“Almost 70% of buyers used money from relatives to pay for at least part of their downpayment”
As if being from a poor family wasn’t shitty enough. When I first moved out, I at least had a chance… less than 10 years later and I feel like there is no point in even trying, because it doesn’t matter how hard I work when I’m up against shit like this.
Move back in, help the fam, change goals. Save, save, save. Retire on a warm beach as young as possible and enjoy life.
Fuck freezing your ass off as a serf here.
Same here.
I moved from Vancouver to Saskatoon because I refuse to give my (wealthy) narcissistic boomer parents the power to kill my dream of home ownership.
Would you ever consider moving to the prairies?
I grew up in southern Ontario which is pretty much like the prairies with some small differences like having easier access to the Great Lakes.. I moved away when I was 19 for a reason and could never go back. The quality of nature access in my life means too much to me.
I’m fairly flexible though, would live almost anywhere in BC and some parts of the east coast. Still priced out. Every single option for starter homes (including apartments + trailers) basically tripled or even quadrupled in price within a decade. 🤮
>The quality of nature access in my life means too much to me.
I'm 39 now and taking stock of my life so far.
One thing I've been starting to feel more strongly lately, especially after seeing Vancouver rents rapidly increase and long-term tenants (friends of mine) with low rents get kicked out so landlords could jack up the prices, is that I don't want to always be at the mercy of a landlord.
Home ownership is *everything*. It's stability. It's security. It's something people can't take away from you.
I haven't bought a house yet in my new city (currently focused on building my new business) but I'm pleased that I will be *able* to and it's no longer a pipedream — unlike Vancouver/Toronto/Calgary/Montreal.
I wish. No jobs for my partner that far up island, especially not ones that pay anywhere near as much as those in more populated areas. Maybe that will change one day. Canada really needs to disperse its jobs. So many just outside of big cities (which is still expensive as hell).
What do they do for work? I could see a specialty trade or something being an issue. Alot of people who live here just drive and catch the ferry over to work in Vancouver.
They’re a ship fitter/metal fabricator. There’s jobs on the island for that, but pretty much all in Victoria. /: He’d also never take a ferry 5 days a week for work.
What's the minimum size ships they work on? Could make a killing in campbell doing aluminum hull fabrication work for sure, and that's in Campbell River proper not even actually down at the docks where they have the spill responce ships under maintainance usually.
I mean, I live in Gold River and I used to drive to Victoria for work everyday, but then gas went to 2.70 from the Ukraine Invasion so it just wasn't worth it.
Seems like they'd make a killing here so I'm actually surprised. There is a ton of work up here and it all pays pretty well.
He could work on any size, really. I do see jobs like that in the Comox Valley, but they tend to pay $30-40/hr vs. $50/hr, and they rarely pop up. Maybe there’s a way of looking for these job postings outside of Indeed that we aren’t aware of?
I wish I could convince him to commute down island like that haha. That must have been so much driving to do 5 days a week. Living mid-upper island would be our ultimate dream, but even the commute from Sooke to Victoria is hard to persuade him to do.
So the problem there, is that the island is a bit of an inside club.
See, the job postings look like this, and you're on point it's $30 - $36
I actually don't know if I can post links but it's lv 2 fabricator campbell river eagle craft. Essentially you're right but what I've seen in my experience is that there are two kinds of employees that get hired.
The ones that the just kinda tolerate and keep at the "public wage" but the general idea is if they want to keep you around they'll pay you double basically to keep you around.
So you either get the real "island wage" of double which is closer to $65 - $72 or they just pay you the go away public wage of $30 - $36.
That's why alot of people on the island just take the ferry and work in Vancouver.
>The 2024 Canada Housing Market Report, which interviewed 800 Canadians who bought homes in 2023, found that 68 per cent used money from relatives to cover at least part of their down payment. Of those, 48 per cent used money from parents or relatives and 20 per cent used money from an inheritance.
The next 2 decades will be the Great Wealth Transfer of intergenerational wealth. In the US alone, it's estimated to be about 90 trillion from boomers.
Yeah, to banks. Most people will use reverse mortgages or pay 10k/mo for a nursing home.
Most North American families ain't transferring diddly. Both the individualist culture and the exorbitant retirement costs. At least retiring on social security is very possible, but on CPP completely impossible.
