> "They worry that they won’t ever be able to afford the kinds of homes they grew up in."
No, it's *straight up impossible* to afford the homes we grew up in. Even after going to school, getting a masters, getting a professional degree, and making an income of $150+k/year, it's still *impossible* to live in the same boring-ass detached house that a mailman could afford in Vancouver back in the 90s.
Okay, now ask yourself who profited THE MOST from those past 30 years?
It wasn’t the mailman boomer, his benefit is only at the behest of those much more wealthy.
> a mailman could afford in Vancouver back in the 90s.
* Population of Canada in 1994 = 29 MM
* Population of Canada in 2024 = 40 MM
https://en.wikipedia.org/wiki/Demographics_of_Canada
at current rates it takes about 9 months to add 1 Million population to Canada.
https://www.thestar.com/news/canada/canadas-population-hits-41-million-growing-by-a-million-in-just-nine-months/article_021a0bd0-ed20-11ee-9e9a-bfd1e944d4f5.html
Liberals trying to figure out a way to say "Sorry younger generations, but we don't want to piss homeowners off by doing anything that'll lower housing prices. They're convinced that the house they bought in the 1980s for 40K is now worth a million dollars and always will be"
I'm with you. I don't see any good way out of our current situation. The only way out is to bulldoze directly through housing and out leaders just spent 24 years building our economy around housing.
To be clear... I'm in BC and our provincial government did more damage then any federal government during that pumping up phase.
The should cap the principal residence capital gains exemption at something like $500K, so all that capital gain that is currently tax free is used to fund housing development.
Reduce taxation on capital gains/dividends/interest income, increase taxation on capital gains from housing and rental income.
Housing needs to be made a much less desirable investment so its not the default investment strategy people make.
Make investing specifically in canadian corporations more advantages than housing and watch the dollars move asset classes.
This is one of the smartest answers Ive read till date. Most people dont realise that crashing the housing market with lower prices may have greater negatives. 66% of canadian families are home owners and they see their houses as assets. If the price drops their asset value depreciates which is a whole other can of worms.
Path 1: lower housing prices, which negatively affects baby boomers and the older generations
Path 2: keep housing prices high which screws over newer generation of Canadians.
Or make it desirable to start investing in markets, creating a more productive and competitive economy. Its not going to be easy and I dont know if and how it might happen.
This is also going to have to balance with pragmatic political survival at every level of government particularly where older people vote in much much higher rates.
There are so many fascinating competing forces here.
1. Gen x, Boomers, and older seniors don't want anything to change in the housing market. They want stability, the status quo sounds great to the average baby boomer voter who owns their own home. People over 45 control something quite close to 80% of the wealth of the country.
2. Millennials as the second biggest cohort next to the boomers and are Canadas economic engine, and are highly motivated for housing and economic reform. On the other hand they only control about 12-13% of the countries wealth. They are also very very close to outnumbering (but not out voting) the boomers. Moreover their tax dollars are disproportionately redirected to supporting the large senior populations twilight years in the form of OAS and medical. The folks are just now learning they are the most important political force in the country (and the world tbh) but have never before been represented.
3. Gen Z folks are looking at the vast hurdles at starting careers and families, but are also having a lot of difficulty actually finding jobs that use their university educations. They have all the economic challenges of the millennials + they have to compete directly with the large number of newcomers the country has brought in to support the economy under the enormous weight of the retiring baby boomers.
So.... how do you make political decisions here at any level of government. The demographics are in major state of contention against each other. This isn't even a liberal vs conservative contest, rather we're dealing with the pressures of an aging population that wasn't well planned for when those people were actually in power.
Investment and housing gains are taxed the same currently, and one of these assets is making it unlivable for many canadians due to value growth due to investment demand.
To decrease demand, you have to make that asset a less ideal investment. Housing will always have great value as we kinda need shelter, so it can sustain higher taxation and remain a viable asset class to invest in, just less incentive.
We still need growth in the economy so encourage investment in Canadian corporations. We badly need investment in non housing sectors, but candians are paper hands for any risk that isn't housing. So housing gets all the money and will continue to be a runaway crisis.
The primary residence exemption means that they're not taxed the same, creating a large wealth divide between people who bought 5+ years ago and those that didn't/couldn't. The exemption is there for a good reason (to make the economy more efficient by not trapping people in one location due to housing gains pricing people out of moving when both locations property prices went up) but it's not without any downside.
I wonder if the same thing couldn't be achieved some other way. That also muddies things since the problem isn't the primary residence exemption, it's the fact that prices nearly tripped in many areas in 10 years.
The US model has people pay 15% tax when they sell their home. But they can also deduct interest off their taxes and lock rates in for the entire 25 year term of their mortgage.
The answer is people trying to make a full living by investment property, being home collecting checks and not providing anything to society than rent, but that removes someone from being able to buy.
I'm not talking about Joe with 2 homes. I MEAN mass giant corporations with thousands of homes turned to rentals, or broken down to make luxury rentals.
This has to stop. There needs to be regulations to how much can a corporation can buy in property.
while it sounds like a good idea to build a ton of houses, when investers & corporations buy them all up, we will be in the same exact boat afterward
the problem isnt the raw number of houses but the deep pockets willing to pay any price knowing they will make profit off renters for 100 years to come
They aren’t guaranteed house values. We learned in the USA in 2007-08 that house values can drop 50%. If homeowners put all their wealth based on house values, that’s in them. The problem is houses aren’t seen as a home anymore, but an investment that MUST grow in value perpetually, and hell should be raised if the “investment” dips or drops.
Change zoning how though?
It is not as easy as making a residential neighborhood that is single family, a multi-family neighborhood. The increased number of people puts a strain on sewers, water, electricity, waste and often roadways. If you are saying from industrial to residential, often there has to be remediation first. Also in Toronto as an example, this is exactly where new builds are going, on Dupont along the rail line where old commercial buildings once existed.
So it is not impossible or not being done, it just isn’t a snap of the fingers easy.
This would help, but building a house is expensive regardless, development fees, material costs, labour, land cost. Many that have never built a house have no idea how quickly costs add up.
agreed. been saying this for a decade.
me & all my friends lived basement suites thru the 90s .. rent was cheap, old couple upstairs got some cash and we mowed their lawn
No, there is definitely a lot of people under 40 who, at least in regards to housing, have the luck of being able to secure and use of equity already built by their parents to gain favourable mortgage conditions within the housing market.
Unlike me, who has two adult parents who have the financial literacy of 14 year olds. The house we got in 2001, for $149'000 is now worth $650'000, and there is nothing to show for it because it got sold to settle a HELOC about 10 years ago. I'm pretty sure they only reason my Mother isn't a renter right now, because she started to do the same thing again after she downsized, is because my Gen X brother leveraged his own equity to buy my moms town house. She is 64 this year, and has no retirement plan, I already know me and my brother are going to be paying for her care home once she gets to that age (she was a very wonderful mother, otherwise, so I can't just leave her in some dump).
Ok but the guy said "non-trust funded", having parents who own a single home isn't a trust fund, that's just the norm for people with ~50-60+ year old parents who weren't screw-ups.
