wealthvieu.com/cahdp
It Now Takes Nearly A Decade To Save For A Down Payment In Canada
AnalysisAnd if you have zero other expenses. Live with your parents, fed by your parents, no clothes, toys or vacations
Ten years if you can earn for ten years then teleport back to present day because in ten years, that won't be nearly enough.
too right. i should have bought this townhouse 7 years ago, it would have taken all my money and maxed out my borrowing limit. today though that same townhouse has doubled in price but the banks will lend me $100k less even though i make $15k more now than i did back then.
instead i thought using every penny i had was a stupid idea and too risky, so i said i would work hard for a few years and buy without having to use up my emergency funds. that plan did NOT work out at all.
Understanding risk was a liability. The people who overleveraged themselves between 2007 and 2022 are the biggest winners.
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6d
I wasn't talking necessarily about people like you also you did not really overleverage yourself. I was mainly talking about speculators who acquire properties they would never in a million be able to pay by themselves.
Also the situation in the 1990s was a complete ioke compared to today. People could buy houses working McJobs. I got my condo in 2008 for 200k and the same thing was sold for nearly 700k in 2020.
Yeah I bought with every penny I had and some I didn’t have in 2022, now I make $50k more annually and probably wouldn’t be able to buy my house today lol
As it turns out being financially responsible was a terrible idea for many of us.
Good thing Trudeau has promised to solve the housing crisis! I'm sure he'll do it if we keep voting for the Liberals! /s
People who bought at the peak of 2022 don't find that very stupid. In fact, we bought in early 2021 and after a crazy peak an year later, I would assume the prices are only slightly higher, if not the same.
I need to know if paper airplanes are considered toys. ✈️
You didn’t read the article did you?
And prices don't keep exceeding inflation/investment returns.
Because our economy has been rigged to reward wealth, not work.
30 years of corporatist neoliberal economic policies (privatisation, deregulation, mass immigration) has destroyed social mobility in Canada.
The average home in Canada used to cost 3-4 times the median wage in Canadian cities. Now it's between 10-20 times the median wage.
It's not just homes either. Small businesses need to pay rent to commercial property owners and are also getting fucked over by the investor class, forcing them to jack up prices on everything from food to movies to consumer goods.
No tinkering around the policy edges will fix this speed-run back to feudalism.
We need massive and disruptive economic reforms that crash house prices back to affordable levels.
The problem is that the investor class owns all the megaphones (TV, newspapers, social media), and on top of that, most of the boomers are now sitting on million dollar capital gains they did nothing to earn.
Any political party proposing to make housing actually affordable again will be met with screams and howls from the investor class, who will politically mobilise existing home owners to "protect their investments".
Canada is not deregulated, it’s over regulated. Small businesses often struggle to open because of excessive regulation.
Edit: Those that are downvoting me, please provide some evidence that small businesses are under regulated.
We over regulate the hell out of small businesses and under regulate big business.
lol
Small business isn't the one fucking Canadians. Telco, Groceries, Rent. All owned by a few large players.(Arguably, rent is a bunch of largeish players).
The small businesses might be overregulated, but some of that is because of neccesity, lessons learned.
Some WOULD flat out use slaves if given the chance. See: Wage theft.
Why do you think there are so few players? When you are highly regulated, it is a high barrier to entry. It requires knowledge to enter the market and more time. This results in fewer competitors or competitors that go into debt trying to keep up. Smaller businesses that struggle wind up closing down or being bought by larger players. I’m not saying don’t have regulations, of course they are necessary. However, if you look at the regulatory bodies they benefit large companies the most. Similar to how the middle and upper middle get audited, but the rich seldom do. They know how to play the game.
In the US -- the powerful write the regulations that pass through congress, effectively stifling competition and letting the incumbents reign. You are absolutely correct.
Because our economy has been rigged to reward wealth, not work.
