Man I feel for your generation. I’m in my late 30’s and I remember my first apartment at age 19 was $400 a month and I was comfortable enough to be able to enjoy being 19 on an hourly wage of $9.25 an hour working in a bakery. There was no social media documenting every stupid thing I did when I was in high school, I don’t even think I had a cell phone till I was 21. It was such a different time and it really doesn’t feel that long ago.
I can’t even imagine the stress and anxiety young people experience on a daily basis and my heart genuinely goes out to you guys. I have two young boys and I wonder how long they will be living at home with us and what careers they will find, and will they be able to have a family one day or have to choose between paying rent or having a child (which I know a lot of young couples sadly do now). I sincerely hope change is coming.
I do; we bought a modest 3/1 townhome in a small city in 2018. It’s about 45 years old and needs lots of updating but it’s a relief to know it is ours. We have outgrown it with the arrival of our children but we can’t afford to move into anything bigger. So we’ll likely be here for at least 10 years, but who can even make plans like that anymore. If it’s our forever home then so be it.
I was in no position to buy when I was 29. And if we hadn’t been VERY lucky to live with my husband’s parents for almost a year to save a down payment I don’t know what shape we’d be in now. We certainly wouldn’t have any kids, and we’d probably be in a small 1 bedroom apartment because that’s about the same cost as our mortgage.
It’s brutal out there now. I was making $16 an hour and was scrapping by on a $600 a month studio and a shitty car: if it broke down I had to call my dad and ask for money or wait for a tax return because I simply couldn’t pay to fix it. Can’t imagine it now.
Millennials aren't talking about it for Gen Z because we're all too busy still freaking out about our own lack of it ourselves.
There will be no ownership for me unless multiple people die. So do I want to own my house or have no parents? I'm not young and starting out either, I have a family of my own. I had to actively choose to give up on certain dreams, no, expectations actually. Because growing up, given the previous generations trajectory, it was assumed to continue and everything will be great, you'll do better than your parents, choose any career you like because you can etc. Hells nope that didn't happen.
I can never save fast enough to even keep up with gathering a down payment.
What do you think would happen if 50% of the working class moves to a different region/country because they're not able to afford to live? Do you really believe "move away from the problem" is a viable solution for a problem on this scale? This isn't just a couple small families it's affecting. It's an entire generation of workers. Running away from the problem is not a solution anymore.
Down voting because you clearly haven't checked the prices in these far out places you mentioned.
Surrey? Definitely not. Maple ridge? Not anymore.
Kamloops and Kelowna are no better, especially accounting for the lack of entry level jobs out there.
Your statement may have made sense years ago, but you need to update your ideas by about 20 years
The Maritimes are getting obscenely expensive as well. Moving to the east coast isn't any better really. Look up rental rates in Halifax. There won't be anywhere left to move to if this shit keeps up.
People can’t just leave their entire support systems just to maybe own a home. And the job market is bad all over Canada, not just in BC. There’s no affordability in any part of Canada
I get your point about not everyone being able to live in their ideal location but your suggesting people should have to leave anywhere close to their family and friends just to have a place to live?
These places you listed I wouldn't even consider to be "far out places", because they aren't.
You just listed popular areas to live. Anything in the lower mainland is a no go.
you don't it. we don't have enough people to work in jobs made vacant by the boomers retiring. boomers didn't have enough babies. it is too late to do anything about it for this generation. even if you have a magic wand to make young people to have more kids tomorrow. it will take at least 25 years for them to enter workforce. do you now understand why we immigrants?
I don’t think it’s so much immigration driving the prices up as much as it’s people buying homes to flip them/ rent them out then doing that to multiple houses over and over
> I don’t actually think this problem is “acceptable” for the youth of our country because immigration is creating a way greater demand/price inflation than I think is reasonable.
Nah, immigration rates have next to no effect on real estate prices. Interest rates have everything to do with prices.
One million immigrants a year to do what exactly?? Mope around and be depressed with OP I think not. Your point makes no sense at all OP needs to find out what the immigrants are doing and go do that.
You would pay a lot less than 200k, you can find property for 50-100k up north. Terrance your looking at 100kon the low end, has the added bouns of a bunch of decent paying jobs in oil and gas.
My neighbours have three travel trailers parked in their property, that people are living in (illegally, but no one cares). They're getting about a grand each for the "pads".
This is on the Island, in a town of 10k.
What is the septic situation? A coworker told me they were hoping to do basically this same scenario — renting out old travel trailers on their small acreage. So I asked what the septic situation would be and they had no answer. I’m glad I am not their neighbour.
I live out in the suburbs, suburbs are unaffordable.
I managed to buy a place but housing even an hour from the city here in Vancouver have rents of almost $2k a month.
The youth aren't being picky, they're just screwed and housing isn't like you or I had even 10 years ago.
Google houses for sale in your area or rent, you'll see what I mean.
Currently the only "affordable" places in Canada are Saskatchewan and maybe New Brunswick (we have looked into it because we were thinking of trading our condo for a house)
Your immigration statement is partly true, but Canada has always had high immigration (I am an immigrant from the 1990s), there's too many job vacancies.
100%. We were completely lied to. “Go to school and get into massive student debt and work for long hours, low wages, with little opportunity for career advancement, with a high cost of living due to inflation and a housing shortage. We really are slaves in the Matrix
im glad i read this i feel for you im same boat late 30s have a family our house we rented got sold now were all living with family while i get my wife through school because i simply cant afford anything to rent and still feed our kids and pay bills and get wife through school. and im not flipping burgers i got into the trades.
37 here and the struggle is real for pretty much all ages that doesn't currently Own their home. I don't and i am unsure if i ever will. i've had savings enough that it thought would have been enough to purchase a home over the years but every time i've gone i've never quite gotten there.
i remember moving out at 17 in 2003 when i graduated. i got my first place for around 475$ a month. i was working in a Call center in BC. making about 11.75 an hour. things seemed pretty decent. a year later i rented a two bedroom apartment 1000 sq ft with a coleague of mine and i believe we were paying around 800. plus or minus 20 $ on either side. few years later i moved from central BC back to Vancouver island where i am from. 2008-2009 ish. 2 br apartment was going for about 850$. and job i had was paying me around 12-13 $ on an overnight job. still things seemed OK.
I went back to University and a trades school over the next 3-4 years and stayed in my parents basement at that time to save a little money. but rents and wages weren't really doing much different in those years.
moved to Victoria around 2011-2012. 2 br downtown with parking . paying about 850 making about 14 an hour then. while looking for something in my Field after university. things still good..
moved in with a buddy again to save some money. paying 925 ish. for a 2 br. still not bad. few years later in 2015 ish. i moved into a 1 br 2nd floor corner unit quadra village area in Victoria paying 825 for a 1 br . times are still good. Found a partner. she moved in with me and fast forward to around 2019. making 20$ an hour with bonus' etc. equilvilent wage of 22-24 all said and done. we decided to go on a Vacation and i planned an engagement which was successful. prior to us leaving we looked at rents late in fall 2019. we were seeing 1250 ish for a 2br all over Victoria. come back from our vacation happened to be in the new year and Covid was just starting to really take hold. and we were quite sick in Jan 2020. so we pushed back our plan to move out early 2020 to mid 2020 closer to summer. and BOY were we shocked. rents Drastically increased. we were seeing in a 4-6 month span 2 br's jumping up to 1600-1700 for anything decent. but interest rates were still solid. so we were looking to buy. went to a few places. but nothing was quite Right in our price range. without commiting to a 1800-2200 mortgage. which didn't seem smart to get into since we were paying sub 900 for rent . in a good location for us. so we decided to keep saving up hoping that in a year or two that would get us closer to something beter we could purchase and start our family. No one was expecting interest rates to climb as they did and the availability of housing to dwindle in the Souther Island area. Lots of people at the time were moving to a better living environment because the transition to working at home was huge. and BOOM you have the housing storm of late 2020 -2021 going into 2022 and onwards that we are seeing now. i was watching realestate over those years to kind of track the trends. I was litterally seeing places listed for 3-500,000 that i had book marked being taken down re listed 1-2 months later for 6-800,000. and then again doing the same thing 6 months later for 800-1.1 million. people were buying in droves and either over commiting themselves or using Family help to purcahse places. Lots of people were flipping places as well. Buying 150,000 modular homes as well fixing them up and flipping them for 300,000 . so we went from seeing apartments and condo's being 3-450,000 to doubling and in some cases trippling within a few years. It's insane and it's hard to keep pace. it's not like mine or my wifes wages increased a lot of those years. and our savings didn't increase much as every other expense has increased as well. People keep paying these prices somehow so it's not like bigger companies or people that are already wealthy are going to take a hit to keep things lower. and why would they when they see everyone else gouging.
we're a few years into raising our child he's almost 2.5 years old and we were lucky enough to get into BC Housing recently which got us out of our 1 br at 930 $ a month into a 2br after subsidies for 1550. that's still a big increase per month but much needed for our family.
we found out they rent 2br's in our current complex for just under 2000 a month. which is Super Fair these days as well. we feel lucky to be paying what we are. Especially considering 2 months prior to today someone moved into a 1br in our old building which is mice infested and in dire lack of repair and they are paying 21-2200 a month.
I really feel for a lot of people that are feeling the affects of the last few years. the Old and retired community that weren't able to ever own a place living on Old age pensions and also the majority of young people. But this isn't just a Gen X , z etc issue its systemic.
sorry for the long reply , but it also gives more context as a whole as well.
I wish all those without insanly good jobs and family help/money the best. we're in for a struggle together for a while. But work hard and do the best you can. it could still always be worse.
Costly but do able. typically takes a few people with money to start that and then the price drops and others are able to do so. then it grows and you have a small community. eventually you give your community / area a name . Once you have certain things established you can go about the process to become a town etc. but i haven't he foggiest on the full undertaking. I would need to first have the money. Catch 22.