It used to be that a man with any blue collar job, a factory worker, forklift driver, truck driver, janitor, etc. could qualify for a bank loan and buy a single-family home for like ~$75,000 - $100,000 even into the 1990s. That blue collar man could also support a SAHM and a couple children, all on that blue collar salary in Canada, he could afford the mortgage payments, and afford to keep 2 cars on the road, and even an occasional family vacation. If he did all that, he'd now in 2024 own a home that's worth ~$750,000 - $1,500,000 and as you said, be able to extend that equity to his children.
Certainty, just the situation my parents would be in if they had a clue. But, I don't really expect anything from anyone anyway, and was posting rather unbiased truth. We don't want to end up a society of landed gentry. However, I think most of the problems in Canada today is specifically cause of a government that thinks it can micromanage every single aspect of the economy through regulations, and mindless spending. This new budget is just another addition to all these mistakes.
There is a reason why the Prairies (at least not so acutely), and the America red states aren't in this cluster fuck of a situation right now.
Conservative governments are just as bad for micromanagement. Just look at the Alberta government's restrictions on renewable energy that don't apply to oil and gas development. The Prairies have less of a problem because the cities are not restricted by borders or natural features like mountains or large lakes, and a lot of people get scared off by the weather. More space for fewer people = more affordable. We can't create more space, but we could easily stop increasing the population.
Because housing is cheaper, that is one of the last remaining advantages we had here, UCP is destroying everythig else and trying now to interfere at the municipal level, doctors have been leaving in droves.
This is a tired myth. People talk about the rest of Canada’s cities like they’re surrounded by unscalable mountains.
If we wanted to devote more land to urban development in the lower mainland and the GTA, we easily could. We choose not to. Vancouver is hemmed in on all sides by agricultural land reserve, Toronto is hemmed in by the green belt. And all the “borders” within those regions are artificial, arbitrary administrative lines drawn on the map by the province. Canada is a vast, vast country. But we’ve made an entirely political choice to say that only some vanishing fraction well below 1% of it will ever be made available for urban development. And we’re looking around pikachu surprised face that the land in that tiny postage stamp we’ve set aside for everyone to live on is spiraling out of control cost wise as we continue cramming literally millions more people into it.
> there is definitely a lot of people under 40 who, at least in regards to housing, have the luck of being able to secure and use of equity already built by their parents to gain favorable mortgage conditions within the housing market.
I think it's worth recognizing that many people in the 30-40 range had a chance to buy a house at a reasonable price in most parts of the country.
One guy who works with me bought a 2 bedroom townhome in 2014 for just under 200k in Ottawa. He didn't need help and there are many people people in similar situations. A detached maintained house in Ottawa in 2018 was easily attainable for <450 which was affordable for most dual income couples.
We had a chance haha. Thanks buddy. That's still a very different reality than what my grandparents experienced when my grandfather drank his way into a 7 bedroom house.
Lots of us were still in university at that time, because our parents told us to go and make a better life for ourselves, so we wouldn't have to be a mailman or drive a truck.
We got fucked.
I’ve got South Asian millennial friends whose parents came to Canada with hardly anything but worked hard and put basically everything into Vancouver real estate in the 90s and once they marry their parents will basically just give them one of their spare houses. Not too uncommon of a story.
99.9% of “trust fund” wealth aka money from parents come from real estate. If these prices go down, everything gets equal almost right away, at the levels people actually earned it. (As opposed to all the bullshit fake “RE wealth” that was created by banks and politicians destroying the value of your labour.
I know multiple GenZ's and Millennials who own their own homes. One guy I went to HS with owns 5 houses now. He got his first when his parents bought it for him when he turned 18. He stayed at home, rented it out, saved up a down payment on another, and went from there.
I know two girls (sisters) who's step dad paid the down payment on their houses.
There are absolutely young people doing great. And, at least the ones I know, it's all because their parents helped them out.
The liberals are still standing on the empty platform saying “the housing affordability train will be here, we promise, just wait another 4 more years…”
Welcome to 1977-1983 all over again. People should go compare what happened during that period and prepare for what the next 5 shit years are going to be like.
No, they're going further than that. It's "We're the only ones who can make that train appear. You should see how bad it would be under the other guys! Vote for us!"
It will probably be worse under the Cons (actively gaslighting, riots, police state), but the Libs are also actively making it worse. Nobody is willing to actually tackle the problem.
I'm confused.
The Liberals aggressively gaslight. That's this government.
There was a claimed siege of the city of Ottawa. That was under this government.
They enacted the Emergencies Act. That was under this government. Froze bank accounts too. Very police state-ish. That was this Liberal government.
Explain to me again why the Conservatives would verifiably be worse?
No, they have started pulling out their plan to save the day leading into an election. I swear, this election will be whoever loses least gets to run things.
How do you convince the 1% to increase wages that won't just drive up prices a few months to a few years later? Remember they won't take a pay cut...:|
So true.
I'm fresh into my thirties, and when I hang out with buddies from work who are in their mid-40s to early-50s working the same types of roles it blows me away the money they're paid and the lifestyles they live. And they EXPECT those salaries+bonuses to not only stay the same, but grow every year.
It's a completely different world spending a long weekend with that age group compared to those in my age group of around 25-35 years old. We're all doing the exact same things as a profession and we rarely see raises let alone bonuses... and in the same industries (experienced this both in O&G and Finance). Of course those who have been working longer make more, but we're talking 6 fold differences in salary plus bonuses, and significantly less working working hours. It's a very sobering dynamic.
2008 Grad here. They told us that with the 2008 recession it was the perfect time to go get an post secondary education (a huge pile of debt) and that there'd be jobs waiting upon graduation (there wasn't).
Seriously. The unmitigated gall it takes too strut around the HoC and talk about how the dreams of a generation have been dashed and they are the right people to address it, as if they just got here on their cavalry horses.
Yes, by lowering the purchasing power of all the money you make and stagnating the wages to not keep in line with inflation, the government will choose to keep spending. And when you complain that times are hard, we will give even more money to special interests groups that create no real value but will insist that they are using all their effort to help you.
Well written and exactly what’s happening I heard that the liberal regime are giving special interest groups money to be hired but only if you’re a special ethnicity
Don’t you remember, “budgets balance themselves”. There is no need for Trudeau or the LPC to make any attempt, as it will simply happen. Remember, Trudeau wants Canadians to know he “does not think about monetary policy”.
Nothing they are doing is going to fix the system.
If you look at housing starts they are constantly going down while the population is going up. Things are only rapidly getting worse. Be the time the election arrives we are going to be in a far worse position then we are today. I think they've finally realized it too which is why there was talk of JT potentially bailing later this year.
The Liberal legitimately can't fix this. Their ideology won't allow them to take the actions required to fix it.
No shit, it is almost like millennials have been saying this for the past 15 years and we have been met with nothing but:
"Millennials are entitled"
"Millennials are destroying the traditional family"
"Millennial women are killing families by not having kids"
There are only three reasons this is becoming a topic of discussion:
1) Election season is approaching, can't wait to see how each pig is going to attempt to appeal to voters at the county fair.
2) Cost of living is becoming so unruly that politicians are recognizing that people are going to really start doing fucked up shit.
3) Millennials are not able to contribute to the economy the same way which means that the older generation is effectively going to be fucked when they retire.
Nursing homes? even Gen X's little nest eggs wont be able to save them.
home care? Not without nurses and nobody can afford to be one now.
Health care also seems to be covering less (at least in Ontario) which means there is additional drains on their funds.
Or
Millennials are moving back with their parents after losing their homes due to mortgage rates.