Yup, it's literally the name... Capitalism
I mean, don’t disagree on everything, but housing prices are almost entirely because of regulation. In North America unaffordable homes are overwhelmingly in cities that restrict outward expansion, and we’re now suffering from a run up in prices that started building up in markets like Ontario where land for housing is restricted.
It's estimated by median household expense and average saving rates.
Almost as long as it takes to get a family doctor
20 if you live in BC.
Vancouver? Or Dawson Creek?
Vancouver mostly. But Dawson Creek hasn’t been affordable a while either.
It’s a tough time all over. I hope it will be easier to buy a house or condo one day.
What’s considered well paying nowadays?
I assume 100k is well paid.
bUt ThE cItIeS aRe WhErE tHe GoOd JoBs ArE
I call bullshit to this.
Because even if you start saving up for a decade-long plan for a down payment right now, there's a solid chance that goalpost will keep moving further and further till the news headlines start saying, "It now takes nearly TWO decades to save for a down payment."
The economy is FUCKED
Down payments are a pointless discussion anyways because they're not even the main problem here. Like how the fuck are you going to pay for it once you have the downpayment?
If you have trouble saving for a downpayment, you probably can't cover the carrying cost anyways. You put 20% down on a 600k condo and you're paying ~$3900/mo in mortgage, property tax and maintenance. If you want that to be 1/3 your gross income you need to be making $140k.
1/3 is an outdated metric anyway most people I know are closer to 50 percent.
50% of gross? They sound financially fucked, couldn't be really saving anything for retirement. If I spent 50% of my gross on housing I basically couldn't cover the rest of my regular expenses, let alone save anything.
Yeah the key is to have a partner who also works and not save anything. Your house is now your retirement plan.
Where do you live in retirement?
Retirement?
The retirement plan (right or wrong) is to sell that house and downsize or move out of the country at that point. The alternate is to go into retirement renting. Scary proposition.
Mostly agree but the numbers are a tad off.
Taking possession on a 690k condo with about 20% down payment (535k) mortgage next month, monthly payment will be 3100. Still a wild amount of money for a 2 bed 2 bath condo but much more sustainable than 3900
Have you forgotten about monthly condo fees and property tax? You also must have gone for a fixed rate and gotten under 5%?
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7d
In the next 10yrs more like 15million.
Did you know disco record sales were up 400% in 1976?
That’s exactly what the business and corporate class want. And our post-capitalist ‘economy’ also requires it for endless growth. So who is your sarcasm directed at?
Either reject capitalism, or respectfully just shut up and deal with it.
Yup, there's a reason PP keeps dodging the question of immigration reductions.
We need to see some actual rigorous research about what happens to the economy if all the people shouting “stop immigration” actually get their way.
What happens to prices? What happens to corporations that rely on cheap labour?
In an ideal world, if they can't survive having to pay people liveable wages, they'd end up bankrupt. Obviously that can never happen because they'd just lobby our corrupt neo liberal government to import another million low skilled people to help drive down wages.
I don't think capitalism is bad per se, but it needs much more regulation to prevent corporate greed from getting out of hand. More "socialist" policies, but not socialism.
That’s what happened to me. By time I had down payment saved prices went up and I would need another $10,000 . I could never get there. When prices in Vancouver went over a million bucks I knew I would never be able to do it. I rent, it’s all I can do.
Yeah the title really means if you started 10 years ago to this point
It has taken a decade to save for a downpayment.
We, as the younger generations (millennials and younger), have to be left behind. There's no option that doesn't involve leaving us behind that also includes older people not having to sacrifice. They would rather leave us behind so they can die comfortably.
So over 10 yrs, people can save up a minimum down payment for a home at today's prices... I wonder how long it'll take to save the down payment for a home at prices in 10 yrs given 10 yrs ago, it was half of what you need now...
Yes, exactly, it would be nice if banks offered a small size mortgage for the down payment so that you can then qualify for the mega size mortgage right away. Sort of like a Multi-Level-Mortgage process that would help Canadians get the home of their dreams!!