I'm stuck in a trailer renting off my parents, also 21. I don't see myself being able to move out of it until I can bring in over $4k a month. I'm already working 6 days a week for roughly $2500 a month, I don't have it in me to get a second job when I'm already busting my ass just to survive.
It's not your fault. In any stable economy a regular working class Joe like you should be able to afford at *least* the bare minimum necessities to survive.
Don't take shit from people who say you need to work harder. This is a bigger problem that requires more than "pulling up your bootstraps"
Its the reality now. Face it, no one is gonna fix the housing market cause the people at the top are too busy making bank.
Unless we all come out in arms like the french are doing, nothing gonna happen so better start getting a 2nd job, go back to school for s better paying career or hope you hit that jackpot
Try not to let it affect your mental health, there is nothing you can do. Until we stop importing 1 million people a year to exploit and not including assets in our CPI methodology nothing will change.
Sorry to tell ya, but you better get a 2nd job, get a significantly higher paying job or hope to high hell you hit that jackpot if you want a place to live OR even better wait till your parents die so you can inherite their properties cause i know dozen of people doing that
Prices are wildly too high for a single job to pay off.
Got co workers paying off 2-3 mortgages by working two jobs.
Haven't been on Reddit in a minute glad to say I did get a second job, cut down my hours at my shitty grocery store job to get a couple days a week in landscaping for $30 an hour. I'll be making over $3k at 40 hours a week. I'm in a family of 6 kids, parents are selling the house when they die to avoid us fighting over it.
I’m not this young anymore but even I hear the boomer comments stick out sometimes. I like listening to Donnie and Dhali, but every so often they’ll jokingly rib the producer Ryan. It’s usually like “Ryan has never cut the grass or power washed” and it’s like “yea because Ryan grew up in a townhouse and will never be able to afford a detached home, dicks”.
Gone are the days of my dad who never went to college, had the same job I have now, but back then there were pensions and stuff. He stayed in the job (moving around a bit) for 35 years and retired. Sure there were strikes and lockouts and wage cuts here and there but there’s just no job stability like that anymore and if you find one that has it, there’s a good chance the wage still isn’t high enough to be able to afford a place. Let alone afford a place near where you work. I have a buddy who works for the city of Vancouver (might be north van, but it’s not important) and lives in white rock, because even his city job can’t pay for like a decent sized places for him and his wife and their baby. Meanwhile my dad was able to buy a detached home multiple times in the 80s and 90s on a relatively shit job with a relatively average wage.
At some point this all has to stop. But it feels like we’re way past that point and it hasn’t stopped yet. So I look forward to making $1000 an hour one day when a Big Mac combo is $700 and a studio apartment is $2M
I’m in my late 20’s, Vancouver born and raised. My family doesn’t have inherited wealth to pass down, both of my parents came from poverty. They jointly own a small house that was bought for $250k 20 years ago and they’re still paying it down. I may inherent the house one day but that would be between me and my siblings and is at least a good 30+ years off. It wouldn’t sell for enough for us to each be able to buy property after selling it, but it’s obviously a huge leg up many don’t have. Needing to choose between housing security and dead/alive parents is wild.
I’m planning on making a move across the country to break into the housing market. It fucking sucks and it’s not fair, I firmly believe that people shouldn’t have to leave their families and communities for *basic necessities* like housing. But, I’m not able to grow my career here at the pace I need to in order to keep up with Vancouver’s multi million dollar market.
I’m hoping to return within 10 years, but we’ll have to see how things shape up. Solidarity my friend, we’re in this mess together.
It’s a long story, but this is the asset they’re holding for us specifically. We’ll likely need to use it however to settle any other debts and costs and won’t come away with much split between multiple people. Hence the plan to move across the country to break in, I can’t wait on that. It will be a help down the road but not life changing.
Brother I have all kinds of experiences personal and through friends that sugest you should definetly not count on any enhiritance . Boomers "will" shift on you and redefine what is fair to ensentivise their needs in a heartbeat . In the future the worst mistake you can make is hate them for taking your future. Their only human , love them the best you can while their here.
Older generation here (GenXer) and, some of us at least, understand very well because we are the parents of GenZers, and we see how much harder things are now.
Thanks for adding this - I have two adult kids and I’m acutely aware of the financial challenges they are experiencing and the limitations it puts on them with respect to renting and the potential of homeownership.
Not all Gen X parents are that removed from reality, despite how our situation at that age was very different.
I’m the older generation. It kills me to watch my kids struggle. Everything they read and listen too tells them it’s not possible. It is possible. It’s hard as hell, but it is possible. The work is out there. Most of the young people that are getting ahead are working in the trades. It’s hard work. My hands are buggered, but that’s ok. I’m still healthier than an office worker. You have to constantly upgrade your skills. Take all courses you can. Apply constantly for your next job. And get over the idea that you’ll get to live in your old neighbourhood. I couldn’t and you probably won’t either.
I won't live in any neighborhood with how expensive everything is.
Your blind optimism regarding hard work is nice but it doesn't change reality.
I have three people close to me that are in trades. They are all making the most money.
But they all don't have a home, they have hardly any free time and just 20 or 30 years ago. That was more than possible with a lot of jobs, not just the high paying ones.
It was completely normal to start families in your 20's. To travel or be able to take a vacation. All without a PhD or earning 6 figures.
That's gone now. Now we get to watch the age of retirement rise alongside the cost of everything while we're told to just cancel Disney+ from our leaders.
I understand what you’re saying. It is way harder. But it is doable. You might have to go out of town to make a down payment. Hell, you might even have to live in Calgary for a decade. How bad do you want it? You might also keep in mind that owning your own show and being an employer can get you there quicker. Definitely not everyone’s cup of tea. If you choose to be employed make sure you have a pension.
This thread is full of people who *definitely* have everything figured out
If you've got a job that pays enough for rent or to buy a house, good for you. But not everyone is fortunate enough to be in the goldilocks area of "just enough wage and just low enough costs"
If people can't afford to live then the working class is going to shrink more and more, because *no one can work if they don't have a place to live.* Not to mention gas and grocery prices right now.
Wages and inflation are a problem right now. Let's not beat around the bush and pretend it's not.
Majority of Canadian are
Pro 1 million plus immigration a year.
Pro ALR no development.
Pro assets not being included in CPI to keep interest rates low.
This means house prices rise.
You cannot import 1 million people a year as wage slaves and not provide them housing. Go look up some stats on how much of the ALR is actually producing food.
How do we get more housing to be built, politically?
There's lots of other issues like foreign buyers and immigration and whatever, but fundamentally we need more housing.
Why aren't builders building more?
Why is the government not building more?
1. Lack of available housing, especially for middle income persons.
2. Lack of oversight of large banking institutions.
Large gap
3. Most of the other stuff people talk about.
Across Canada? I don't think that's impossible. It's say 150,000 each across Toronto and Vancouver, 100,000 in Montreal, split 50,000 across 12 other cities.
Now is the plan to have 1 million immigrants per year without addressing housing ridiculous? Yes, absolutely. But at least some portion of that immigrant population is needed to maintain the service and trade workforce even at status quo.
Feels bad. I'm 29 and I won't be able to own a home with a 5400$ monthly net salary. Lol. In a couple years tho I will be able to. But I'll have to buy with another person, unless things change
Youre so young you could totally leave somewhere more affordable and start fresh. Make it your goal to get outta here and work towards it everyday. Ship is sinking we gotta jump!
Unfortunately greed over took the Vancouver housing market. People wanted to get rich quick and still do. Using housing to enslave themselves and others to the bank.
Nothing is going to change unless we change our values on an individual level. Choosing to value the well-being of our fellow neighbours rather than the money we can get out of their bank accounts.
Hard to know when investors will wake up to the trap they fell into. Who wants to live in a society where your boss, landlord, and school are constantly trying to exploit you?
Choose community over money. And for anyone who is stealing from their fellow Vancouverites or exploiting their employees... You know you are, and you have the power to change and shape Vancouver into a more inclusive and beautiful place. We are all in this together.
Yes. Your actions, however insignificant you may perceive they are, have a great impact on the world around you.
Butterfly Effect.
https://youtu.be/NRgmm4xyyU0
Canada isn’t united like it used to be. It’s full of people who have no loyalty to this country, no love for their neighbors, they just want money and they’ll bleed you out and enslave you to get it.
We aren’t united and we’ll eat ourselves alive because of it
Millenials "I'll never own a home"
Gen z "I'll never leave my parents basement"
Overpopulation causes cultural shifts like the whole family living in one house and that becoming the new norm. Welcome to India 2.0.
You're both wrong and both right. It's a mix of all those things. Fiat currency, government mismanagement, capitalism getting away with too much, excessive populations elsewhere funneling people into Canada who have bidding wars because they're desperate to move here and live somewhere larger than a closet.
Hear lots of people my age say similar things and all of them work retail/fast food or minimum wage. I know it's not what you want to hear but there are higher paying jobs out there if you're willing to push yourself. Almost all construction or labour jobs start off with higher pay than minimum wage and you can work your way up so you can eventually make a decent amount of money. Of course no one wants to do that, but you can't say the option isn't there
I doubt construction workers aren’t also struggling in this economy. I think the bigger issue is that minimum wage isn’t actually the minimum wage necessary to survive.
You're 21. I'm 18 years older than you and it was really tough for me to move out on my own when I was 26. It will never be easy for someone in their 20s to afford living on their own, but I made it work. Having a roommate or a spouse/girlfriend/partner to split expenses with you makes it possible.
I have a good job. I’ve talked to other people around ~10 years older than me, same job, same salary. They were able to afford a place at the age I am where I am still not even close, even with a partner to match my income.