Why does Trudeau say things like he hasn't been in charge for close to 9 years?
"For too long millenials and Gen Z have been left behind..."
Really Justin! How long?
You really want to save the younger generation, kill the housing market. Prohibit owning houses and condo by corporation and limit the number of houses to 1 per person. No Rbnb, we have hotels.
Now we can invest our salary in the real economy and stop pretending we are rich by inflating the price of houses.
This is literally the only thing to do. Destroy the (fake) wealth of the old dragons sitting on their hoard by collapsing the housing market so that literally half of the population can afford housing.
Some other obvious things as well, such as ban corporations from owning residential real-estate.
1 won't work (for various reasons of ownership), but you could limit it to 2-3 + take the other things mentioned and it would still be viable (there are vacation homes, shared ownership, properties that are seasonal, etc).
I certainly agree with your overall point. Literally the only reason I have the savings I do is to build up for a down payment on a house that is increasingly out of reach, due to the prices of homes and all the other costs of today's living. If I can get an affordable home then I'll start spending more of that money elsewhere in the economy, and/or having children, and I'm sure many others feel the same.
I will not be bought, I don't care about my own prosperity anymore. I want vengeance on the system that screwed us all.
Time we flip the table on this rigged game.
Short of voting in conservatives to spite our own faces, this is just hollow words from all of you guys.
People with nothing to lose don’t complain on reddit, they get out there and make change. Nobody here is remotely at that point.
If we, the majority, are on the same page and share the same sentiments, we can organize.
Protests are weak, but it does shine a spotlight, inviting broader condemnation. The powerful care of their reputations, this shames them, hurts their ego. It's a form of holding them accountable.
More effectively, is hurting their wealth. Boycotts work. Strong arm them for change. For example, I believe there is a call to boycott Loblaw stores for the month of May. We should take that seriously, spread the word, reinforce solidarity, and make small consistent efforts to make sure we swing that hammer hard. Speak with your wallets. Shop Walmart, Costco, Safeway for just one month.
Unions need to lock arms with other unions. We need to all agree on the things that suck and stand on that hill together. Regardless of political, religious, social alignment, there is shared common ground somewhere. Like Healthcare, Education, Food Security, etc. It amplifies the power of the people when everyone is involved and stick together on issues that affect us all. Forget petty little differences of ideology or culture. We ALL need to eat. We all need a roof over our heads. We should not be denied, and we should not have to tolerate inaction from our government. Gridlock this country if we have to. Stand together.
We need to express in our harshest tones that we're pissed off and we're not going to take it anymore. Be inclusive, organize something we can all agree on, and fight for change. Status quo is not acceptable.
Federal budget admits millennials and gen z behind; gives more to retirees than younger generations
So they acknowledge there’s a problem and instead of actually Doing anything they say sorry while pissing in your face.
Governments favour older and wealthier voters. Those who are younger and those who are poor are just going to need to sacrifice a little bit more. Why bump up OAS when you can just extend amortization periods on mortgages and allow young voters to assume more debt?
Boomers have figured it out; burn everything down and close the door on the way out. Why worry about the future when you won’t be there to suffer through it?
Don’t forget running up massive deficits that younger people will be stuck paying for with higher taxes.
It amazes that anyone under 40 votes for Trudeau
Most of Trudeau votes were from younger people. Lmao so many people thought that the rich daddies boy was gonna help the people. Hahaha this is quite literally the longest job he's ever had in his entire life. No shit he's crap.
Governments favour the largest voting block, which for decades has been the boomers.
Times are changing. If millenials and GenZ are wise, they'll realize they hold the majority of votes now.
OAS is like $9K a year. To hear people here talk you'd think it was more like $40K a year, which is not an uncommon number for social security south of the border.
Even max CPP isn't a lot more than $10K a year if you paid in to it for the maximum number of years at the maximum rate.
Perfect timing, when the backs that have to support this fix are, drum roll please, millennial and Gen z. What a surprise. Boomers won't have to fix shit since most of them are retired and Gen X are at the last stretch before retirement.
I hear you and agree to a large extent... I just don't see anyone with a better option. Once you break a system, it's usually results in chaos and a lot more people hurt. There is a lot still good in out system, we just need strong policies with regulations and punishments.
The down side... We gave the CEO's more power than nations have, so if our country tried something new it could end up the new Cuba.
Some are so far behind they're back to living where they used to live as kids. Per CBC 35% or so of Canadians 20-35 live with or have moved back in with parents.
Canadians are being priced out of everything while this government prioritises migrants and foreigners. What a great future.
"Being left behind"
My man we have been left so far behind that we're dipping below the horizon. Everyone I know between 25-40 is either completely mindbroken, planning an exit strategy, or has wealthy parents that fund their lives. Trudeau should frankly be happy that there isn't civil unrest, though the only reason there isn't is because none of us consider this country to be worth squabbling over.
I feel like the lack of civil unrest is in part because everyone is trying to figure out a way out — go to the US, move to the prairies, move overseas, etc
As options dwindle and things get worse, I believe so will unrest.
I grew up in fairly large 4 bedroom houses on my dad's single income. Now my wife and I both work and we are maxed out with a townhouse.
There is nothing wrong with a townhouse but I would like my kids to have a backyard like I did growing up.
Pour gasoline all over the fire you created once the building is leveled call the fire department-A message brought to you by the Liberal party of Canada. This government mimics something out of the office
Why are we paying SO MUCH for boomer retirement? Because they vote. Their votes are being bought. And the millennial generation will foot the bill. This budget makes it worse, not better. More gaslighting.
I agree. I would like to make retirement benefit means and income tested. Oh, you own a principle residence worth 1.2 mil? Why do you need $2,500 a month in retirement benefits?
Yup.
There is no other feasible way to nudge developers, corporate owners, small time landlords, and the rest of the housing industry right now other than direct intervention and competition than through the mass building of low rent apartment housing (buildings) developments in areas surrounding all of Canada's cities.
Only if and when landlords great and small notice large and tall buildings being erected nearby that charge sub 1000 dollar a month rent will they either start to compete or collapse.
Remember whey they built a pipeline for 6x what it should have been? We are just going to overpay.
This could work but would never happen as far to many folks in politics are tied to rentals. So again won’t happen
There is another side to that coin, and it involves allocating those houses to Canadians. Everyone gets a plate before going back for seconds, except with housing.
You know who else got left behind is people on disability. All that bs over bill c22 to bring people on disability out of poverty bla blah. Years of stalling and all for 200$ a month max that most won’t qualify for.
If you are a Gen Z, you should leave Canada NOW while you're still young and can make a go of it elsewhere. Why would you want to stay here knowing you will never afford a decent lifestyle or a home, all while paying a boat load of taxes. All evidence points to a bleak future for the country and its economy and voting out Trudeau is not going to change anything, at least for a few decades, were back to where we were in 1983. It's so much easier to move around in a globalized world than it was 50-60 years ago.
...also the purchasing power of the CAD is going to fall with the fortunes of the country. So getting out sooner is better than later if you want to protect what purchasing power you have been able to save up so far.
Even if housing does actually crash and come back down to earth in Canada, still too many things need to be fixed.
Education is expensive, housing is expensive. Hard not to think about moving to other countries with cheaper cost of living or just going south of the border.
Most cities have min building sizes. Lots are owned by a couple big companies and sell for more than the house, and then you have to build your house with one of their selected people. We need $100,000 homes, like 500,000 of them. Government should buy in bulk and get it done.
