High housing prices hard on millennials

High housing prices in Canada are hitting millennials hard, with new data showing that current wages don’t match those from a previous generation while home prices continue to rise. David Colletto and Paul Kershaw discuss whether the government needs to step in.

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[Flashyfinancier]

Entry level job : requires a college degree, minimum 3 years experience in the specific field youre trying to get into, be willing to relocate and pays 16$/hr. There you go, heres your answer.

[IrelandVonVicious]

How to destroy the family. Don't let the young own homes so they can't start families.

[maestroadam]

Canada is such a dump for young people.
Everything is expensive, everyone is overqualified and underemployed, and the federal government is concerned more with the plight of foreigners than its own people. What happened here?

[aswaney]

It's not just soaring real estate prices, it's also stagnating wages despite an increase in productivity. Wages have not kept up with inflation. The government has been bending over for big corporations for way too long now. Something's gotta give.

[yannchevrier-foundy]

Babyboomers are gonna miss out on having grandkids because I am not raising a child in a one bedroom condo.

[habanerojalapeno]

u want to know the culprit?
1. real estate agents
2. Bankers
3. foreign investors who contribute 0 to local economy.
4. impotent and reckless politician and government leaders who let this happen to the next generation canadian who won't be able to purchase their own house like their grand parent did
5. real estate board

[dawnhickman]

I'm in my 40s and we still can't afford a house. That's in America. Feel for you

[Symbolicliving]

I'm so glad CBC is now allowing viewers to make comments instead of disabling them.

[MrSky]

In China, there are laws about owning too many properties for this very reason.

[grahamlocklin]

With the inflation on house prices, I couldn't afford to buy my own home today. Less than a decade after buying this home, it has inflated to a point where at my income it would be very difficult to buy it. Rent is VERY high (even in the small cities) making it next to impossible to save for a down payment. Quality of employment is another issue.

[whytho]

Lots of people are gonna end up living in a van down by the river

[parihav]

Boomers may have had it tough in the late 70s and 80s with interest rates, but they have prospered well in the 90s, 2000s and 2010s. Interests fluctuate up and down, but once house prices increase, rarely if ever go down in value. That’s the problem here and it appears there is no end in sight.

Here are some reasons why we can’t afford homes:

1. Wages have not kept up with house prices, and I’ve seen my parents house quadruple in price, but my professions wages only go up 10-15% in the same period.
2. Foreign investors buying up real estate and jacking up prices.
3. Less land for development in downtown or even suburban areas driving up pricing.
4. Realtors inflating homes prices and driving up speculation.
5. Governments turning a blind eye as they reap benefits from municipal taxes, land transfer taxes, taxes paid on construction, as well as the jobs associated with home building, maintenance, banking etc.

[tb.]

The amount of old people I'm going to show this to. Facts!

[xalpha]

4 years later... You thought housing prices were high back then ... With today's prices you can safely scratch the home dream off your list of dreams!

[deepsleepmedicine]

We aren’t overspending I save at 30% per year, At above median income a year for the past 5 years and can’t even get into a home.

[gasaxe]

I had to leave the country to give my family a home.
There is no fn way I would take on a half million $ debt.

[RichardMeikle]

Show me someone that is still paying those 20% interest rate mortgages. I guarantee you they have long since refinanced for a lower rate along with the low purchase price of that 1979 home.

[iron-farmer]

Try being a hard working self employed millennial and buy a decent home while also sending a whole bunch of your cash to the gov in taxes between the corporate taxes and personal taxes.

[disaar]

I can't wait for the next market crash so I can finally afford something.

[ShawnaSweets]

I bet if all millenials were to leave Canada and struggle elsewhere the government would be more concerned.