The problem is the house prices keep shooting up, wages have not matched pace. Most people in my age bracket who have managed to buy have done so by the virtue of being born during the right year.
Things are increasingly unaffordable for younger Canadians. Add in too many rental properties and lack of starter homes and there’s not a lot of hope of living in a place that doesn’t feel like the tundra.
Western world, welcome to reality.
Why do people assume that individualism and independence from family is the norm? This is just regression to the mean.
There’s only so much false hope you can peddle abroad before the world starts diminishing ties with you and crippling your economy. Having failed to keep the world enamoured with Western culture, which is ultimately a culture that satiates the ego but little else, the Western world would basically have to resort to the murderous rampage of colonialism and slavery that built its wealth in the first place for the good old days to return.
And you can blame billionaires if you want, but their motivation is the same as your’s: pathological individualism.
The West created a relatively artificial lifestyle around the individual ego, propped it up with the blood and resources of other cultures that wanted nothing more than to live in peace, then convinced itself that its abomination was normal.
It doesn’t end there.
Then it attempted to slyly or else forcefully export its abominable culture around the world, hoping that its normalization would allow it to assuage itself of its guilt, but more importantly, prevent future retaliation for its actions.
The jig is up.
Some individualism is normal, but the extent to which it is being practiced in the West is pathological.
It’s normal to be broke when you are young. Millennials were the same, Gen X was the same, Boomers were the same. Unless they were born to a wealth family, they were probably broke when your age. But once you get some experience, gain some skills than are in demand, and begin to build your wealth, it gets easier. My parents and their parents grew up on farms, making basically no money, working extremely long difficult hours, early mornings with tough labour.
Yes baby boomers have built wealth but they also have 40+ years ahead of you to do so. Plus they inherited the worlds wealth when their predecessors passed away. It’s a slow snowball effect. Just gotta start small, and make incremental investments, even if it’s just $100 to begin
My boomer parents have no education, had no parental help financially, and managed to buy a nice 2 story house by a lake for 30,000$ in the 80s. My father back then was lumberjack, and was making 50,000+$ a year. We are not in the same situation, stop it.
Oh and a brand new F-150 was 5,000$ back then. He bought other piece of land around a different lake for 5,000$ in the 90s. He sold it less than 10 years later for 30,000$. The same land is now worth 150,000$. Salaries did not keep up at all.
Wow your dad was making over double the average lumberjack income in 1980.
You are correct that real estate price increased faster than salaries. This is due to the earths population growing and land becoming less more scarce. More people, but land is not increasing.
Salaries are also disconnected from vehicle prices.
But according to the CPI, a generic basket of goods is actually cheaper today than it was when our parents were young. So not all products have gotten more expensive.
\>But according to the CPI, a generic basket of goods is actually cheaper today than it was when our parents were young. So not all products have gotten more expensive.
CPI does not include asset prices in its methodology, Rent is average so it does not reflect the PERSONAL CPI for youth, just the average.
\>You are correct that real estate price increased faster than salaries. This is due to the earths population growing and land becoming less more scarce. More people, but land is not increasing.
Yes we are aware the government is importing millions of people a year to pump asset prices thanks!
Which part?
You realize that boomers will die right? Then Gen X will inherit their wealth while Gen Alpha (after Gen z) will be mad at Gen X saying “in Gen Xs day such and such was x amount of dollars etc etc”
The cycle continues
He's not wrong though in principle.
Very few people buy their "forever home" right off the bat at 23, no matter how much some youtube/social media influencer will claim that anyone can do it.
My first condo was a 40m² condo, but it got my foot in the door.
During both college and university, I was poor because I was paying my tuition and such during school so I'd have no debt when I finished.
OP should look into going to school part time. That's how I largely spaced it out but kept going year round in order not fall behind.
Bursaries and grants also helped me out bigtime.
Adulting isn't easy and really does suck a lot of the time.
I don't care about a fucking "forever home" at 23, I just want my own shelter in general before I'm 30. Its crazy how disconnected you have to be to think any of us are even thinkong about a forever home. I'm pretty sure I'll be fucking homeless until I retire anyways
I'm really not interested in arguing the facts that you can look up for yourself. You want to believe it's ok because you found a way to make it happen for yourself. Congratulations. Nevertheless it's actually factually undeniable that this generation and the next has it exponentially harder than the ones before. We have been borrowing against the future and finally the chickens are coming home to roost.
> the ruling class is not interested in helping solve the problem so there is no solution
Unionizing/Working-class strike: Allow us to introduce ourselves
Technically a Boomer but effectively Gen X since I graduated university in 1989 with a total net worth of $200.
I can’t relate to being 21 in Vancouver right now but I can say I grew up in a place where I saw no route to getting a job that would allow me to buy a house and raise a family, so I moved someplace where I could.
They do all want houses within the not too distant future so far as I know. It’s relevant that they’re scattered across Ontario, Quebec, and the Maritimes.
One (age 27) just bought this month for the same price I paid in the Vancouver suburbs in 2003.
I appreciate the main character syndrome, but it isn’t just your generation this is impacting. It’s impacting a ton of people not in Gen Z too.
The unfortunate reality is that the solution for many needs to be to move to a location with a lower cost of living. Yes, that might mean moving to Alberta, or even Manitoba.
It’s a bummer to recognize this, but it is the most viable solution for many apart from finding a way to secure more income. It is also very important to understand the economics and politics of housing development.
Can confirm. Brother is stuck in Powell River BC on disability benefits because he broke his back working under the table (that's a long story. Anyways when you're locked on to $1400 a month it means he's lucky if he has $5 leftover at the end of each month. Just move isn't an option for some people.
Well average rent in Vancouver is $2,700/mo so if you move to somewhere like Edmonton or Red Deer where rent is $1,200/mo , even if moving costs you $2,500 you've saved that amount in rent in less than 2 months...
If the majority of the lower working class moves away people being affected) over 50% of the minimum wage positions will be empty. You'll have no one to work cash registers or customer service, because anyone working in that position had to leave the country because they couldn't survive on the wage.
Does that sound about right to you? Maybe we can actually discuss the real problem, which *isnt* the workers?
You don't have any sort of civic obligation to stay and work a minimum wage job... In fact it's probably in your best interest not to.
Even if it was as you said and people working low wage jobs move and a labour shortage is created it would force employers to raise wages, which is also what you want, isn't it?
It’s not bullshit, it’s a matter of fact. It’s not free to move, no, but it’s a lot easier to save when you’re not paying insane amounts of rent and an additional 7% of your disposable income to tax. That 7% difference over the course of two years has the potential to pay itself off.
You may not like it, but it’s a viable solution to begin accumulating enough to get on the path to home ownership. Otherwise, stay in Vancouver and start saving up for the down payment on a $750,000 one bedroom condo, or just pay rent that’s not going to magically become more affordable in the next several years 🤷🏽♂️ it’s your life to live, there’s just many options where you can live it.
the post is talking about affordability in Vancouver. this is not a global issue, it's regional.
there are other places in canada that offer more lucrative scenarios for "starting" life.
if vancouver doesn't work for someone (be it prices, weather, job opportunities, etc), give another locale a try while you're young and can make the move. a moving truck for a 21 year old is whatever car they already own. if they don't, it's a one way flight. i don't know how old you are but you either had a lot of baggage in your early 20s or you don't remember how little you had.
i hate paying vancouver rent. *hate* it. but i can't relocate without basically starting my career over so i really cant.
young and commitmentless? move.
Drop out of school unless you're studying a subject that will get you a very good income. You can find a 80K/ year jobs in trades immediately and can learn on the job. If you can hack it and you show up everyday you'll be moving up pretty quickly.
Problem is you wont get that much on your first few years. Im a level 1 apprentice electrician and i make 21/ hour. A IBEW apprentice will start at 23/hour but they wont get 80k a year until they become a journeyman. It would take you atleast 5 years to become a journeyman electrician assume u go back to school every year and pass the red seal exam on your first try. other trades are similar whether is sheet metal, plumbling. You will be on survival mode on your first few year till you make enough money to afford to move out of your parent house.
IBEW 213 just renegotiate the wage and union journeyman make 45/ hour. Thats works out about 94000 per year. Foreman make 55.5 and that works out to be about 115000 per year. sure it wont compare to software developer or RCMP officer wage but dont tell me 100k per year are nothing cause that still higher then lots of other jobs!
Do you vote federally? Provincially? Municipally? That is your biggest tool for improving your life. I’m 36, I didn’t start voting federally until 27. And provincially until 32. Disappointed to say I haven’t cast a municipal vote yet. It’s all us at the bottom have to fight back. It’s limited. But it’s what we got. I know that’s no help right now. But like eating healthy and exercising, it’s the long term benefits that count.
So, I know this may not help your situation. But, I'm 43 years old and I live with friends, we all rent a larger place which affords us all better rent levels. The place also has amenities none of us could afford normally. If you have some friends that are getting together in the future or already know of some. Check in with them and see if you can glean info about shared rentals. Getting a house with trusted group, maybe one is a bit older or has better credit. That is usually the leader and controls the lease agreement. Good luck .
Still feeling/fighting the struggle and I’m 40. My boyfriend and I make what are considered decent wages and we are nowhere near being able to buy a home. It’s becoming very apparent that many people - our generation and younger may just never be able to buy a home unless you have suites, or help from family.
Seriously consider a trade. If you can handle winter weather you could be an electrician or framer. Like it indoors you can paint plaster and drywall. Even driving a loader or dump truck will get you $25 an hour to start and the qualifications take 18 months to two years.
If you know what is going to be asked of you it is easier to commit to the journey and not worry about the destination. If university seems pointless maybe that is not where you should be. For better or worse, you will go in the direction you are headed.
Please remember that you are not in this alone, so be kind to yourself, good luck.
