Canadian real estate prices have surged in almost every market, with a typical home price doubling in many regions. A median household in major cities like Toronto and Vancouver would need to save over 20 years for just the down payment, more than 3x the historic average. Seems absurd? The outlandish scenario was apparently a […]
I’m a millenial home owner, that would not really mind seeing a radical adjustment of housing prices. (Because I want my friends to be able to own their homes)
Unfortunately, I think Trudeau’s right.
GenX spent their entire lives trying to catch up with the boomers. Boomers got great careers and big houses in the city, lost a bunch of money in the dotcom bubble, and lost a bunch of money in 2008, but were mostly okay.
GenX got mediocre careers (less manufacturing, more outsourcing by the time they entered the work force) more competition for existing jobs (women now expected to work too). They got houses in the suburbs and had long commutes. While Boomers lost money in dotcom and 2008, GenX lost jobs. The Boomers won’t retire from the cushy management jobs so GenX is stuck in middle management.
Now that Boomers are finally retiring GenX feels it is time to get PAID!
They don’t have the penions that the Boomers got, but their suburban houses are a lot closer to the city than anything that’s being built these days. They’re depending on that value to retire.
These millenial upstarts want to pull the rug out from under them? There would be blood in the streets.
Just my impression though, idk.