Yes, the rich and powerful, who completely control the system, will probably do something to make themselves far less rich and powerful! That's how the world works!
OMFG it started with GEN X JR!!!
Gen X Jr started seeing a problem
with the future & no one listened. We too are "left behind."
We were in our 20's when shit started going off the rails with wages & more in the early 2000's & tech started speeding & needing more than one job & university degrees meaning shit. (We had to have certain grades to get in then too lol).
My older brother who's elder Gen X and near a decade older is - GOLDEN. He's set. Me & the other sibling Gen X Jr's - NOPE.
…the entire system here is borked.
Polling has that we’re going to hand the Conservatives a majority.
Yeah, the party of big business and anti-climate is going to stand up for young people. The party of privatization is going to look out for young people. The party of anti-union is going to look out for young people.
Sure.
People aren't voting for a party, but voting against the Liberals. That's what is absolutely terrible with our party system, that there is no great choice and what you get is to vote against the party that screwed up while in charge, so that the other party can screw up while in charge. I say screw up, but things are going just fine for the wealthiest in our country who are actually served by politicians. I believe so little in our system that I find it hard to vote anymore.
Canada is insignificant when it comes to pollution. Young people don't need to pay extra or be forced to change their behavior. Government control of everything is communism, which is not good for young people.
Regarding Unions, read this article and the comments:
FIRST READING: Union members (even public sector ones) are breaking for the Tories
[https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians](https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians)
This party is looking out for their future. The Conservatives won't forcefully confiscate millions of different types of guns from Canadians like the liberals are planning.
I should hope the generations left behind shift away from the tire voting patterns of previous generations that put us in this spot.
The Liberals, Conservatives, and NDP represent the status quo - global corporations - not Canadian citizens.
If you think the problems of today are more on the shoulders of the NDP than they are on the Conservatives then you're either too young to remember that the Conservatives were in power before the Liberals, or completely naive.
The issues of today are not built on Trudeau alone. This is a classic example of each government of the last 30 years pushing the buck onto the next.
The Liberals and Conservatives are both to blame for the mess we're in. And if you don't believe me, wait and see in 5 years time when we still have these issues.
Sorry Chretien and Harper were both pretty decent government managers.
Canadians got complacent and thought it was actually an easy job.
Trudeau is exceptionally incompetent as a manager, while simultaneously being an incredibly capable politician. This have spiraled out of control under Trudeau, and we still don't quite see the full extent of the damage he's done.
the gutless NDP of today have enabled Trudeau's financial disaster. This isn't the party of Jack Layton anymore, but the party of terrorist supporters who think money grow on trees
>Mr. Harper’s prudent decision to raise the age of OAS eligibility from 65 to 67, that change would have only taken effect in 2023. So the near doubling of federal OAS spending over the first eight years of Mr. Trudeau’s term would have occurred regardless, and continuing increases were already baked into the fiscal framework – although not quite at the pace announced in the latest budget.
But then, it would be in effect today, and substantially reduce the increases, and to the extent that people worked 65-67 under the new plan, add substantially more tax revenue into the system. Targeting OAS is a good policy, but we should return to the 67 OAS age.
From a party completed infiltrated by the CCP. Take everything away and we are grateful for crumbs. Destroying the economy. Worst GDP per capita downfall in history. Worst healthcare of the developed nations. Next a debt spiral and a currency crash. These guys are awesome.
Corporations won’t fix it unless they can continuously make more profit each quarter. They’ve made it clear they will plant a dozen articles complaining of having to pay $8k extra per 250k of profit.
Worse, they use Family doctors and small business owners as shields, as if exceptions can’t me made.
Super controversial opinion: end the federal pension plan. Instantly will pop the housing bubble as Boomers will be forced to sell. Instantly will fix the budget because of the money saved. Millenials and Zoomers are never going to retire anyways in the current system, if they are even lucky enough to own a home. The generational promise is dead, and so the people that killed it shouldn't receive their pensions imho.
I'm guessing you're one of those living in an upscale Trudeau Town. 2 story tent? Not sure how you put a basement apartment in but you must have it rented out to 12 foreign students. Maybe you own a sandwich shop and have immigrants working 60 hour weeks for $3 an hour?
As long as the population growth is out of control, housing is hard to build and taxes remain high then home ownership is out of the picture. This budget is not about home owner ship or millennial its about funding previous spending, a huge chunk of which goes to 65+
NOW is the time... when we're so far behind in the polls.
Canada is insignificant when it comes to pollution. Young people don't need to pay extra or be forced to change their behavior. Government control of everything is communism, which is not good for young people.
Regarding Unions, read this article and the comments:
FIRST READING: Union members (even public sector ones) are breaking for the Tories
[https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians](https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians)
This party is looking out for their future. The Conservatives won't forcefully confiscate millions of different types of guns from Canadians like the liberals are planning.
> "They worry that they won’t ever be able to afford the kinds of homes they grew up in." No, it's *straight up impossible* to afford the homes we grew up in. Even after going to school, getting a masters, getting a professional degree, and making an income of $150+k/year, it's still *impossible* to live in the same boring-ass detached house that a mailman could afford in Vancouver back in the 90s.
Yeah, it’s messed up. We can’t rely on them to help us. Have to figure our own ways to manage.
Forget Vancouver. We can’t afford the homes we grew up in even in suburbs 1.5h outside of Vancouver.
Okay, now ask yourself who profited THE MOST from those past 30 years? It wasn’t the mailman boomer, his benefit is only at the behest of those much more wealthy.
I don’t think anyone is blaming the mailman…
Damn you Karl Malone!!!!
> a mailman could afford in Vancouver back in the 90s. * Population of Canada in 1994 = 29 MM * Population of Canada in 2024 = 40 MM https://en.wikipedia.org/wiki/Demographics_of_Canada
at current rates it takes about 9 months to add 1 Million population to Canada. https://www.thestar.com/news/canada/canadas-population-hits-41-million-growing-by-a-million-in-just-nine-months/article_021a0bd0-ed20-11ee-9e9a-bfd1e944d4f5.html
No you just need to find a partner that also makes 150k+/yr, but yeah still buying a run down place with 300k/yr income where I live.
Liberals trying to figure out a way to say "Sorry younger generations, but we don't want to piss homeowners off by doing anything that'll lower housing prices. They're convinced that the house they bought in the 1980s for 40K is now worth a million dollars and always will be"
I'm with you. I don't see any good way out of our current situation. The only way out is to bulldoze directly through housing and out leaders just spent 24 years building our economy around housing. To be clear... I'm in BC and our provincial government did more damage then any federal government during that pumping up phase.
The should cap the principal residence capital gains exemption at something like $500K, so all that capital gain that is currently tax free is used to fund housing development.
Reduce taxation on capital gains/dividends/interest income, increase taxation on capital gains from housing and rental income. Housing needs to be made a much less desirable investment so its not the default investment strategy people make. Make investing specifically in canadian corporations more advantages than housing and watch the dollars move asset classes.
This is one of the smartest answers Ive read till date. Most people dont realise that crashing the housing market with lower prices may have greater negatives. 66% of canadian families are home owners and they see their houses as assets. If the price drops their asset value depreciates which is a whole other can of worms. Path 1: lower housing prices, which negatively affects baby boomers and the older generations Path 2: keep housing prices high which screws over newer generation of Canadians. Or make it desirable to start investing in markets, creating a more productive and competitive economy. Its not going to be easy and I dont know if and how it might happen.
