Quote:
Originally Posted by Shazam
Yeesh.
Here's things to understand:
It's expensive to own property. You have to save and sacrifice to own property. You have to have a good job. You might need a mate with a good job. It has always been like this. Yeah hey back in the 70s you could buy a place for $30K, but you made $8000/year. And eggs were 50 cents a dozen. Yes kiddies, inflation is a real thing.
And don't feel bad if you rent. Only 63% of Canadians own their place.
Yes post-secondary costs money. Yes you should get all the financial help you can. This is not the time to expect rugged self-sufficiency. Yes you might end up with some student loans. I ended up with $18K in loans, I paid it off in 5 years. This was before the litany of tax credits for tuition BTW. Whatever. It will still be a great financial decision on your part. Just take something that has a chance of you getting a job.
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No one is saying that it should be easy to buy property. However, by all metrics it's become much harder for young people to buy property now than it was in the 70s. If it was hard then, imagine what it's like now.
The culprits include:
1. Archaic and NIMBY inspired zoning laws.
2. Stagnating wages.
3. Increased costs of living.
4. Low interest rates.
5. Uncontrolled foreign investment.
We all know what inflation is. The issue is that purchasing power has decreased relative to inflation, due to stagnating wages. There is also a major gap opening up between lower and higher end wages.