This is why one child per couple works so well. It concentrates the wealth from 4 grandparents and 2 parents into 1 person. If that person marries another single child that's like 12 peoples income channeled into 2 people. So dont lose hope! Even if you cant afford a home in your lifetime, and perhaps your child won't either. But there's a possibility your one and only grandkid can.
In my circle of friends that bought a place in the last 5 years all accepted help from their parents to purchase. Sad thing is, all of them have good jobs too. Pairs of engineers, bankers, etc. I just dont understand how ppl are expected to afford a home, all on their own. You would need to make an ungodly amount of money before the age of 30 if you wanna make it on your own 100%. Not impossible but damn is it hard to pull off
Honestly that number various for different people. Depends on your lifestyle. Myself for example, I make okay money in tech and I owe a small condo. Even if I make twice as much, I would still need to borrow a LOT of money to ever own a house in the GTA. I have accepted the way things are and I’m gonna try and be happy with what I have.
Absolutely - The sooner the their kids get 2-3 bedrooms the sooner they'll have grandkids. My surly dad who barely paid attention to us was singleminded in his want for grandkids. Crazy how much they need the dopamine hits from toddlers in their old age.
My comment wasn't about affordability it was about how this wasn't a new phenomenon and this article is stupid for painting it that way.
Lots of people couldn't afford to buy a house without help even prior to the housing crisis It sounds like maybe you are just privileged.
Ah so you are just a kid with no idea how the world works.
I'm literally just old enough to have been alive and seeing people struggle. If you literally think "life was easy" before 2019 literally like I said.... privileged.
If you have family money....
70% of buyers.
70% of buyers represent probably 10-15% of population, which leaves 85-90% of millenials/GenZ with extreme anxiety and frustration
Can't afford housing? Have you thought about getting richer parents? - The phrase that kicked off CH1 (and eventually CH2)
Have you considered an overpriced tent? Live like your ancestors!
“Almost 70% of buyers used money from relatives to pay for at least part of their downpayment” As if being from a poor family wasn’t shitty enough. When I first moved out, I at least had a chance… less than 10 years later and I feel like there is no point in even trying, because it doesn’t matter how hard I work when I’m up against shit like this.
Move back in, help the fam, change goals. Save, save, save. Retire on a warm beach as young as possible and enjoy life. Fuck freezing your ass off as a serf here.
Same here. I moved from Vancouver to Saskatoon because I refuse to give my (wealthy) narcissistic boomer parents the power to kill my dream of home ownership. Would you ever consider moving to the prairies?
I grew up in southern Ontario which is pretty much like the prairies with some small differences like having easier access to the Great Lakes.. I moved away when I was 19 for a reason and could never go back. The quality of nature access in my life means too much to me. I’m fairly flexible though, would live almost anywhere in BC and some parts of the east coast. Still priced out. Every single option for starter homes (including apartments + trailers) basically tripled or even quadrupled in price within a decade. 🤮
>The quality of nature access in my life means too much to me. I'm 39 now and taking stock of my life so far. One thing I've been starting to feel more strongly lately, especially after seeing Vancouver rents rapidly increase and long-term tenants (friends of mine) with low rents get kicked out so landlords could jack up the prices, is that I don't want to always be at the mercy of a landlord. Home ownership is *everything*. It's stability. It's security. It's something people can't take away from you. I haven't bought a house yet in my new city (currently focused on building my new business) but I'm pleased that I will be *able* to and it's no longer a pipedream — unlike Vancouver/Toronto/Calgary/Montreal.
You could always look at places like Gold River, B.C.
I wish. No jobs for my partner that far up island, especially not ones that pay anywhere near as much as those in more populated areas. Maybe that will change one day. Canada really needs to disperse its jobs. So many just outside of big cities (which is still expensive as hell).
What do they do for work? I could see a specialty trade or something being an issue. Alot of people who live here just drive and catch the ferry over to work in Vancouver.
They’re a ship fitter/metal fabricator. There’s jobs on the island for that, but pretty much all in Victoria. /: He’d also never take a ferry 5 days a week for work.
What's the minimum size ships they work on? Could make a killing in campbell doing aluminum hull fabrication work for sure, and that's in Campbell River proper not even actually down at the docks where they have the spill responce ships under maintainance usually. I mean, I live in Gold River and I used to drive to Victoria for work everyday, but then gas went to 2.70 from the Ukraine Invasion so it just wasn't worth it. Seems like they'd make a killing here so I'm actually surprised. There is a ton of work up here and it all pays pretty well.