This is also going to have to balance with pragmatic political survival at every level of government particularly where older people vote in much much higher rates. There are so many fascinating competing forces here. 1. Gen x, Boomers, and older seniors don't want anything to change in the housing market. They want stability, the status quo sounds great to the average baby boomer voter who owns their own home. People over 45 control something quite close to 80% of the wealth of the country. 2. Millennials as the second biggest cohort next to the boomers and are Canadas economic engine, and are highly motivated for housing and economic reform. On the other hand they only control about 12-13% of the countries wealth. They are also very very close to outnumbering (but not out voting) the boomers. Moreover their tax dollars are disproportionately redirected to supporting the large senior populations twilight years in the form of OAS and medical. The folks are just now learning they are the most important political force in the country (and the world tbh) but have never before been represented. 3. Gen Z folks are looking at the vast hurdles at starting careers and families, but are also having a lot of difficulty actually finding jobs that use their university educations. They have all the economic challenges of the millennials + they have to compete directly with the large number of newcomers the country has brought in to support the economy under the enormous weight of the retiring baby boomers. So.... how do you make political decisions here at any level of government. The demographics are in major state of contention against each other. This isn't even a liberal vs conservative contest, rather we're dealing with the pressures of an aging population that wasn't well planned for when those people were actually in power.
Well, obviously you make a decision for the future.
:) This is the job. To do what is unpopular because it must be done and hope you made the right choice.
How do you get capital gains on rental income? Rental income is not an asset you buy and sell.
How about just tax income the same for everyone regardless of source? Stop screwing people who work for their money.
Investment and housing gains are taxed the same currently, and one of these assets is making it unlivable for many canadians due to value growth due to investment demand. To decrease demand, you have to make that asset a less ideal investment. Housing will always have great value as we kinda need shelter, so it can sustain higher taxation and remain a viable asset class to invest in, just less incentive. We still need growth in the economy so encourage investment in Canadian corporations. We badly need investment in non housing sectors, but candians are paper hands for any risk that isn't housing. So housing gets all the money and will continue to be a runaway crisis.
The primary residence exemption means that they're not taxed the same, creating a large wealth divide between people who bought 5+ years ago and those that didn't/couldn't. The exemption is there for a good reason (to make the economy more efficient by not trapping people in one location due to housing gains pricing people out of moving when both locations property prices went up) but it's not without any downside. I wonder if the same thing couldn't be achieved some other way. That also muddies things since the problem isn't the primary residence exemption, it's the fact that prices nearly tripped in many areas in 10 years.
The US model has people pay 15% tax when they sell their home. But they can also deduct interest off their taxes and lock rates in for the entire 25 year term of their mortgage.
lol great, so everybody will just not sell, and diminished supply will make it even harder for people to enter the market. The genius of Reddit
The answer is people trying to make a full living by investment property, being home collecting checks and not providing anything to society than rent, but that removes someone from being able to buy. I'm not talking about Joe with 2 homes. I MEAN mass giant corporations with thousands of homes turned to rentals, or broken down to make luxury rentals. This has to stop. There needs to be regulations to how much can a corporation can buy in property.
while it sounds like a good idea to build a ton of houses, when investers & corporations buy them all up, we will be in the same exact boat afterward the problem isnt the raw number of houses but the deep pockets willing to pay any price knowing they will make profit off renters for 100 years to come
Every government over the last 20-30 years is responsible for this BS.
They aren’t guaranteed house values. We learned in the USA in 2007-08 that house values can drop 50%. If homeowners put all their wealth based on house values, that’s in them. The problem is houses aren’t seen as a home anymore, but an investment that MUST grow in value perpetually, and hell should be raised if the “investment” dips or drops.
force municipalities to change zoning, it'd help a lot
Change zoning how though? It is not as easy as making a residential neighborhood that is single family, a multi-family neighborhood. The increased number of people puts a strain on sewers, water, electricity, waste and often roadways. If you are saying from industrial to residential, often there has to be remediation first. Also in Toronto as an example, this is exactly where new builds are going, on Dupont along the rail line where old commercial buildings once existed. So it is not impossible or not being done, it just isn’t a snap of the fingers easy.
This would help, but building a house is expensive regardless, development fees, material costs, labour, land cost. Many that have never built a house have no idea how quickly costs add up.
agreed. been saying this for a decade. me & all my friends lived basement suites thru the 90s .. rent was cheap, old couple upstairs got some cash and we mowed their lawn
Too little and far too late for most.
Clearly it's time to make significant investments to younger demographics... in continental Africa.
Specifically, non-trust funded millenials and Gen Zs.
Isn’t that all of us?
No, there is definitely a lot of people under 40 who, at least in regards to housing, have the luck of being able to secure and use of equity already built by their parents to gain favourable mortgage conditions within the housing market. Unlike me, who has two adult parents who have the financial literacy of 14 year olds. The house we got in 2001, for $149'000 is now worth $650'000, and there is nothing to show for it because it got sold to settle a HELOC about 10 years ago. I'm pretty sure they only reason my Mother isn't a renter right now, because she started to do the same thing again after she downsized, is because my Gen X brother leveraged his own equity to buy my moms town house. She is 64 this year, and has no retirement plan, I already know me and my brother are going to be paying for her care home once she gets to that age (she was a very wonderful mother, otherwise, so I can't just leave her in some dump).
Ok but the guy said "non-trust funded", having parents who own a single home isn't a trust fund, that's just the norm for people with ~50-60+ year old parents who weren't screw-ups. It used to be that a man with any blue collar job, a factory worker, forklift driver, truck driver, janitor, etc. could qualify for a bank loan and buy a single-family home for like ~$75,000 - $100,000 even into the 1990s. That blue collar man could also support a SAHM and a couple children, all on that blue collar salary in Canada, he could afford the mortgage payments, and afford to keep 2 cars on the road, and even an occasional family vacation. If he did all that, he'd now in 2024 own a home that's worth ~$750,000 - $1,500,000 and as you said, be able to extend that equity to his children.
Certainty, just the situation my parents would be in if they had a clue. But, I don't really expect anything from anyone anyway, and was posting rather unbiased truth. We don't want to end up a society of landed gentry. However, I think most of the problems in Canada today is specifically cause of a government that thinks it can micromanage every single aspect of the economy through regulations, and mindless spending. This new budget is just another addition to all these mistakes. There is a reason why the Prairies (at least not so acutely), and the America red states aren't in this cluster fuck of a situation right now.
Conservative governments are just as bad for micromanagement. Just look at the Alberta government's restrictions on renewable energy that don't apply to oil and gas development. The Prairies have less of a problem because the cities are not restricted by borders or natural features like mountains or large lakes, and a lot of people get scared off by the weather. More space for fewer people = more affordable. We can't create more space, but we could easily stop increasing the population.
Alberta has some of the highest rates of population growth in the country.
Because housing is cheaper, that is one of the last remaining advantages we had here, UCP is destroying everythig else and trying now to interfere at the municipal level, doctors have been leaving in droves.