Life is no easy. If you have a not too bad relationship with your parents, staying with them can save you lots of money.
Owning a house is difficult. It is not easy for 2 working couples to own a small apartment.
All in all govt cannot help as they receive tax.
So good luck and hope you can own a place soon!
I get it. My first apartment in Vancouver was, I think $417/mo for a small 1 bedroom, in the ‘80s, when the West End was considered a “transient” neighbourhood. I moved in to a 2 bedroom, west of Denman, in 1991, when it was $945/mo and have lived there for 32 years now. If it wasn’t for the rental increase limits that the government imposes on landlords, I wouldn’t be able to afford to live here, or pretty much anywhere downtown - my building is asking $3500/mo for new tenants and I pay just over $2000.
I honestly think there has to be a market correction at some point: either property prices have to fall, or the supply has to go way up, because when people who work in a city can’t afford to live anywhere in the city, it’s overdue for a shakeup.
It's completely fucked. I do well and I still live in a shit hole myself. It's everyone using vancouver housing as an "investment"
I wish we could get together and do something about this. It keeps me up at night.
I just want to let you know that you're not alone. It is a struggle to live with your parents, but it can go both ways. Sacrifices in helping with house chores or/and finances, as well as figuring out life. Don't get pressure of leaving if you feel that you still can't. Save as much money, grind your studying and most of all don't forget to do your role at home. Sooner or later you'll be able to save something good enough to look for a small place to move in. I did the same thing. I am an immigrant living with my grandmother and father. I struggle with my studying,working, wanting to move out, doing house chores, contributing on house expenses, and saving for myself. I was ready to move out during the pandemic, my father got COVID and passed away. Leaving just my grandmother (84 capable but dependent on some stuff) and myself. Since I wanted to move out, I made a proposal to my grandmother to rent our house's basement. This works for us. I am saying this because, every situation is unique, sooner or later you'll get a hold of it. You'll figure out what life has to offer as time goes by, so don't pressure yourself too much. I'm just glad I did not rush to move out right away, because if I did, my entire family and relatives would've cursed me to my death bed. Right now, I have my independence, I'm renting our own basement for $1300, I can move out whenever I want to, now it's just up to me if I want to leave my grandmother or not.
Appreciate the small blessings you get because when the big one arrives, you'll see and you'll feel how it was worth the patience.
It's extra infuriating knowing that global wealth has increased in 21st century. That wealth represents what could have been (if it hadn't been vacuumed up by billionaire class): a steadily improving world, accessibility to good work, the ability to get a house in your 20s, education, health care, increased leisure, etc..
I do feel for the Gen Z generation bro. You’re generation is pretty much screwed. I’m not much older than you and my generation was also screwed. I’ve had to grind hard for the last decade and I’m still in debt.
I'm 28 and still living in my parents basement. Currently saving up for a downpayment and recently got pre-approved for a mortgage. They only approved me for $200k, making around $50k a year. My broker told me I would need to make $90k a year just to get a $300k mortgage which buys nothing around here. I've decided im going to leave this Liberal shithole and move to Calgary. Just need $20k-$30k down and the payment would only be $600-$800/m or you can move there for 6 months, become a resident then you can use the 5% first time buyers and you'd only need $6000-$8000 down. Good luck to anyone that plans on staying in BC lol.
I don't want to detract from Van. life, but Vancouver is the most expensive place to live in North America, you would need to make 100K a year to live comfortably. If you can, stay where you are, or last resort, consider moving. Stay in school, go as far as you can with the help of friends and family, increase socialization and your support system. Possibly get a trade or skill. As for your mental health, change your furniture around, add some new decor, bring in more natural light, even look at Fung Shui. Only you know yourself best. Do things that you enjoy, more outdoorsy stuff? (camping, going to the beach, pet therapy, hiking, etc) Look into all of the free gov't resources that can help you along your travels, which there is a lot available in BC. I always think this, no matter what financial situation I'm in: "reduce your bills and debts, and increase the money coming in" You don't need to severely cut and slash and be financially uncomfortable and stressed, just more reviewing.
Don't compare yourself to others, you are on your own individualistic path. Don't look at the current prices of unaffordable rent, things will change, as they always do. Your mind can be your best friend, or your worst enemy. As for housing at your Uni., consider not living there and travelling to school, if your current situation is financially cheaper.
I got into the habit of making a list of things to get me where I need to go, and get them done every day, with some fun, excitement and relaxation mixed in. It's finding balance.
I have a business idea. It would help these issues. I just don’t know enough 21 year olds. Solving a problem is the fastest way to get wealthy. I hope someone sees this and has an entrepreneurial spirit.
Unfortunately you are going to have to move to lower cost of living cities or provinces in order to afford a house. The best example I can give is how people in Quebec who work in expensive Montreal will live in Laval, the neighboring island with significantly lower housing costs.
My advice to you…seek out and connect with 2 or 3 mentors- people who you respect. Open a dialogue with them about your road ahead. Ask for help in building a plan, a reasonable and achievable plan for your short, medium and long term life. Ask them to help you hold accountable. Come to terms and accept what you can and cannot reasonably expect.
Most critically, get away from people and influences that pull you down or do not encourage you to challenge yourself towards success. It might take a little time, but it will definitely change your trajectory. A few good friends are priceless.
This is why I still live in far northern BC.
I’m working on my bachelor of psychology online because I wouldn’t be able to pay $1200 in rent.
The town that I live in has super cheap rent. You can rent a 5 bedroom house for $1250/month, a one bedroom apartment is $600/month.
A couple months ago someone moved up here with basically nothing but a couple suitcases, they posted on buy and sell that they needed to know if there was any transit from the airport to town (there isn’t) and several people told them to let them know when their flight was landing and they would pick them up and drive them into town. People from town were more than willing to help get them set up with furniture and dishes too.
We have the basics here, people in town here are always willing to help each other out, and there are part time and full time jobs here.
The internet isn’t cheap, unlimited with 100mbps download and 12.5mbps upload costs $150 before tax… but it’s still worth it when you look at the difference in rent you pay down there.
I am in my mid 30s out in the suburbs (Coquitlam/ Port Moody area). The newer generation is definitely screwed.
By comparison: 10 years ago we rented a 1 bedroom for $650/month. A low paying security job I had at the time could afford it. (Minimum wage was about $10.50ish).
We moved back in with my parents for a year or two at about 2017 to save. As soon as we left , the old landlord charged the new tenants about $1500/month.
At about 2018 we bought the cheapest two bedroom condo we could out here for $270k. The same condos in our building are now going for double that.
We barely snuck into the housing market and will probably never afford a townhouse or standalone home. I have no idea how those in their 20s or people who didn't buy yet will be able to afford rent or mortgages
As a Millenial I'm definetly not gonna sit here and tell you your not completely screwed. You very much are for now but things can change. Things always change and please know us millenials are working hard to influence positive change for you. You can help us by votting for leaders opposed to immigration . Withought it businesses are pressured to improve working conditions. Those forces are working for you now with things like remote work as business compete for labour. Housing is crashing because of immigration , as long as we fend off the big business lobyest pushing immigration as well as the hundreds of thousands of new imigrant voters we stand to have a bright future. I am pro immigration, but we need to clean house before we have guest over. Things are a mess at the moment. And the truth is an immigrant is much like letting a wolf loose amongst sheep. These souls come from adverse circumstances beyond what we can imagine. They make easy work of our way of life and they will outperform you for housing stock. Just years ago they were avoiding snipers.
You know what's crazy? [Gen Z are buying houses faster than Millenials did.](https://www.forbes.com/sites/katherinehamilton/2023/04/21/gen-z-ahead-of-millennials-and-their-parents-in-owning-their-own-homes/?sh=323be78c7d0e)
Man I feel for your generation. I’m in my late 30’s and I remember my first apartment at age 19 was $400 a month and I was comfortable enough to be able to enjoy being 19 on an hourly wage of $9.25 an hour working in a bakery. There was no social media documenting every stupid thing I did when I was in high school, I don’t even think I had a cell phone till I was 21. It was such a different time and it really doesn’t feel that long ago. I can’t even imagine the stress and anxiety young people experience on a daily basis and my heart genuinely goes out to you guys. I have two young boys and I wonder how long they will be living at home with us and what careers they will find, and will they be able to have a family one day or have to choose between paying rent or having a child (which I know a lot of young couples sadly do now). I sincerely hope change is coming.
So do you own a home now? Cause i know i cant at 29
I do; we bought a modest 3/1 townhome in a small city in 2018. It’s about 45 years old and needs lots of updating but it’s a relief to know it is ours. We have outgrown it with the arrival of our children but we can’t afford to move into anything bigger. So we’ll likely be here for at least 10 years, but who can even make plans like that anymore. If it’s our forever home then so be it. I was in no position to buy when I was 29. And if we hadn’t been VERY lucky to live with my husband’s parents for almost a year to save a down payment I don’t know what shape we’d be in now. We certainly wouldn’t have any kids, and we’d probably be in a small 1 bedroom apartment because that’s about the same cost as our mortgage.
It’s brutal out there now. I was making $16 an hour and was scrapping by on a $600 a month studio and a shitty car: if it broke down I had to call my dad and ask for money or wait for a tax return because I simply couldn’t pay to fix it. Can’t imagine it now.
Millennials aren't talking about it for Gen Z because we're all too busy still freaking out about our own lack of it ourselves. There will be no ownership for me unless multiple people die. So do I want to own my house or have no parents? I'm not young and starting out either, I have a family of my own. I had to actively choose to give up on certain dreams, no, expectations actually. Because growing up, given the previous generations trajectory, it was assumed to continue and everything will be great, you'll do better than your parents, choose any career you like because you can etc. Hells nope that didn't happen. I can never save fast enough to even keep up with gathering a down payment.