Loans for your smartphone. Loans for your cars. 30+ year loans for your home if you can even qualify for one.
You'll be in debt and you'll be happy.
The first step should always be figuring out how to rid yourself of all those small loans. I think it's insane how many new, expensive cars you see driving around even in today's economy. The weight that a couple new cars even (especially?) leased, puts on finances is pretty crazy.
I am lucky as I got into the market a bit earlier, I have a house in Toronto, but we also spent the last 20 years being generally frugal despite having higher paying jobs. In fact, our one car between the two of us, I bought used in 2009 and I'm still having trouble justifying replacing it with something newer and flashier even with the means to do it.
Even the used car market is fucked. People out here charging 20k for a 2016 civic.
I have more than once considered selling our old seldomly used car and just using Uber whenever we really need wheels. If we were hard up for money I probably would. Not being super reliant on cars is definitely one big benefit of being in the city that people can use to offset the higher cost of living where needed.
And 10 years ago we saw the comments like in this thread, and same people betting housing price will crash as it’s not supposed to be sustainable
And another 10 years of begging your parents to loan you the other $150,000
$45k down on a 691k house with a 25 year mortgage and a 5.25% mortgage rate is $4.1k a month for a mortgage.
They did their math for someone making the average household salary of $70k. After tax that's about $50k, and on a monthly basis that's about $4166. So literally 100% of their income would go to housing.
For the minimum.
And of course house prices will pause going up while you work to gather downpayment
These stats say "the mimumum" but when you crunch the numbers they're using 20% for the downpayment amount.
It takes 10 years to save up for a 5% downpayment? Like you want to buy a $400k condo and it takes you 10 years to save up 20k?
What's funny is that I make more than both my parents combined yet I can't afford the house I grew up in.
Should have just been born in 1962 dude, don't know what you were thinking.
My wife and I are both lawyers, my parents were single income middle class, and I couldn't responsibly afford my childhood house.
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6d
My parents sold theirs in 2018 for 300k. It's now going for 8-900k. Total nonsense and worth nowhere near that amount.
ya just try to put that in real terms there, skippy.
All my friends make roughly six figure incomes and we all rent. Maybe we didn't pull them bootstraps hard enough?
It's unfair but things today are very different than back then.
Yeah and I wonder why.
How many of you still don't think the million immigrants we bring in each year affect our housing market?
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7d
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7d
Forgive me if I don’t think about the implications of supply and demand 😌
The median salary is actually going down thanks to an increased labour pool and decreasing jobs
Boomers who had the easiest life in history with access to everything for dirt cheap need their retirement money please understand
Wait? Other Canadians can get paid enough to "Save"?
Yes of course. This is not a realm of impossible.
Wait? You think that majority of Canadians are paid minimum wages?
It doesn't matter what your wage is. Most industry's aren't seeing increases in wages. If you get a raise it's probably because you enhanced your education in some way or got promoted. And even then. The wage you move up into is worth less than it was a few years ago.
For example. Let's say you have 1000$ extra to save after expenses 5 years ago. After 5 years of inflations and a couple minimal raises. You now only have 400$ extra at the end of the month without changing anything to your budget. As things inflate instead of wages. Everyone is pushed down in lifestyle. Some people just might be too well off to notice this yet. Or they lie to themselves by putting everything on debt
Love paying real estate agents 75k to unlock a door and do light secretarial work.
How do they always escape the pitchforks. Their commissions are outrageous now that homes are 10x or more the average income.
Save?
You need to start when you're still a teenager. When you first get out of high-school. However if you're like me and you come from a dysfunctional household, good luck. I'm 32 finally getting my shit in order and I'm screwed.
Still don’t understand the desire to live in or near Toronto or Vancouver with those insane prices. Sure it’s nice in Vancouver but it isn’t worth it for those prices. As for Toronto, there is nothing there that would make me want to spend that much on a home. The amount of people living in and around Toronto wouldn’t make it enjoyable at all.