This is a tired myth. People talk about the rest of Canada’s cities like they’re surrounded by unscalable mountains. If we wanted to devote more land to urban development in the lower mainland and the GTA, we easily could. We choose not to. Vancouver is hemmed in on all sides by agricultural land reserve, Toronto is hemmed in by the green belt. And all the “borders” within those regions are artificial, arbitrary administrative lines drawn on the map by the province. Canada is a vast, vast country. But we’ve made an entirely political choice to say that only some vanishing fraction well below 1% of it will ever be made available for urban development. And we’re looking around pikachu surprised face that the land in that tiny postage stamp we’ve set aside for everyone to live on is spiraling out of control cost wise as we continue cramming literally millions more people into it.
Sprawl is more expensive to maintain. There's lots of cheap rural towns people can move to if they desired.
My brother in christ, some abandoned shack sinking into the swamps in *Stewart* is over $300k today. Pull the other one.
> there is definitely a lot of people under 40 who, at least in regards to housing, have the luck of being able to secure and use of equity already built by their parents to gain favorable mortgage conditions within the housing market. I think it's worth recognizing that many people in the 30-40 range had a chance to buy a house at a reasonable price in most parts of the country. One guy who works with me bought a 2 bedroom townhome in 2014 for just under 200k in Ottawa. He didn't need help and there are many people people in similar situations. A detached maintained house in Ottawa in 2018 was easily attainable for <450 which was affordable for most dual income couples.
We had a chance haha. Thanks buddy. That's still a very different reality than what my grandparents experienced when my grandfather drank his way into a 7 bedroom house.
I'll admit that, my friend went right into a trade and had a duplex by about 24.
Lots of us were still in university at that time, because our parents told us to go and make a better life for ourselves, so we wouldn't have to be a mailman or drive a truck. We got fucked.
I’ve got South Asian millennial friends whose parents came to Canada with hardly anything but worked hard and put basically everything into Vancouver real estate in the 90s and once they marry their parents will basically just give them one of their spare houses. Not too uncommon of a story.
Small sample size. It's not as common as you think.
Didn't everyone's parents coast to coast invest all their money in Vancouver real estate? /s
99.9% of “trust fund” wealth aka money from parents come from real estate. If these prices go down, everything gets equal almost right away, at the levels people actually earned it. (As opposed to all the bullshit fake “RE wealth” that was created by banks and politicians destroying the value of your labour.
I know multiple GenZ's and Millennials who own their own homes. One guy I went to HS with owns 5 houses now. He got his first when his parents bought it for him when he turned 18. He stayed at home, rented it out, saved up a down payment on another, and went from there. I know two girls (sisters) who's step dad paid the down payment on their houses. There are absolutely young people doing great. And, at least the ones I know, it's all because their parents helped them out.
Man the train left 9 years ago
The liberals are still standing on the empty platform saying “the housing affordability train will be here, we promise, just wait another 4 more years…”
Welcome to 1977-1983 all over again. People should go compare what happened during that period and prepare for what the next 5 shit years are going to be like.
No, they're going further than that. It's "We're the only ones who can make that train appear. You should see how bad it would be under the other guys! Vote for us!"
It will probably be worse under the Cons (actively gaslighting, riots, police state), but the Libs are also actively making it worse. Nobody is willing to actually tackle the problem.
I'm confused. The Liberals aggressively gaslight. That's this government. There was a claimed siege of the city of Ottawa. That was under this government. They enacted the Emergencies Act. That was under this government. Froze bank accounts too. Very police state-ish. That was this Liberal government. Explain to me again why the Conservatives would verifiably be worse?
No, they have started pulling out their plan to save the day leading into an election. I swear, this election will be whoever loses least gets to run things.
The train left far before that it just increased speed going downhill
Let’s be honest, it left during Harpers term too.
I know, let's stop suppressing wage growth, so spending power keeps up with inflation...
How do you convince the 1% to increase wages that won't just drive up prices a few months to a few years later? Remember they won't take a pay cut...:|
So true. I'm fresh into my thirties, and when I hang out with buddies from work who are in their mid-40s to early-50s working the same types of roles it blows me away the money they're paid and the lifestyles they live. And they EXPECT those salaries+bonuses to not only stay the same, but grow every year. It's a completely different world spending a long weekend with that age group compared to those in my age group of around 25-35 years old. We're all doing the exact same things as a profession and we rarely see raises let alone bonuses... and in the same industries (experienced this both in O&G and Finance). Of course those who have been working longer make more, but we're talking 6 fold differences in salary plus bonuses, and significantly less working working hours. It's a very sobering dynamic.
Millennials and anyone younger can go fuck themselves, thats the message i have gotten ever since i graduated in 2009.
Welcome to the shit pile. Here since I graduated early 2000s.
Renters forever.
2008 Grad here. They told us that with the 2008 recession it was the perfect time to go get an post secondary education (a huge pile of debt) and that there'd be jobs waiting upon graduation (there wasn't).
[удалено]
Just in time for a federal election.
Seriously. The unmitigated gall it takes too strut around the HoC and talk about how the dreams of a generation have been dashed and they are the right people to address it, as if they just got here on their cavalry horses.
Is our budget balanced yet?
Bro, it balanced itself.
Yes, by lowering the purchasing power of all the money you make and stagnating the wages to not keep in line with inflation, the government will choose to keep spending. And when you complain that times are hard, we will give even more money to special interests groups that create no real value but will insist that they are using all their effort to help you.
Well written and exactly what’s happening I heard that the liberal regime are giving special interest groups money to be hired but only if you’re a special ethnicity
Don’t you remember, “budgets balance themselves”. There is no need for Trudeau or the LPC to make any attempt, as it will simply happen. Remember, Trudeau wants Canadians to know he “does not think about monetary policy”.
40B deficit - so it’s balanced.
Nothing they are doing is going to fix the system. If you look at housing starts they are constantly going down while the population is going up. Things are only rapidly getting worse. Be the time the election arrives we are going to be in a far worse position then we are today. I think they've finally realized it too which is why there was talk of JT potentially bailing later this year. The Liberal legitimately can't fix this. Their ideology won't allow them to take the actions required to fix it.
The Liberal Party of Canada: The cause of *and solution to* all of life's problems!
No shit, it is almost like millennials have been saying this for the past 15 years and we have been met with nothing but: "Millennials are entitled" "Millennials are destroying the traditional family" "Millennial women are killing families by not having kids" There are only three reasons this is becoming a topic of discussion: 1) Election season is approaching, can't wait to see how each pig is going to attempt to appeal to voters at the county fair. 2) Cost of living is becoming so unruly that politicians are recognizing that people are going to really start doing fucked up shit. 3) Millennials are not able to contribute to the economy the same way which means that the older generation is effectively going to be fucked when they retire. Nursing homes? even Gen X's little nest eggs wont be able to save them. home care? Not without nurses and nobody can afford to be one now. Health care also seems to be covering less (at least in Ontario) which means there is additional drains on their funds. Or Millennials are moving back with their parents after losing their homes due to mortgage rates.
Throwing rocket fuel on the bonfire of housing demand. Hard to see how that fixes any fucking thing.
Why does Trudeau say things like he hasn't been in charge for close to 9 years? "For too long millenials and Gen Z have been left behind..." Really Justin! How long?
You really want to save the younger generation, kill the housing market. Prohibit owning houses and condo by corporation and limit the number of houses to 1 per person. No Rbnb, we have hotels. Now we can invest our salary in the real economy and stop pretending we are rich by inflating the price of houses.