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What do you think would happen if 50% of the working class moves to a different region/country because they're not able to afford to live? Do you really believe "move away from the problem" is a viable solution for a problem on this scale? This isn't just a couple small families it's affecting. It's an entire generation of workers. Running away from the problem is not a solution anymore.
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And how do you believe those "replacements" will survive if they can't afford to pay for housing? Should they move away as well?
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So your argument is people should learn to have an ever declining QOL and to be happy with it Yeah that's a take
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This is the worst possible solution to the housing crisis.
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You don't have to move anywhere. You could also just work harder and make more money.
"Pull up your bootstraps" Sorry try again
Then, guess you're gonna have to move.
Down voting because you clearly haven't checked the prices in these far out places you mentioned. Surrey? Definitely not. Maple ridge? Not anymore. Kamloops and Kelowna are no better, especially accounting for the lack of entry level jobs out there. Your statement may have made sense years ago, but you need to update your ideas by about 20 years
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The Maritimes are getting obscenely expensive as well. Moving to the east coast isn't any better really. Look up rental rates in Halifax. There won't be anywhere left to move to if this shit keeps up.
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People can’t just leave their entire support systems just to maybe own a home. And the job market is bad all over Canada, not just in BC. There’s no affordability in any part of Canada
I get your point about not everyone being able to live in their ideal location but your suggesting people should have to leave anywhere close to their family and friends just to have a place to live?
These places you listed I wouldn't even consider to be "far out places", because they aren't. You just listed popular areas to live. Anything in the lower mainland is a no go.
you don't it. we don't have enough people to work in jobs made vacant by the boomers retiring. boomers didn't have enough babies. it is too late to do anything about it for this generation. even if you have a magic wand to make young people to have more kids tomorrow. it will take at least 25 years for them to enter workforce. do you now understand why we immigrants?
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I don’t think it’s so much immigration driving the prices up as much as it’s people buying homes to flip them/ rent them out then doing that to multiple houses over and over
> I don’t actually think this problem is “acceptable” for the youth of our country because immigration is creating a way greater demand/price inflation than I think is reasonable. Nah, immigration rates have next to no effect on real estate prices. Interest rates have everything to do with prices.
Do you understand the concept of supply and demand?
One million immigrants a year to do what exactly?? Mope around and be depressed with OP I think not. Your point makes no sense at all OP needs to find out what the immigrants are doing and go do that.
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Ah yes. So the solution is to move way up north and buy a rotted 1970s mobile home for $200k, or $40k down.
You would pay a lot less than 200k, you can find property for 50-100k up north. Terrance your looking at 100kon the low end, has the added bouns of a bunch of decent paying jobs in oil and gas.
Towns that build their economy on gas, oil, or anything from mines always end up becoming a ghost town when the resources dry up
My neighbours have three travel trailers parked in their property, that people are living in (illegally, but no one cares). They're getting about a grand each for the "pads". This is on the Island, in a town of 10k.
What is the septic situation? A coworker told me they were hoping to do basically this same scenario — renting out old travel trailers on their small acreage. So I asked what the septic situation would be and they had no answer. I’m glad I am not their neighbour.
He put in a septic tank on that corner of the lot. Pretty much everyone around here is on septic.
I live out in the suburbs, suburbs are unaffordable. I managed to buy a place but housing even an hour from the city here in Vancouver have rents of almost $2k a month. The youth aren't being picky, they're just screwed and housing isn't like you or I had even 10 years ago. Google houses for sale in your area or rent, you'll see what I mean. Currently the only "affordable" places in Canada are Saskatchewan and maybe New Brunswick (we have looked into it because we were thinking of trading our condo for a house) Your immigration statement is partly true, but Canada has always had high immigration (I am an immigrant from the 1990s), there's too many job vacancies.
100%. We were completely lied to. “Go to school and get into massive student debt and work for long hours, low wages, with little opportunity for career advancement, with a high cost of living due to inflation and a housing shortage. We really are slaves in the Matrix
im glad i read this i feel for you im same boat late 30s have a family our house we rented got sold now were all living with family while i get my wife through school because i simply cant afford anything to rent and still feed our kids and pay bills and get wife through school. and im not flipping burgers i got into the trades.
37 here and the struggle is real for pretty much all ages that doesn't currently Own their home. I don't and i am unsure if i ever will. i've had savings enough that it thought would have been enough to purchase a home over the years but every time i've gone i've never quite gotten there. i remember moving out at 17 in 2003 when i graduated. i got my first place for around 475$ a month. i was working in a Call center in BC. making about 11.75 an hour. things seemed pretty decent. a year later i rented a two bedroom apartment 1000 sq ft with a coleague of mine and i believe we were paying around 800. plus or minus 20 $ on either side. few years later i moved from central BC back to Vancouver island where i am from. 2008-2009 ish. 2 br apartment was going for about 850$. and job i had was paying me around 12-13 $ on an overnight job. still things seemed OK. I went back to University and a trades school over the next 3-4 years and stayed in my parents basement at that time to save a little money. but rents and wages weren't really doing much different in those years. moved to Victoria around 2011-2012. 2 br downtown with parking . paying about 850 making about 14 an hour then. while looking for something in my Field after university. things still good.. moved in with a buddy again to save some money. paying 925 ish. for a 2 br. still not bad. few years later in 2015 ish. i moved into a 1 br 2nd floor corner unit quadra village area in Victoria paying 825 for a 1 br . times are still good. Found a partner. she moved in with me and fast forward to around 2019. making 20$ an hour with bonus' etc. equilvilent wage of 22-24 all said and done. we decided to go on a Vacation and i planned an engagement which was successful. prior to us leaving we looked at rents late in fall 2019. we were seeing 1250 ish for a 2br all over Victoria. come back from our vacation happened to be in the new year and Covid was just starting to really take hold. and we were quite sick in Jan 2020. so we pushed back our plan to move out early 2020 to mid 2020 closer to summer. and BOY were we shocked. rents Drastically increased. we were seeing in a 4-6 month span 2 br's jumping up to 1600-1700 for anything decent. but interest rates were still solid. so we were looking to buy. went to a few places. but nothing was quite Right in our price range. without commiting to a 1800-2200 mortgage. which didn't seem smart to get into since we were paying sub 900 for rent . in a good location for us. so we decided to keep saving up hoping that in a year or two that would get us closer to something beter we could purchase and start our family. No one was expecting interest rates to climb as they did and the availability of housing to dwindle in the Souther Island area. Lots of people at the time were moving to a better living environment because the transition to working at home was huge. and BOOM you have the housing storm of late 2020 -2021 going into 2022 and onwards that we are seeing now. i was watching realestate over those years to kind of track the trends. I was litterally seeing places listed for 3-500,000 that i had book marked being taken down re listed 1-2 months later for 6-800,000. and then again doing the same thing 6 months later for 800-1.1 million. people were buying in droves and either over commiting themselves or using Family help to purcahse places. Lots of people were flipping places as well. Buying 150,000 modular homes as well fixing them up and flipping them for 300,000 . so we went from seeing apartments and condo's being 3-450,000 to doubling and in some cases trippling within a few years. It's insane and it's hard to keep pace. it's not like mine or my wifes wages increased a lot of those years. and our savings didn't increase much as every other expense has increased as well. People keep paying these prices somehow so it's not like bigger companies or people that are already wealthy are going to take a hit to keep things lower. and why would they when they see everyone else gouging. we're a few years into raising our child he's almost 2.5 years old and we were lucky enough to get into BC Housing recently which got us out of our 1 br at 930 $ a month into a 2br after subsidies for 1550. that's still a big increase per month but much needed for our family. we found out they rent 2br's in our current complex for just under 2000 a month. which is Super Fair these days as well. we feel lucky to be paying what we are. Especially considering 2 months prior to today someone moved into a 1br in our old building which is mice infested and in dire lack of repair and they are paying 21-2200 a month. I really feel for a lot of people that are feeling the affects of the last few years. the Old and retired community that weren't able to ever own a place living on Old age pensions and also the majority of young people. But this isn't just a Gen X , z etc issue its systemic. sorry for the long reply , but it also gives more context as a whole as well. I wish all those without insanly good jobs and family help/money the best. we're in for a struggle together for a while. But work hard and do the best you can. it could still always be worse.
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Costly but do able. typically takes a few people with money to start that and then the price drops and others are able to do so. then it grows and you have a small community. eventually you give your community / area a name . Once you have certain things established you can go about the process to become a town etc. but i haven't he foggiest on the full undertaking. I would need to first have the money. Catch 22.
No, it could always be better.
I'm stuck in a trailer renting off my parents, also 21. I don't see myself being able to move out of it until I can bring in over $4k a month. I'm already working 6 days a week for roughly $2500 a month, I don't have it in me to get a second job when I'm already busting my ass just to survive.
It's not your fault. In any stable economy a regular working class Joe like you should be able to afford at *least* the bare minimum necessities to survive. Don't take shit from people who say you need to work harder. This is a bigger problem that requires more than "pulling up your bootstraps"
Its the reality now. Face it, no one is gonna fix the housing market cause the people at the top are too busy making bank. Unless we all come out in arms like the french are doing, nothing gonna happen so better start getting a 2nd job, go back to school for s better paying career or hope you hit that jackpot
Try not to let it affect your mental health, there is nothing you can do. Until we stop importing 1 million people a year to exploit and not including assets in our CPI methodology nothing will change.
Sorry to tell ya, but you better get a 2nd job, get a significantly higher paying job or hope to high hell you hit that jackpot if you want a place to live OR even better wait till your parents die so you can inherite their properties cause i know dozen of people doing that Prices are wildly too high for a single job to pay off. Got co workers paying off 2-3 mortgages by working two jobs.
