professional jobs paying just shy above 6 figures is still difficult for saving the 20% down payment. These past few years made it so much harder to save since the home prices are going up so fast and our annual salary raise is not going up fast enough to match it. Rent has gone up too! So instead of saving for 5 years, now is more like 7 years (hoping the home prices don't climb too fast). I mean, we are lucky that it's very easy to get a home mortgage but if you do the math, when are we going to pay off a house that you bought for $800k in GTA area? I don't know how my friends can even buy anything over 3000 sq ft because they cost over a million easily.
Yet the millennials still keep moving from rural Canada to the cities where a junior framer on a construction site makes $35 to $45 an hour. And in cities where they can buy and flip homes as a full time job. Not until people load up the U-haul trailers and leave the cities will you see prices decline. That hasn't been happening as most millennials have a safety net and that's their parents drawing down their own house equity to support their adult children. In the end we have a highly indebted nation to the banks where inflation will lead to higher and higher interest rates.
Bingo
Instead of helping else where and try to be this role model. Help the ppl in ur own backyard 1st. Before lighting elsewhere 1st put light in ur own home. Work like a dog and pay for the walfare ppl and they buy a house and collect free money. It's the shame in the government for not being able to provide for its ppl.
This is becoming ridiculous
price of houses in canada shouldn't be compared with those in Vancouver. While a normal house can cost $400,000+ in Vancouver, it would cost $180,000 in Québec city, $ 80,000 in Trois-Rivieres
Not just millenials, everyone
Its worse for young people because they don't even have a starting point, at least older generations have their foot in the door and already own a property.
House prices are increasing. Labour on the construction stays the same like 15 years ago. So whose profit is increasing ?
more bad guys are at work: The land scarcity created by the ALR* has rendered Vancouver housing the most “severely unaffordable” of any major city in the 265 metropolitan markets across Canada, the United States, Australia, New Zealand, the United Kingdom, and Ireland, as analyzed by Wendell Cox and Hugh Pavletich (2009) *Agricultural Land Reserve (ALR) was established in 1973. source in 2009 : www.fraserinstitute.org/sites/default/files/BCAgriculturalLandReserve.pdf
as you can read, there are no Chinese, no "foreign" buyer, just farmers who will make your children have a miserable room to live. the solution, the trend? rent a room at $ 400 a month in the city center to work and go for a high salary, then return on Friday in the late afternoon, 50km away in your beautiful house with pool and forest!times have changed guys, mobility is forced.🖤 👍
forget 1976.... in 1996 my parents bought a semi-detached house on a great neighborhood in Toronto and they only paid a little over 200K for it.... now they can sell for a million easy.... but where would they buy?
They can sell for a million and buy a large brand new 2 bed, 2 bath condo in the GTA for $700k range.
I know not all are like this but there is a lot,single guys and girls in there 20's are driving brand new full size 60k trucks and 4 door jeeps when all they do is commute to a factory job complaining about not being able to save a down payment. lots of people have no problem signing up to for debt but don't see why they can't save, stop with the credit and use cash, if you don't have cash you can't afford it.
Joe Fekete in California were seeing the same thing but don't judge these kids. Most have to own a vehicle if they want to work. A new vehicle while expensive is worth it for most over a used bucket because millenials need to establish credit in order to really do anything. Cars and trucks are mobile while a house is not. Mkst young people switch jobs every year or two because they are offered more hours at a higher pay rate. If they did not have working vehicles and were stuck in a house for 25+ years with a mortgage they would really be screwed. Not to mention aside from building credit new vehicles have warranties.
LegendaryFrost totally illogical and it has nothing to do with judging anyone, life is a balancing act. what is more important, a house that you live in or a status symbol(car)you loose money on every year with depreciation and all the interest you pay on the loan. You buy a car or truck for 50k , you pay for 7 years at 600 a month plus tax and it is worth around 20k so 30k you loose over 7 years is 4.3 thousand a year in the name of building credit? that is insane. you can get personal bank loans for 5k or so buy a car and payments are about 144 a month for 3 years still build credit, save every month for a house and be able to breath. plus you drive that car for five years and throw the car away after because it only cost 1000 a year, to drive. come on do the math, it isn't hard. Like I said balance, what do you want more a good car and your own home or a brand new car and live with your parents or apartment and complain that you have no money.
@@LegendaryFrost Read more carefully, he isn't saying for people not to have a vehicle to get to work but rather buying expensive trucks and SUVs rather then a 4 door sedan. The perception kids look for towards there peers is more important to them than the future of tomorrow in regards to wealth and financial stability.
@@prunejuice281 I did read what he said. He said pay cash for everything and dont take on debt. Another person commented that you can get a 5k personal loan instead, not sure what planet you live on but a 20 something year old with no credit can get about $500 max with a personal loan. The only time I've heard of a young person getting that ammount of cash is if somebody who does have good credit co-signs on the loan or they own some sort of asset they can put up as collateral. I know a few drug dealers who make 100k a year and even though they have plenty of cash on hand they have no work or credit history, now they are turning 30 and want a house and while they have the 3.5% for the down payment no banks gonna give them a reasonable mortgage with no credit history or proof of income.
And getting a mortgage is not debt? As for using credit cards, as long as you pay it off every month, you can at least get something back in rewards. The hilarious thing is that the interest rate on a savings account can be lower than the cash back rate on a good cash back credit card. Also, a lot of businesses that accept credit cards don't give you a discount for paying in cash anyways.
The other thing is repairs on a house that was cheap $30,000 ,cost $100/200 now a house cost a million repairs cost $100,000?
I'll say. Quarter mill for a house that would've less than 100,000 when my parents were young. Luckily wages have kept up with increasing housing prices...
The joys of having right wing governments in power for decades.
Jay Ray no they haven’t. Wages have not even kept up with inflation. House prices to income ratio is the highest it’s ever been. Problem is the interest rates have been kept too low for too long.
No! Only corporations get handouts!!
Go be a tradesman and get taxed 45%. When 3/4 of my street abuses the system.
For all you people in the comments who blame “other” people, you fail to understand what technology has done for and against the economy.
Housing prices are up. Wages are down. That’s the crux of the issue.
Why is this? It’s because more jobs are automated, which lowers wages by 1) taking jobs people used to do, 2) sending people who would have once done those jobs to compete in other fields, thus, saturating those fields, and 3) concentrating the labor economy into fields that can be performed in a small area such as a city vs the old farming or cottage industry jobs that needed to be spread over a large area.
It isn’t the houses in the countryside that are going up.
Housing prices in cities are going up because automation dries up farming jobs, thus, sending everyone to the city. Even China has this problem. We are seeing mega cities for a reason.
But more concentrated populations means a strain on resources in the area, especially housing and water.
Now, we could all stay in the countryside and work at picking watermelons or taking care of chickens or cleaning up after cows, but most people who were born in the country and their parents do not want them to do those jobs. Besides, demand in the tech sector is growing. That’s why the cities are growing in the first place. Those jobs need to be filled.
Those tech jobs need to start paying what it costs to live or help invest in infrastructure that will allow the city to grow or move pieces of their operations to another part of the country.
@JL J interesting idea: real estate prices would be correct: it's my salary that might be too low! conclusion : Lazy workers and family in small apartment ( and hight local taxes) at 2 hours from the city and ... the laborious workers in big house next to University ... the survival of the fittest , an old statement.
In 1976, interest rates were about 10%. Also few families had (or needed) duel-income households.
With low interest rates around 2-3%, now going on two decades, are a significant reason for high house prices.
Multiple home owners should be taxed like crazy, homes are for living not profit.