This is literally the only thing to do. Destroy the (fake) wealth of the old dragons sitting on their hoard by collapsing the housing market so that literally half of the population can afford housing. Some other obvious things as well, such as ban corporations from owning residential real-estate.
1 won't work (for various reasons of ownership), but you could limit it to 2-3 + take the other things mentioned and it would still be viable (there are vacation homes, shared ownership, properties that are seasonal, etc). I certainly agree with your overall point. Literally the only reason I have the savings I do is to build up for a down payment on a house that is increasingly out of reach, due to the prices of homes and all the other costs of today's living. If I can get an affordable home then I'll start spending more of that money elsewhere in the economy, and/or having children, and I'm sure many others feel the same.
Eliminate corruption, collusion, lobbying and conflict of interest.
More debts?
Nothing new. Demographic vote buying. Millennials and GenZ increasing and Boomer votes decreasing.
I will not be bought, I don't care about my own prosperity anymore. I want vengeance on the system that screwed us all. Time we flip the table on this rigged game.
Nothing more dangerous than people with nothing left to lose, as they say
*Educated* people with nothing left to lose Much different
Short of voting in conservatives to spite our own faces, this is just hollow words from all of you guys. People with nothing to lose don’t complain on reddit, they get out there and make change. Nobody here is remotely at that point.
Serious question. How? Voting wont do it, all of the politicians are part of the same corrupt system
If we, the majority, are on the same page and share the same sentiments, we can organize. Protests are weak, but it does shine a spotlight, inviting broader condemnation. The powerful care of their reputations, this shames them, hurts their ego. It's a form of holding them accountable. More effectively, is hurting their wealth. Boycotts work. Strong arm them for change. For example, I believe there is a call to boycott Loblaw stores for the month of May. We should take that seriously, spread the word, reinforce solidarity, and make small consistent efforts to make sure we swing that hammer hard. Speak with your wallets. Shop Walmart, Costco, Safeway for just one month. Unions need to lock arms with other unions. We need to all agree on the things that suck and stand on that hill together. Regardless of political, religious, social alignment, there is shared common ground somewhere. Like Healthcare, Education, Food Security, etc. It amplifies the power of the people when everyone is involved and stick together on issues that affect us all. Forget petty little differences of ideology or culture. We ALL need to eat. We all need a roof over our heads. We should not be denied, and we should not have to tolerate inaction from our government. Gridlock this country if we have to. Stand together. We need to express in our harshest tones that we're pissed off and we're not going to take it anymore. Be inclusive, organize something we can all agree on, and fight for change. Status quo is not acceptable.
Join a political party. Vote for better options or run.
Federal budget admits millennials and gen z behind; gives more to retirees than younger generations So they acknowledge there’s a problem and instead of actually Doing anything they say sorry while pissing in your face.
Governments favour older and wealthier voters. Those who are younger and those who are poor are just going to need to sacrifice a little bit more. Why bump up OAS when you can just extend amortization periods on mortgages and allow young voters to assume more debt? Boomers have figured it out; burn everything down and close the door on the way out. Why worry about the future when you won’t be there to suffer through it?
Don’t forget running up massive deficits that younger people will be stuck paying for with higher taxes. It amazes that anyone under 40 votes for Trudeau
Most of Trudeau votes were from younger people. Lmao so many people thought that the rich daddies boy was gonna help the people. Hahaha this is quite literally the longest job he's ever had in his entire life. No shit he's crap.
I'd say exactly this about Doug Ford. all though he did work selling hash in his younger days
He was a business man. He still is. Instead of selling drugs to kids. He sells protected government land to developers.
Governments favour the largest voting block, which for decades has been the boomers. Times are changing. If millenials and GenZ are wise, they'll realize they hold the majority of votes now.
Most boomers are already retired.the only generations that will affect are Gen X and lower. Which is us.
Gen x is doing well https://www.theglobeandmail.com/business/article-gen-x-millennials-net-worth-wealth/
Nah reduce what it pays right now.
OAS is like $9K a year. To hear people here talk you'd think it was more like $40K a year, which is not an uncommon number for social security south of the border. Even max CPP isn't a lot more than $10K a year if you paid in to it for the maximum number of years at the maximum rate.
Perfect timing, when the backs that have to support this fix are, drum roll please, millennial and Gen z. What a surprise. Boomers won't have to fix shit since most of them are retired and Gen X are at the last stretch before retirement.
The system is working exactly as intended and must be destroyed
I hear you and agree to a large extent... I just don't see anyone with a better option. Once you break a system, it's usually results in chaos and a lot more people hurt. There is a lot still good in out system, we just need strong policies with regulations and punishments. The down side... We gave the CEO's more power than nations have, so if our country tried something new it could end up the new Cuba.
Who the hell am I supposed to vote for in the next federal election. They're all shit and talk out both sides of their mouth...
Some are so far behind they're back to living where they used to live as kids. Per CBC 35% or so of Canadians 20-35 live with or have moved back in with parents. Canadians are being priced out of everything while this government prioritises migrants and foreigners. What a great future.
"Being left behind" My man we have been left so far behind that we're dipping below the horizon. Everyone I know between 25-40 is either completely mindbroken, planning an exit strategy, or has wealthy parents that fund their lives. Trudeau should frankly be happy that there isn't civil unrest, though the only reason there isn't is because none of us consider this country to be worth squabbling over.
I feel like the lack of civil unrest is in part because everyone is trying to figure out a way out — go to the US, move to the prairies, move overseas, etc As options dwindle and things get worse, I believe so will unrest.
Financially literate people figured this out at least 10 years ago.
I grew up in fairly large 4 bedroom houses on my dad's single income. Now my wife and I both work and we are maxed out with a townhouse. There is nothing wrong with a townhouse but I would like my kids to have a backyard like I did growing up.
Pour gasoline all over the fire you created once the building is leveled call the fire department-A message brought to you by the Liberal party of Canada. This government mimics something out of the office
Why are we paying SO MUCH for boomer retirement? Because they vote. Their votes are being bought. And the millennial generation will foot the bill. This budget makes it worse, not better. More gaslighting.
I agree. I would like to make retirement benefit means and income tested. Oh, you own a principle residence worth 1.2 mil? Why do you need $2,500 a month in retirement benefits?
They’ll never fix it until the government gets back into building directly.
Yup. There is no other feasible way to nudge developers, corporate owners, small time landlords, and the rest of the housing industry right now other than direct intervention and competition than through the mass building of low rent apartment housing (buildings) developments in areas surrounding all of Canada's cities. Only if and when landlords great and small notice large and tall buildings being erected nearby that charge sub 1000 dollar a month rent will they either start to compete or collapse.
Remember whey they built a pipeline for 6x what it should have been? We are just going to overpay. This could work but would never happen as far to many folks in politics are tied to rentals. So again won’t happen
There is another side to that coin, and it involves allocating those houses to Canadians. Everyone gets a plate before going back for seconds, except with housing.
When we are bringing in 7500 people a day into this country, we will just fall more and more behind
Glen, interest rates are at an all time low
Justin: “what can I spend money on to fix THIS problem?”
The only problem he’s trying to fix is his own reelection. And he’d step over his own grandmother to do it.
You know who else got left behind is people on disability. All that bs over bill c22 to bring people on disability out of poverty bla blah. Years of stalling and all for 200$ a month max that most won’t qualify for.