As someone who lives 80km north of Toronto, the problem is in many trades jobs etc, the vast majority of the work is in the city. The drop off of wages is drastic outside of the city but the drop of home prices isn’t. 80km from Toronto in my tiny town a starter home is still $800-$900k, but the wages are as much as $20/hr less. Not giving anybody the option but to stay within commuting distance like 80km from Toronto to try and make enough working downtown to live that far away. Either that or pack up and move crazy far which is hard for people to just do with family and friends.
Definitely difficult to move away if all your family and friends are there as well.
Definitely difficult to move if the place you have rented for the past 15+years is still almost affordable but if you had to pay the rent everyone else is paying on your wages, you would be homeless.
Most of us are a car accident from homeless.
Toronto is where a lot of the good jobs/careers are found.
Hopefully with remote work more people can still find and get jobs outside of large metro areas, but there is still a lot of in-person interviewing and work around.
Other people have family/friends/support network in the area and so are very reluctant to locate elsewhere.
Also keep in mind that when people say "Toronto" they also mean the cities and towns a couple of hours away from the actual city limits.
Toronto is where a lot of the good jobs/careers are found.
Right.
But we've reached the point where those "good jobs" aren't worth it anymore compared to the cost of living in that city.
You're better off going more rural and taking a pay cut. You make less, but your house will cost you a 3rd of what it would in Toronto.
Guy don't bother arguing. Folks from Toronto think the place is the best thing since sliced bread. Gas lit themselves into justifying this crap.
Lol. Good point.
Problem is, it isn't just Toronto. It's the GTA. And creeping outwards in all directions. Guessing GVA is similar. Can't speak to the rest of the country, but it isn't very optimistic whenever I look around.
But we've reached the point where those "good jobs" aren't worth it anymore compared to the cost of living in that city.
You're better off going more rural and taking a pay cut. You make less, but your house will cost you a 3rd of what it would in Toronto.
Depends on your field and realistic ambitions.
The difference in earnings between working for some of these companies in Toronto and the opportunities you'll have to progress and even get into more senior positions could be worth well over an extra million dollars over a career, and easily an extra mid six-figures for a lot of jobs/careers over your working lifetime.
The way to make good money is to change jobs and get something slightly more senior or with a bigger role and better-paying (you can stay in your company but promotions and pay increases will usually be slower). If you are in Toronto you'll have way, way more opportunities to change jobs and move up and make tens of thousands/yr more with each move. That adds up even with the higher cost of living.
For sure the opportunity is there.
But these fabled "Senior positions" you're referring to where you can make a salary of $200k+/annually - aren't as plentiful as you make it sound.
For every one of those positions there's 116 positions below that, that make 25% of that salary.
It's basically the equivalent now of going to Hollywood to become a star.
If you make it you're set. Some might, the vast majority won't.
But if you’re spending all the extra money on housing is it really worth it? My home in Edmonton was 130k. It sucks that I have to live in Edmonton lol but I have so much more money to enjoy life that it’s not worth it to move to a nice city.
Isnt there 10% less tax there ?
We don’t have a provincial tax so there’s only 5% gst. Which is probably a bad idea from a budget/public services perspective. But it’s definitely nice paying less for things. Whenever I go to other provinces there’s a bit of a price shock when I get the bill for dinner and stuff like that.
After 10 years saving that tax would really add up. ALberta used to have zero deficit until that guy who was in for a long time stopped , then the future money stealers took over
What do you mean by "good jobs"? If you have to find a job that pays 200k a year to buy a 1.2M house in TO, but you can find a job for 90k to buy a 600k house in AB, then why is it a "good job" in TO?
This is why we need to be trending toward fully remote jobs en masse rather than going in reverse and mandating everyone into the office as is currently happening.