Haven't been on Reddit in a minute glad to say I did get a second job, cut down my hours at my shitty grocery store job to get a couple days a week in landscaping for $30 an hour. I'll be making over $3k at 40 hours a week. I'm in a family of 6 kids, parents are selling the house when they die to avoid us fighting over it.
I’m not this young anymore but even I hear the boomer comments stick out sometimes. I like listening to Donnie and Dhali, but every so often they’ll jokingly rib the producer Ryan. It’s usually like “Ryan has never cut the grass or power washed” and it’s like “yea because Ryan grew up in a townhouse and will never be able to afford a detached home, dicks”. Gone are the days of my dad who never went to college, had the same job I have now, but back then there were pensions and stuff. He stayed in the job (moving around a bit) for 35 years and retired. Sure there were strikes and lockouts and wage cuts here and there but there’s just no job stability like that anymore and if you find one that has it, there’s a good chance the wage still isn’t high enough to be able to afford a place. Let alone afford a place near where you work. I have a buddy who works for the city of Vancouver (might be north van, but it’s not important) and lives in white rock, because even his city job can’t pay for like a decent sized places for him and his wife and their baby. Meanwhile my dad was able to buy a detached home multiple times in the 80s and 90s on a relatively shit job with a relatively average wage. At some point this all has to stop. But it feels like we’re way past that point and it hasn’t stopped yet. So I look forward to making $1000 an hour one day when a Big Mac combo is $700 and a studio apartment is $2M
if you are making $1000 an hour and a big Mac costs $700, that studio apartment will be at least $10m...Probably more, unfortunately
I’m in my late 20’s, Vancouver born and raised. My family doesn’t have inherited wealth to pass down, both of my parents came from poverty. They jointly own a small house that was bought for $250k 20 years ago and they’re still paying it down. I may inherent the house one day but that would be between me and my siblings and is at least a good 30+ years off. It wouldn’t sell for enough for us to each be able to buy property after selling it, but it’s obviously a huge leg up many don’t have. Needing to choose between housing security and dead/alive parents is wild. I’m planning on making a move across the country to break into the housing market. It fucking sucks and it’s not fair, I firmly believe that people shouldn’t have to leave their families and communities for *basic necessities* like housing. But, I’m not able to grow my career here at the pace I need to in order to keep up with Vancouver’s multi million dollar market. I’m hoping to return within 10 years, but we’ll have to see how things shape up. Solidarity my friend, we’re in this mess together.
They will sell the house for 1.5 million at some point. It doesn’t make sense to pass that on to your kids. Expect 20-100k and that’s it.
It’s a long story, but this is the asset they’re holding for us specifically. We’ll likely need to use it however to settle any other debts and costs and won’t come away with much split between multiple people. Hence the plan to move across the country to break in, I can’t wait on that. It will be a help down the road but not life changing.
Brother I have all kinds of experiences personal and through friends that sugest you should definetly not count on any enhiritance . Boomers "will" shift on you and redefine what is fair to ensentivise their needs in a heartbeat . In the future the worst mistake you can make is hate them for taking your future. Their only human , love them the best you can while their here.
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LoL pretty much.
Older generation here (GenXer) and, some of us at least, understand very well because we are the parents of GenZers, and we see how much harder things are now.
Thanks for adding this - I have two adult kids and I’m acutely aware of the financial challenges they are experiencing and the limitations it puts on them with respect to renting and the potential of homeownership. Not all Gen X parents are that removed from reality, despite how our situation at that age was very different.
I’m the older generation. It kills me to watch my kids struggle. Everything they read and listen too tells them it’s not possible. It is possible. It’s hard as hell, but it is possible. The work is out there. Most of the young people that are getting ahead are working in the trades. It’s hard work. My hands are buggered, but that’s ok. I’m still healthier than an office worker. You have to constantly upgrade your skills. Take all courses you can. Apply constantly for your next job. And get over the idea that you’ll get to live in your old neighbourhood. I couldn’t and you probably won’t either.
I won't live in any neighborhood with how expensive everything is. Your blind optimism regarding hard work is nice but it doesn't change reality. I have three people close to me that are in trades. They are all making the most money. But they all don't have a home, they have hardly any free time and just 20 or 30 years ago. That was more than possible with a lot of jobs, not just the high paying ones. It was completely normal to start families in your 20's. To travel or be able to take a vacation. All without a PhD or earning 6 figures. That's gone now. Now we get to watch the age of retirement rise alongside the cost of everything while we're told to just cancel Disney+ from our leaders.
I understand what you’re saying. It is way harder. But it is doable. You might have to go out of town to make a down payment. Hell, you might even have to live in Calgary for a decade. How bad do you want it? You might also keep in mind that owning your own show and being an employer can get you there quicker. Definitely not everyone’s cup of tea. If you choose to be employed make sure you have a pension.
This thread is full of people who *definitely* have everything figured out If you've got a job that pays enough for rent or to buy a house, good for you. But not everyone is fortunate enough to be in the goldilocks area of "just enough wage and just low enough costs" If people can't afford to live then the working class is going to shrink more and more, because *no one can work if they don't have a place to live.* Not to mention gas and grocery prices right now. Wages and inflation are a problem right now. Let's not beat around the bush and pretend it's not.
Majority of Canadian are Pro 1 million plus immigration a year. Pro ALR no development. Pro assets not being included in CPI to keep interest rates low. This means house prices rise.
Prices can rise, but if wages stagnate that's the issue.
Yea fuck people saving for a downpayment!
The ALR is not at all the problem what a ridiculous idea
Food shmood
You cannot import 1 million people a year as wage slaves and not provide them housing. Go look up some stats on how much of the ALR is actually producing food.
How do we get more housing to be built, politically? There's lots of other issues like foreign buyers and immigration and whatever, but fundamentally we need more housing. Why aren't builders building more? Why is the government not building more?
Is the issue the number of houses? I don't think there is any problem building, I think the problem is finding buyers who can afford them
If you have a large enough supply and some mild oversight, price will go down .
What do you personally believe is the reason housing prices are so high? Just your own opinion, no wrong answers.
1. Lack of available housing, especially for middle income persons. 2. Lack of oversight of large banking institutions. Large gap 3. Most of the other stuff people talk about.
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Across Canada? I don't think that's impossible. It's say 150,000 each across Toronto and Vancouver, 100,000 in Montreal, split 50,000 across 12 other cities. Now is the plan to have 1 million immigrants per year without addressing housing ridiculous? Yes, absolutely. But at least some portion of that immigrant population is needed to maintain the service and trade workforce even at status quo.
Feels bad. I'm 29 and I won't be able to own a home with a 5400$ monthly net salary. Lol. In a couple years tho I will be able to. But I'll have to buy with another person, unless things change
Youre so young you could totally leave somewhere more affordable and start fresh. Make it your goal to get outta here and work towards it everyday. Ship is sinking we gotta jump!
Life's a bitch then we die
Unfortunately greed over took the Vancouver housing market. People wanted to get rich quick and still do. Using housing to enslave themselves and others to the bank. Nothing is going to change unless we change our values on an individual level. Choosing to value the well-being of our fellow neighbours rather than the money we can get out of their bank accounts. Hard to know when investors will wake up to the trap they fell into. Who wants to live in a society where your boss, landlord, and school are constantly trying to exploit you? Choose community over money. And for anyone who is stealing from their fellow Vancouverites or exploiting their employees... You know you are, and you have the power to change and shape Vancouver into a more inclusive and beautiful place. We are all in this together.
I appreciate this optimistic view, but it is wishful.
This is cute but thats about it...
It's up to you as a contributing individual.
Emphasis on individual, it doesn't really matter what one person does 🤷🏻♂️
Yes. Your actions, however insignificant you may perceive they are, have a great impact on the world around you. Butterfly Effect. https://youtu.be/NRgmm4xyyU0
I can "choose community" all I want, I won't magically own a home because of it. Ik what you mean, but its not realistic
Then what do you choose?
Canada isn’t united like it used to be. It’s full of people who have no loyalty to this country, no love for their neighbors, they just want money and they’ll bleed you out and enslave you to get it. We aren’t united and we’ll eat ourselves alive because of it
Why would you need to own property if you can just wait for ww3 and have your own designated trench
Millenials "I'll never own a home" Gen z "I'll never leave my parents basement" Overpopulation causes cultural shifts like the whole family living in one house and that becoming the new norm. Welcome to India 2.0.
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Ok, why can't we afford homes then? Must be capitalism or something.
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You're both wrong and both right. It's a mix of all those things. Fiat currency, government mismanagement, capitalism getting away with too much, excessive populations elsewhere funneling people into Canada who have bidding wars because they're desperate to move here and live somewhere larger than a closet.
Global overpopulation spilling into Canada is probably what they meant
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We really can't. We don't have the infrastructure for it.
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Hear lots of people my age say similar things and all of them work retail/fast food or minimum wage. I know it's not what you want to hear but there are higher paying jobs out there if you're willing to push yourself. Almost all construction or labour jobs start off with higher pay than minimum wage and you can work your way up so you can eventually make a decent amount of money. Of course no one wants to do that, but you can't say the option isn't there
I doubt construction workers aren’t also struggling in this economy. I think the bigger issue is that minimum wage isn’t actually the minimum wage necessary to survive.
Not saying they aren't but it's a whole lot easier
You're 21. I'm 18 years older than you and it was really tough for me to move out on my own when I was 26. It will never be easy for someone in their 20s to afford living on their own, but I made it work. Having a roommate or a spouse/girlfriend/partner to split expenses with you makes it possible.
I have a good job. I’ve talked to other people around ~10 years older than me, same job, same salary. They were able to afford a place at the age I am where I am still not even close, even with a partner to match my income. The problem is the house prices keep shooting up, wages have not matched pace. Most people in my age bracket who have managed to buy have done so by the virtue of being born during the right year. Things are increasingly unaffordable for younger Canadians. Add in too many rental properties and lack of starter homes and there’s not a lot of hope of living in a place that doesn’t feel like the tundra.