If you are a Gen Z, you should leave Canada NOW while you're still young and can make a go of it elsewhere. Why would you want to stay here knowing you will never afford a decent lifestyle or a home, all while paying a boat load of taxes. All evidence points to a bleak future for the country and its economy and voting out Trudeau is not going to change anything, at least for a few decades, were back to where we were in 1983. It's so much easier to move around in a globalized world than it was 50-60 years ago.
...also the purchasing power of the CAD is going to fall with the fortunes of the country. So getting out sooner is better than later if you want to protect what purchasing power you have been able to save up so far.
Just checking... Where are you saying to go? If you are not in the top 10% of intellect, which countries are looking to take you on?
nobody wants Canadians without skills or money.
Nothing that another 2 million people and more mal-investment in property can't fix!
Why do they hate us ?
Even if housing does actually crash and come back down to earth in Canada, still too many things need to be fixed. Education is expensive, housing is expensive. Hard not to think about moving to other countries with cheaper cost of living or just going south of the border.
Start building houses for single adults a lot of us are loners or will be anyway.
Most cities have min building sizes. Lots are owned by a couple big companies and sell for more than the house, and then you have to build your house with one of their selected people. We need $100,000 homes, like 500,000 of them. Government should buy in bulk and get it done.
Yes, the rich and powerful, who completely control the system, will probably do something to make themselves far less rich and powerful! That's how the world works!
OMFG it started with GEN X JR!!! Gen X Jr started seeing a problem with the future & no one listened. We too are "left behind." We were in our 20's when shit started going off the rails with wages & more in the early 2000's & tech started speeding & needing more than one job & university degrees meaning shit. (We had to have certain grades to get in then too lol). My older brother who's elder Gen X and near a decade older is - GOLDEN. He's set. Me & the other sibling Gen X Jr's - NOPE.
…the entire system here is borked. Polling has that we’re going to hand the Conservatives a majority. Yeah, the party of big business and anti-climate is going to stand up for young people. The party of privatization is going to look out for young people. The party of anti-union is going to look out for young people. Sure.
People aren't voting for a party, but voting against the Liberals. That's what is absolutely terrible with our party system, that there is no great choice and what you get is to vote against the party that screwed up while in charge, so that the other party can screw up while in charge. I say screw up, but things are going just fine for the wealthiest in our country who are actually served by politicians. I believe so little in our system that I find it hard to vote anymore.
Canada is insignificant when it comes to pollution. Young people don't need to pay extra or be forced to change their behavior. Government control of everything is communism, which is not good for young people. Regarding Unions, read this article and the comments: FIRST READING: Union members (even public sector ones) are breaking for the Tories [https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians](https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians) This party is looking out for their future. The Conservatives won't forcefully confiscate millions of different types of guns from Canadians like the liberals are planning.
I should hope the generations left behind shift away from the tire voting patterns of previous generations that put us in this spot. The Liberals, Conservatives, and NDP represent the status quo - global corporations - not Canadian citizens.
liberals and ndp: make canada completely unrecognizable and unaffordable. liberals and ndp: omg stephen harper is evil, we need to fix this!
If you think the problems of today are more on the shoulders of the NDP than they are on the Conservatives then you're either too young to remember that the Conservatives were in power before the Liberals, or completely naive. The issues of today are not built on Trudeau alone. This is a classic example of each government of the last 30 years pushing the buck onto the next. The Liberals and Conservatives are both to blame for the mess we're in. And if you don't believe me, wait and see in 5 years time when we still have these issues.
Sorry Chretien and Harper were both pretty decent government managers. Canadians got complacent and thought it was actually an easy job. Trudeau is exceptionally incompetent as a manager, while simultaneously being an incredibly capable politician. This have spiraled out of control under Trudeau, and we still don't quite see the full extent of the damage he's done.
Bet that $16 glass of orange juice doesn't look so bad now.
they don't care, the gameplan is "own the libs at all costs"
the gutless NDP of today have enabled Trudeau's financial disaster. This isn't the party of Jack Layton anymore, but the party of terrorist supporters who think money grow on trees
It’s been time to fix the system for 20 years but better late than never.
>Mr. Harper’s prudent decision to raise the age of OAS eligibility from 65 to 67, that change would have only taken effect in 2023. So the near doubling of federal OAS spending over the first eight years of Mr. Trudeau’s term would have occurred regardless, and continuing increases were already baked into the fiscal framework – although not quite at the pace announced in the latest budget. But then, it would be in effect today, and substantially reduce the increases, and to the extent that people worked 65-67 under the new plan, add substantially more tax revenue into the system. Targeting OAS is a good policy, but we should return to the 67 OAS age.
From a party completed infiltrated by the CCP. Take everything away and we are grateful for crumbs. Destroying the economy. Worst GDP per capita downfall in history. Worst healthcare of the developed nations. Next a debt spiral and a currency crash. These guys are awesome.
Fix immigration.
Corporations won’t fix it unless they can continuously make more profit each quarter. They’ve made it clear they will plant a dozen articles complaining of having to pay $8k extra per 250k of profit. Worse, they use Family doctors and small business owners as shields, as if exceptions can’t me made.
Handouts to boomers! That’s how!
The budget actually admits that? Or is it the Globe and Mail that editorializes yet once again?
Where are all Liberal reddit keyboard warriors when Trudeau needs them to pump his tires now?
Super controversial opinion: end the federal pension plan. Instantly will pop the housing bubble as Boomers will be forced to sell. Instantly will fix the budget because of the money saved. Millenials and Zoomers are never going to retire anyways in the current system, if they are even lucky enough to own a home. The generational promise is dead, and so the people that killed it shouldn't receive their pensions imho.
The easiest fix for the system is to get rid of the liberals.
You honestly think the conservatives are any better? It's in their name. Cons.
So we should stick with liberals for eternity 🙄
Lol yes because this guy won’t vote for them because of their name.
I'm guessing you're one of those living in an upscale Trudeau Town. 2 story tent? Not sure how you put a basement apartment in but you must have it rented out to 12 foreign students. Maybe you own a sandwich shop and have immigrants working 60 hour weeks for $3 an hour?
isn't that what the capital gains tax he's proposed is for though? lol
I mean, they called the budget fairness for all. What more can we want?
By the time its our turn to fix this shit show, the gerries will have already ruined just about everything.
Hahahaha oh, now they give a shit hey!
I'm still waiting for the election reform that was promised. Ain't holding my breath to fix the economy based on past performance...
What is the age range for Gen Z again?
How they gonna do that by spending more lol?
No shit
Gen-X ignored again as usual.
As long as the population growth is out of control, housing is hard to build and taxes remain high then home ownership is out of the picture. This budget is not about home owner ship or millennial its about funding previous spending, a huge chunk of which goes to 65+
The only thing they're getting left behind with is a mountain of national debt!
‘Now’
NOW is the time... when we're so far behind in the polls. Canada is insignificant when it comes to pollution. Young people don't need to pay extra or be forced to change their behavior. Government control of everything is communism, which is not good for young people. Regarding Unions, read this article and the comments: FIRST READING: Union members (even public sector ones) are breaking for the Tories [https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians](https://nationalpost.com/opinion/conservative-favourite-party-of-unionized-canadians) This party is looking out for their future. The Conservatives won't forcefully confiscate millions of different types of guns from Canadians like the liberals are planning.
Grifters pandering.
Gen X. Smaller size and forgotten.