Absolutely. I can't stand being in Toronto. The constant noise. The massive amounts of people. The pollution. I don't care how many awesome restaurants and conveniences there are. Not worth my peace of mind.
The jobs are usually in the city's.
I'd have to imagine that a 60k home is really in the middle of nowhere, or is basically a shack, or a mixture of 2.
What's the population of the town/city? Where's the nearest hospital and what are job prospects like where your house is?
Still don’t understand the desire to live in or near Toronto or Vancouver with those insane prices.
I'm privileged to say that I'd rather pay a premium to be close to family (and a mediocre NHL team).
Lack of investment. When homes became the primary source of income all investment outside of housing ceased - so those small towns stayed small towns and didn't develop further. I came from one of them, it looks the same as it did in the fucking 90s.
I've given up and will rent until my mom passes. It's the sad reality, but I will only own a home when I inherit one.
It took me 20 years for my down payment in 2019 for my house in the GTA. For normal people its probably closer to 40 years now.
I live in Sault Ste. Marie, ON. My wage is $52000/ year. Ten years ago, heck, five years ago, I could get a 3bd2bath house here for under $200,000.
Sadly, at that time, I was in my “live my best life” phase, which I have Zero respect for now. I was in debt, I had no savings, it was a disaster.
Now, I’m fiscally responsible, save several hundred a month in my TFSA, and yet the house that was $200,000 then is $350,000 now.
It’s aggravating, and I blame the Liberal Party of this country 100% for this situation. I voted Liberal twice in my life, it would be the coldest day in Hell before I do so again.
...and where I live that house is 1.4M now. 🤦♂️
We've been headed towards this path since the 80's. Trudeau just sped up the timeline. Vote 3rd party/independent. Red/Blue are 2 sides of the same coin.
So I have a QUESTION — my friend’s 50th birthday (I’m 29) is coming in the Spring. Should I just say “fk it” and go on a European vacation with her for a week, make some memories…. Or should I keep saving, hoping house prices come down? I want to be a homeowner by 35, house paid off by 60….. but I’m wondering if that’s realistic…
Too many unknowns. We don't know you're salary, debt ratio, living expenses, etc.
I would speak with an actual financial advisor. If you don't own a home then serious considerations need to be taken before you spend money on fun activities.
I wish I could find something like that for 350k. I have a 130k down-payment and make 62k+ a year. Count yourself lucky. Shoe box condos are like 500k min here.
How much down-payment do you have? If it's a new build, you can get the first-time home owner loan of 50k. 300k at 5.25% is like 1500 a month. Could rent out the two other rooms for a min of 500.
Why would you blame the federal Liberal party for what can be solved at the local and provincial level?
The provinces and municipalities are the ones who set zoning law and have the biggest say in how much housing is built.
Perhaps 'demand' in the 'supply and demand' equation has everything do with the federal gov't?
Trying to out build record immigration during a housing crisis will surely do the trick: Immigration fuels Canada’s highest population growth since 1957
It's part of the equation, but the lack of supply is the bigger one. That's why other countries like the States, Australia, and New Zealand are all experiencing similar housing affordability issues.
Ok, ill bite on this stupidity...
Has it occurred to the author that in 10 years the prices of homes and therefore the down payment would be different? No one is sitting on a pile of money they just saved up thinking "Phew! finally, I can afford a house from 10 years ago". what trash article is this?
The fact that PDE (partial differential equation) concepts are not introduced before ANYONE mentions costs of things, mortgages, raises, inflation, money supply, or any of those things says it all. Most of these lemmings can't connect two dots with a straight line without a crayon.
If you are going to pick on the math of the article it should be that they are expecting the median wage earner to buy the mean house price.
And that doesn’t factor in further wage stagnation and home price escalation.