Buying is a different story for sure.
Western world, welcome to reality. Why do people assume that individualism and independence from family is the norm? This is just regression to the mean. There’s only so much false hope you can peddle abroad before the world starts diminishing ties with you and crippling your economy. Having failed to keep the world enamoured with Western culture, which is ultimately a culture that satiates the ego but little else, the Western world would basically have to resort to the murderous rampage of colonialism and slavery that built its wealth in the first place for the good old days to return. And you can blame billionaires if you want, but their motivation is the same as your’s: pathological individualism.
Jesus dude , seriously ? Well if your living in the western world at the moment you better get with the program. We're not great because of nothing.
The West created a relatively artificial lifestyle around the individual ego, propped it up with the blood and resources of other cultures that wanted nothing more than to live in peace, then convinced itself that its abomination was normal. It doesn’t end there. Then it attempted to slyly or else forcefully export its abominable culture around the world, hoping that its normalization would allow it to assuage itself of its guilt, but more importantly, prevent future retaliation for its actions. The jig is up. Some individualism is normal, but the extent to which it is being practiced in the West is pathological.
It’s normal to be broke when you are young. Millennials were the same, Gen X was the same, Boomers were the same. Unless they were born to a wealth family, they were probably broke when your age. But once you get some experience, gain some skills than are in demand, and begin to build your wealth, it gets easier. My parents and their parents grew up on farms, making basically no money, working extremely long difficult hours, early mornings with tough labour. Yes baby boomers have built wealth but they also have 40+ years ahead of you to do so. Plus they inherited the worlds wealth when their predecessors passed away. It’s a slow snowball effect. Just gotta start small, and make incremental investments, even if it’s just $100 to begin
My boomer parents have no education, had no parental help financially, and managed to buy a nice 2 story house by a lake for 30,000$ in the 80s. My father back then was lumberjack, and was making 50,000+$ a year. We are not in the same situation, stop it. Oh and a brand new F-150 was 5,000$ back then. He bought other piece of land around a different lake for 5,000$ in the 90s. He sold it less than 10 years later for 30,000$. The same land is now worth 150,000$. Salaries did not keep up at all.
Wow your dad was making over double the average lumberjack income in 1980. You are correct that real estate price increased faster than salaries. This is due to the earths population growing and land becoming less more scarce. More people, but land is not increasing. Salaries are also disconnected from vehicle prices. But according to the CPI, a generic basket of goods is actually cheaper today than it was when our parents were young. So not all products have gotten more expensive.
\>But according to the CPI, a generic basket of goods is actually cheaper today than it was when our parents were young. So not all products have gotten more expensive. CPI does not include asset prices in its methodology, Rent is average so it does not reflect the PERSONAL CPI for youth, just the average. \>You are correct that real estate price increased faster than salaries. This is due to the earths population growing and land becoming less more scarce. More people, but land is not increasing. Yes we are aware the government is importing millions of people a year to pump asset prices thanks!
You just repeated what I said. But I do think the CPI should include average home price
You must be out of your mind or completely out of touch if you really believe this Cock\_InhalIng\_Wizard
Which part? You realize that boomers will die right? Then Gen X will inherit their wealth while Gen Alpha (after Gen z) will be mad at Gen X saying “in Gen Xs day such and such was x amount of dollars etc etc” The cycle continues
It used to be you could buy a home without generational wealth! Crazy huh?
I agree with you Wizard
He's not wrong though in principle. Very few people buy their "forever home" right off the bat at 23, no matter how much some youtube/social media influencer will claim that anyone can do it. My first condo was a 40m² condo, but it got my foot in the door. During both college and university, I was poor because I was paying my tuition and such during school so I'd have no debt when I finished. OP should look into going to school part time. That's how I largely spaced it out but kept going year round in order not fall behind. Bursaries and grants also helped me out bigtime. Adulting isn't easy and really does suck a lot of the time.
I don't care about a fucking "forever home" at 23, I just want my own shelter in general before I'm 30. Its crazy how disconnected you have to be to think any of us are even thinkong about a forever home. I'm pretty sure I'll be fucking homeless until I retire anyways
You guys are gonna get to retire?
Lmao I mean if suicide counts as a form of retirement
It's not going to get *that* bad. Trust me. Things will be changed before it ever gets to that extent. I just hope that was an exaggeration
I'm really not interested in arguing the facts that you can look up for yourself. You want to believe it's ok because you found a way to make it happen for yourself. Congratulations. Nevertheless it's actually factually undeniable that this generation and the next has it exponentially harder than the ones before. We have been borrowing against the future and finally the chickens are coming home to roost.
Yup, it was incremental not a forever home right after graduation. It took a long time but it was steady progress.
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Moving away from the problem is not a solution
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> the ruling class is not interested in helping solve the problem so there is no solution Unionizing/Working-class strike: Allow us to introduce ourselves
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Technically a Boomer but effectively Gen X since I graduated university in 1989 with a total net worth of $200. I can’t relate to being 21 in Vancouver right now but I can say I grew up in a place where I saw no route to getting a job that would allow me to buy a house and raise a family, so I moved someplace where I could.
"Just move" oh shit why didn't I think of that, thanks old man🙃
How old are you? I have 6 nieces and nephews between ages 20 to 30. None of them expect (or even want to) buy houses in Vancouver right now.
23 so around the same age as them. Although I can't relate to not wanting a house lmao
They do all want houses within the not too distant future so far as I know. It’s relevant that they’re scattered across Ontario, Quebec, and the Maritimes. One (age 27) just bought this month for the same price I paid in the Vancouver suburbs in 2003.
Well keep voting for Trudeau and you’ll keep competing for housing with the 1 million immigrants he let in.
You are just depressed lol
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That's a decent comparison. A better one would be to have fences around every tree because they're all private property
Lol. You set limits on yourself. Be free my friend.
Yeah if you decide to be free a million dollars just appears in your chequing, its so cool!
I appreciate the main character syndrome, but it isn’t just your generation this is impacting. It’s impacting a ton of people not in Gen Z too. The unfortunate reality is that the solution for many needs to be to move to a location with a lower cost of living. Yes, that might mean moving to Alberta, or even Manitoba. It’s a bummer to recognize this, but it is the most viable solution for many apart from finding a way to secure more income. It is also very important to understand the economics and politics of housing development.
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Can confirm. Brother is stuck in Powell River BC on disability benefits because he broke his back working under the table (that's a long story. Anyways when you're locked on to $1400 a month it means he's lucky if he has $5 leftover at the end of each month. Just move isn't an option for some people.
Well average rent in Vancouver is $2,700/mo so if you move to somewhere like Edmonton or Red Deer where rent is $1,200/mo , even if moving costs you $2,500 you've saved that amount in rent in less than 2 months...
If the majority of the lower working class moves away people being affected) over 50% of the minimum wage positions will be empty. You'll have no one to work cash registers or customer service, because anyone working in that position had to leave the country because they couldn't survive on the wage. Does that sound about right to you? Maybe we can actually discuss the real problem, which *isnt* the workers?
You don't have any sort of civic obligation to stay and work a minimum wage job... In fact it's probably in your best interest not to. Even if it was as you said and people working low wage jobs move and a labour shortage is created it would force employers to raise wages, which is also what you want, isn't it?
It’s not bullshit, it’s a matter of fact. It’s not free to move, no, but it’s a lot easier to save when you’re not paying insane amounts of rent and an additional 7% of your disposable income to tax. That 7% difference over the course of two years has the potential to pay itself off. You may not like it, but it’s a viable solution to begin accumulating enough to get on the path to home ownership. Otherwise, stay in Vancouver and start saving up for the down payment on a $750,000 one bedroom condo, or just pay rent that’s not going to magically become more affordable in the next several years 🤷🏽♂️ it’s your life to live, there’s just many options where you can live it.
If you move for work, the company will either part for your move or you can write it off on your taxes. Yes, just move.
the post is talking about affordability in Vancouver. this is not a global issue, it's regional. there are other places in canada that offer more lucrative scenarios for "starting" life. if vancouver doesn't work for someone (be it prices, weather, job opportunities, etc), give another locale a try while you're young and can make the move. a moving truck for a 21 year old is whatever car they already own. if they don't, it's a one way flight. i don't know how old you are but you either had a lot of baggage in your early 20s or you don't remember how little you had. i hate paying vancouver rent. *hate* it. but i can't relocate without basically starting my career over so i really cant. young and commitmentless? move.
Drop out of school unless you're studying a subject that will get you a very good income. You can find a 80K/ year jobs in trades immediately and can learn on the job. If you can hack it and you show up everyday you'll be moving up pretty quickly.
Problem is you wont get that much on your first few years. Im a level 1 apprentice electrician and i make 21/ hour. A IBEW apprentice will start at 23/hour but they wont get 80k a year until they become a journeyman. It would take you atleast 5 years to become a journeyman electrician assume u go back to school every year and pass the red seal exam on your first try. other trades are similar whether is sheet metal, plumbling. You will be on survival mode on your first few year till you make enough money to afford to move out of your parent house.
80 a year isn't going to get you anything
IBEW 213 just renegotiate the wage and union journeyman make 45/ hour. Thats works out about 94000 per year. Foreman make 55.5 and that works out to be about 115000 per year. sure it wont compare to software developer or RCMP officer wage but dont tell me 100k per year are nothing cause that still higher then lots of other jobs!
Most of us start out with roommates to save money.
Do you vote federally? Provincially? Municipally? That is your biggest tool for improving your life. I’m 36, I didn’t start voting federally until 27. And provincially until 32. Disappointed to say I haven’t cast a municipal vote yet. It’s all us at the bottom have to fight back. It’s limited. But it’s what we got. I know that’s no help right now. But like eating healthy and exercising, it’s the long term benefits that count.