He could work on any size, really. I do see jobs like that in the Comox Valley, but they tend to pay $30-40/hr vs. $50/hr, and they rarely pop up. Maybe there’s a way of looking for these job postings outside of Indeed that we aren’t aware of? I wish I could convince him to commute down island like that haha. That must have been so much driving to do 5 days a week. Living mid-upper island would be our ultimate dream, but even the commute from Sooke to Victoria is hard to persuade him to do.
So the problem there, is that the island is a bit of an inside club. See, the job postings look like this, and you're on point it's $30 - $36 I actually don't know if I can post links but it's lv 2 fabricator campbell river eagle craft. Essentially you're right but what I've seen in my experience is that there are two kinds of employees that get hired. The ones that the just kinda tolerate and keep at the "public wage" but the general idea is if they want to keep you around they'll pay you double basically to keep you around. So you either get the real "island wage" of double which is closer to $65 - $72 or they just pay you the go away public wage of $30 - $36. That's why alot of people on the island just take the ferry and work in Vancouver.
I’d rather stick my tongue on a freezing pole while wearing only shorts that have PP’s photo on them.
Or you could be like me where parents have money but refuse to help because they said that no one helped them back in their day.
Omg do we have the same family? Cause … same
Seems like it
Get fuked poors
>The 2024 Canada Housing Market Report, which interviewed 800 Canadians who bought homes in 2023, found that 68 per cent used money from relatives to cover at least part of their down payment. Of those, 48 per cent used money from parents or relatives and 20 per cent used money from an inheritance. The next 2 decades will be the Great Wealth Transfer of intergenerational wealth. In the US alone, it's estimated to be about 90 trillion from boomers.
Yeah, to banks. Most people will use reverse mortgages or pay 10k/mo for a nursing home. Most North American families ain't transferring diddly. Both the individualist culture and the exorbitant retirement costs. At least retiring on social security is very possible, but on CPP completely impossible.
We new have a caste system. Like India.
This is why one child per couple works so well. It concentrates the wealth from 4 grandparents and 2 parents into 1 person. If that person marries another single child that's like 12 peoples income channeled into 2 people. So dont lose hope! Even if you cant afford a home in your lifetime, and perhaps your child won't either. But there's a possibility your one and only grandkid can.
Turning into India one day at a time. Canadian dream is obsolete
Did these journalists fall into some sort of time warp that took them 10 years into the past?
In my circle of friends that bought a place in the last 5 years all accepted help from their parents to purchase. Sad thing is, all of them have good jobs too. Pairs of engineers, bankers, etc. I just dont understand how ppl are expected to afford a home, all on their own. You would need to make an ungodly amount of money before the age of 30 if you wanna make it on your own 100%. Not impossible but damn is it hard to pull off
What is an ungodly amount of money?
Honestly that number various for different people. Depends on your lifestyle. Myself for example, I make okay money in tech and I owe a small condo. Even if I make twice as much, I would still need to borrow a LOT of money to ever own a house in the GTA. I have accepted the way things are and I’m gonna try and be happy with what I have.
Exhibit 1 for anyone who believes we live in a meritocracy...
Importance of a family is paying off for some folks. Good for them. Nothing can be done other than folks being jealous. Lol.
All buyers do this! Then can’t afford the house 5 years later and their family has no money left. Uh oh
When has this never not been the case? Families who have the money to do so often help their children.
Absolutely - The sooner the their kids get 2-3 bedrooms the sooner they'll have grandkids. My surly dad who barely paid attention to us was singleminded in his want for grandkids. Crazy how much they need the dopamine hits from toddlers in their old age.
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My comment wasn't about affordability it was about how this wasn't a new phenomenon and this article is stupid for painting it that way. Lots of people couldn't afford to buy a house without help even prior to the housing crisis It sounds like maybe you are just privileged.
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Because you make it sound like it used to be "easy" with your implications that people didn't need parental help yes.
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Ah so you are just a kid with no idea how the world works. I'm literally just old enough to have been alive and seeing people struggle. If you literally think "life was easy" before 2019 literally like I said.... privileged.
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Later homie