A down payment just means you have 25 years more to possibly get screwed tbh
It's not even the down payment, it's just the insane total cost. I could put enough down, but the monthly payments are so insane it would be crippling to the point of impossible. I don't even live in a big city, two incomes, no kids, no debt and no fucking chance of escaping this. It's ridiculous.
Do they take into account the above salary increases in house prices or pretend that house prices freeze in time?
What a misleading title.
According to the author himself its between 3.3 and 5.7 years in NL, NS, NB, PEI, QC, MB, SK and AB which is quite reasonable and attainable.
A more accurate headline would be: "Want to buy a house in a city in ON or BC? Forget it. Those prices are just nuts"
Meanwhile, here I am in northern AB buying a small but newly renovated house for 60k. Cash. Zero mortgage.
You gotta make your choices but if you CHOOSE to live in TO or Van or anywhere near them and can't afford a house, thats kinda self inflicted pain, isn't it?
Self inflicted to a degree. It really depends on what you do for work and where there are jobs in your field.
Working a job you don't like in a town you don't want to live in sounds like a shitty life. Living in Vancouver or Toronto may not be the most financially logical thing to do but there is more to life than trying to earn as much money as possible.
Let’s not glorify living in the middle of nowhere, if it was an option for everyone that house wouldn’t be 60k. Even in less desirable provinces like Saskatchewan the housing has skyrocketed over the past few years.
Radon gas village?
If you actually read the data in the article, most provinces are 5-ish years, some less.
BC is 41 years, and Ontario is 12. Which is why you have your decade as the average.
All that really means, just avoid Toronto and Vancouver.
Terribly skewed garbage media headline, but im sure most people will just go with it instead of actually viewing the data.
It's not just Toronto and Vancouver.
Go read the data.
It very much is Toronto and Vancouver.
5 out of 10 provinces/territories listed have an average price of under $400k.
And 7 out of 10 average under $500k in price. (It would be 8 but QC is just over the line at $502k).
To say the average home price is $699k, when only 2 provinces are drastically above that, and everyone else is considerable lower.
It's not hard to identify the problem.
The only other city in Ontario they included is Ottawa and they combined it with Gatineau which is ridiculous. No one wants to live in Gatineau. Even with Gatineau dragging it down, it takes 8+ years with 75k+ income to save for a downpayment... thats just a minumum downpayment on a shitty house in the middle of nowhere...
According to the article, Ontario and BC (which are massively impacted by Toronto and Vancouver) are the only 2 provinces above 6 years. 3rd place is Quebec at 5.68.
10 years to save for the MINIMUM down payment of prices TODAY. In 10 years that down payment will not be adequate. It is hopeless here
But we voted for "social issues", "gender equality", "progress", legal weed, not the economy. Remember?
I remember "electoral reform", but we got legal weed instead.
Are they taking into account that house prices will double in 10ys too
It must be nice to be able to comment without digesting the article first. Homebuyers only need to save for 3.94 years and 4.24 years to buy in Edmonton and Winnipeg, respectively. If the benchmark is Vancouver and Toronto, of course none is affordable.
I did it in a year. Thanks 'Berta and thanks to O&G!!
Make hole make money
Hey! I have an idea, just cancel your Disney subscription and watch the dollars roll in!
yeah, they really think your that stupid.
Most people reading this forum have more education than this barnyard collection of bozos called Liberals, which is an insult to actual Liberals.
"great economic reset" " you own nothing and be happy" Conspiracy still?
It's not a conspiracy, look outside. Properties will finish being mass purchased by land barons as interest rates drop. 99% of society will rent and spend 75% of their pay on rent. And that's how you turn an entire society into slaves.
There’s no conspiracy. Destruction of the middle class was predicted centuries ago because… that’s the way our economy works
Centuries?!
I'm just going to wait until the boomers die off en-mass over the next 10-15ish years. Been a long time coming. Canada's population is greying in a way never before seen in the nations history, and it is going to have a significant effect on many different industries, including both the healthcare system and housing market. I plan to use my current income to invest in myself and my business (and build up a comfy emergency fund), not save for the ever moving goalpost of a downpayment- all for the opportunity to leverage myself up to my eyeballs in mortgage debt.