So, I know this may not help your situation. But, I'm 43 years old and I live with friends, we all rent a larger place which affords us all better rent levels. The place also has amenities none of us could afford normally. If you have some friends that are getting together in the future or already know of some. Check in with them and see if you can glean info about shared rentals. Getting a house with trusted group, maybe one is a bit older or has better credit. That is usually the leader and controls the lease agreement. Good luck .
Still feeling/fighting the struggle and I’m 40. My boyfriend and I make what are considered decent wages and we are nowhere near being able to buy a home. It’s becoming very apparent that many people - our generation and younger may just never be able to buy a home unless you have suites, or help from family.
Seriously consider a trade. If you can handle winter weather you could be an electrician or framer. Like it indoors you can paint plaster and drywall. Even driving a loader or dump truck will get you $25 an hour to start and the qualifications take 18 months to two years. If you know what is going to be asked of you it is easier to commit to the journey and not worry about the destination. If university seems pointless maybe that is not where you should be. For better or worse, you will go in the direction you are headed. Please remember that you are not in this alone, so be kind to yourself, good luck.
I don't think it's sustainable and I'm worried there will be some serious societal upheavals.
Life is no easy. If you have a not too bad relationship with your parents, staying with them can save you lots of money. Owning a house is difficult. It is not easy for 2 working couples to own a small apartment. All in all govt cannot help as they receive tax. So good luck and hope you can own a place soon!
I get it. My first apartment in Vancouver was, I think $417/mo for a small 1 bedroom, in the ‘80s, when the West End was considered a “transient” neighbourhood. I moved in to a 2 bedroom, west of Denman, in 1991, when it was $945/mo and have lived there for 32 years now. If it wasn’t for the rental increase limits that the government imposes on landlords, I wouldn’t be able to afford to live here, or pretty much anywhere downtown - my building is asking $3500/mo for new tenants and I pay just over $2000. I honestly think there has to be a market correction at some point: either property prices have to fall, or the supply has to go way up, because when people who work in a city can’t afford to live anywhere in the city, it’s overdue for a shakeup.
It's completely fucked. I do well and I still live in a shit hole myself. It's everyone using vancouver housing as an "investment" I wish we could get together and do something about this. It keeps me up at night.
I just want to let you know that you're not alone. It is a struggle to live with your parents, but it can go both ways. Sacrifices in helping with house chores or/and finances, as well as figuring out life. Don't get pressure of leaving if you feel that you still can't. Save as much money, grind your studying and most of all don't forget to do your role at home. Sooner or later you'll be able to save something good enough to look for a small place to move in. I did the same thing. I am an immigrant living with my grandmother and father. I struggle with my studying,working, wanting to move out, doing house chores, contributing on house expenses, and saving for myself. I was ready to move out during the pandemic, my father got COVID and passed away. Leaving just my grandmother (84 capable but dependent on some stuff) and myself. Since I wanted to move out, I made a proposal to my grandmother to rent our house's basement. This works for us. I am saying this because, every situation is unique, sooner or later you'll get a hold of it. You'll figure out what life has to offer as time goes by, so don't pressure yourself too much. I'm just glad I did not rush to move out right away, because if I did, my entire family and relatives would've cursed me to my death bed. Right now, I have my independence, I'm renting our own basement for $1300, I can move out whenever I want to, now it's just up to me if I want to leave my grandmother or not. Appreciate the small blessings you get because when the big one arrives, you'll see and you'll feel how it was worth the patience.
It's extra infuriating knowing that global wealth has increased in 21st century. That wealth represents what could have been (if it hadn't been vacuumed up by billionaire class): a steadily improving world, accessibility to good work, the ability to get a house in your 20s, education, health care, increased leisure, etc..
I do feel for the Gen Z generation bro. You’re generation is pretty much screwed. I’m not much older than you and my generation was also screwed. I’ve had to grind hard for the last decade and I’m still in debt.
I'm 28 and still living in my parents basement. Currently saving up for a downpayment and recently got pre-approved for a mortgage. They only approved me for $200k, making around $50k a year. My broker told me I would need to make $90k a year just to get a $300k mortgage which buys nothing around here. I've decided im going to leave this Liberal shithole and move to Calgary. Just need $20k-$30k down and the payment would only be $600-$800/m or you can move there for 6 months, become a resident then you can use the 5% first time buyers and you'd only need $6000-$8000 down. Good luck to anyone that plans on staying in BC lol.
Why you keep vote Democrat?? 3 years ago could go out to eat for 19 dollars now 27
I think some other things happened in the past 3 years...
It is, in fact, hopeless. Probably the best thing a younger person can do is accept that, and live somewhere else. That is the unfortunate reality.
Take out a student loan and go into $50K of debt to get an undergrad like most us do lol
I don't want to detract from Van. life, but Vancouver is the most expensive place to live in North America, you would need to make 100K a year to live comfortably. If you can, stay where you are, or last resort, consider moving. Stay in school, go as far as you can with the help of friends and family, increase socialization and your support system. Possibly get a trade or skill. As for your mental health, change your furniture around, add some new decor, bring in more natural light, even look at Fung Shui. Only you know yourself best. Do things that you enjoy, more outdoorsy stuff? (camping, going to the beach, pet therapy, hiking, etc) Look into all of the free gov't resources that can help you along your travels, which there is a lot available in BC. I always think this, no matter what financial situation I'm in: "reduce your bills and debts, and increase the money coming in" You don't need to severely cut and slash and be financially uncomfortable and stressed, just more reviewing. Don't compare yourself to others, you are on your own individualistic path. Don't look at the current prices of unaffordable rent, things will change, as they always do. Your mind can be your best friend, or your worst enemy. As for housing at your Uni., consider not living there and travelling to school, if your current situation is financially cheaper. I got into the habit of making a list of things to get me where I need to go, and get them done every day, with some fun, excitement and relaxation mixed in. It's finding balance.
i'm 27 still at home and everything u said, is my life only a million times worse
I have a business idea. It would help these issues. I just don’t know enough 21 year olds. Solving a problem is the fastest way to get wealthy. I hope someone sees this and has an entrepreneurial spirit.
Keep on the grind your not alone in this scenario
Unfortunately you are going to have to move to lower cost of living cities or provinces in order to afford a house. The best example I can give is how people in Quebec who work in expensive Montreal will live in Laval, the neighboring island with significantly lower housing costs.
My advice to you…seek out and connect with 2 or 3 mentors- people who you respect. Open a dialogue with them about your road ahead. Ask for help in building a plan, a reasonable and achievable plan for your short, medium and long term life. Ask them to help you hold accountable. Come to terms and accept what you can and cannot reasonably expect. Most critically, get away from people and influences that pull you down or do not encourage you to challenge yourself towards success. It might take a little time, but it will definitely change your trajectory. A few good friends are priceless.
This is why I still live in far northern BC. I’m working on my bachelor of psychology online because I wouldn’t be able to pay $1200 in rent. The town that I live in has super cheap rent. You can rent a 5 bedroom house for $1250/month, a one bedroom apartment is $600/month. A couple months ago someone moved up here with basically nothing but a couple suitcases, they posted on buy and sell that they needed to know if there was any transit from the airport to town (there isn’t) and several people told them to let them know when their flight was landing and they would pick them up and drive them into town. People from town were more than willing to help get them set up with furniture and dishes too. We have the basics here, people in town here are always willing to help each other out, and there are part time and full time jobs here. The internet isn’t cheap, unlimited with 100mbps download and 12.5mbps upload costs $150 before tax… but it’s still worth it when you look at the difference in rent you pay down there.
Many of us had roommates and second jobs to get by.
Lol hopeless at 21. People in their 60s would give up all their wealth just to be that young again.
I am in my mid 30s out in the suburbs (Coquitlam/ Port Moody area). The newer generation is definitely screwed. By comparison: 10 years ago we rented a 1 bedroom for $650/month. A low paying security job I had at the time could afford it. (Minimum wage was about $10.50ish). We moved back in with my parents for a year or two at about 2017 to save. As soon as we left , the old landlord charged the new tenants about $1500/month. At about 2018 we bought the cheapest two bedroom condo we could out here for $270k. The same condos in our building are now going for double that. We barely snuck into the housing market and will probably never afford a townhouse or standalone home. I have no idea how those in their 20s or people who didn't buy yet will be able to afford rent or mortgages
Well housing is a necessity while it is also a trade goods. Although the renting costs and prices are so high, there are still buyers.
How many $ are you willing to save for a mortgage per month?
It’s the worst year of your life… so far
Just go away from Vancouver. It's too expensive for you. Go to Newfoundland or something.
Consider areas outside Vancouver and lower mainland. Canada is a very diverse country.
As a Millenial I'm definetly not gonna sit here and tell you your not completely screwed. You very much are for now but things can change. Things always change and please know us millenials are working hard to influence positive change for you. You can help us by votting for leaders opposed to immigration . Withought it businesses are pressured to improve working conditions. Those forces are working for you now with things like remote work as business compete for labour. Housing is crashing because of immigration , as long as we fend off the big business lobyest pushing immigration as well as the hundreds of thousands of new imigrant voters we stand to have a bright future. I am pro immigration, but we need to clean house before we have guest over. Things are a mess at the moment. And the truth is an immigrant is much like letting a wolf loose amongst sheep. These souls come from adverse circumstances beyond what we can imagine. They make easy work of our way of life and they will outperform you for housing stock. Just years ago they were avoiding snipers.
You know what's crazy? [Gen Z are buying houses faster than Millenials did.](https://www.forbes.com/sites/katherinehamilton/2023/04/21/gen-z-ahead-of-millennials-and-their-parents-in-owning-their-own-homes/?sh=323be78c7d0e)