Hopefully before then, we have some regulations in place to prevent private equity groups and foreign investors from swooping up the surplus.
Sadly those PE groups and foreign investors own our government.
Depends how much you can save of course. I was lucky to get a good job in my field right out of university, so it took 2 years to save for a starter home down payment. In the GTA though it would’ve been impossible in that timeframe.
The real takeaway from these stats is that in most of Canada the time to save for a downpayment is 4-6 years, but in Toronto and Vancouver its 43 years and 53 years. If this doesn't tell you that the property market is beyond fucked in these cities, nothing will.
At the rate I’m going, it’ll be 10 lifetimes.
I have a fairly decent job. But work slows down.
I used to be able to weather the slow periods without going broke.
Now, if I have a slow month or two, the money I managed to save during the busy times, is gone by the time work picks back up.
I’ve never had to live paycheque to paycheque in my adult life, much less day to day. I find it happening more often than I’d like, nowadays.
What "average" are they using for "average" home prices? If it is the mean home prices then they are comparing it to the median income. That doesn't seem fair. The mean will be skewed by the $30 million homes around Vancouver.
I’m on trade to save for a downpayment within 3 years.
Moved to England where cost of living is drastically lower and science teacher pay is higher.
Anyone else in the "give up and wait for oblivion" mode yet?
Y'all are saving...?
20 years if you are in Vancouver
The starter home I rent is valued at 1.9 million, any tips on saving the down payment on that within a decade with a blue collar income?
It doesn't take 10 years to save 50K..
50K is enough money down to buy the median house... and half the houses out there are cheaper than that.
This assumes that prices don't keep moving every year...
Stop immigration until housing becomes affordable, and then allow in one immigrant per housing unit built.
It's even worse than the headline says. Saving the minimum downpayment doesn't mean you can qualify for the mortgage. Their example of someone with a $70500 salary trying to buy a $700 000 home would need a downpayment closer to $400 000, not $40 000, because they could only get approved for around $300 000 of mortgage. So it would take 100 years, not 10.
It took me over a decade and I'm in Newfoundland and Labrador. It's not gonna get any better for the people younger than my generation either.
Shout-out to all lib/ndp voters!
Not gonna get help from parents - happy renting - saving and investing then retiring to another country. I don't need to buy - at these prices, GICs perform better, with 0 risk to boot.
Trudeau said housing is an investment, peoples nest egg, and it cant fall in value. Galen Weston and Loblaws stock is peoples investment and nest egg as well, so youd assume food can't fall in value, but apparently only shelter is a non necessity in life while everything else is greed.
Let the homeless eat PC branded cake from Loblaws.
When the liberals said they would level the playing field they didn't mean that they would raise people up out of poverty, they meant they would bring everyone down to poverty except the top 1%.
"It's only common sense to be a fair and equal society" By equal they meant everyone gets to be poor. MP's will give themselves another raise to match government created inflation though so don't worry about them...
nearly a decade ... and that's with generational wealth transfer down payment gifting assistance from parents!
And to make matters worse, at least in my neck of the woods the builders knock together mcmansions, ever wonder what happened to starter homes?
Is that CAD or USD ? I have to ask
I saved up a down deposit for my first home between 2014 and 2018 by bagging lunch. I was spending $3700 on lunch yearly and $1500 on coffee (Starbucks) yearly. By drinking office coffee and cooking myself lunches I'd freeze my yearly lunch cost hit $800. Saving $4000 a year roughly. Had some unexpected things come up but saved $12K for 5% down on a cheap home.
Yes I get it Toronto and Vancouver are different. They are in the top 10 of most unaffordable places on earth.
Now call me a boomer (age mid 30s) and downvote.
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Ten years if you can find a well paying job in your field.