The soaring house price is the happiness of one generation and the misfortune of another generation. The happiness of baby boomers is directly related to the rise of house prices. They can realize and live the retirement life they dream of, but the younger generation is bound and cannot create the family life they dream of.
The high cost of entering the housing market has led many couples to delay starting a family. The new survey report of RateSupermarket shows that:
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56% of respondents said that their ability to form or expand families was affected by the housing prices in the region
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72% of millennials said their ability to form or expand families was affected by the housing prices in the region
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52.8% of respondents said that existing families could not increase their family size
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49.4% believed that related expenses changed their view on family size
The housing prices in Toronto and Vancouver are not suitable for the timid. The average single residence in both cities is currently more than $1 million. Nowadays, young couples are less likely to buy houses in the real estate market and have few choices. Therefore, apartments are increasingly attractive to young couples and young families.
David Macdonald, chief economist of the Canadian Center for Policy Options(CCPA), estimated that:
If Canada’s national house prices fall by 20%, 169000 households under 40 will face difficulties. Water “; their mortgage loans. It is one tenth of the households in this age group. If the house price drops by 30%, which is consistent with the highest level of Canada’s house price overestimation as mentioned by the Bank of Canada, the number of underwater households under 40 will reach 294000, or one seventh.
It seems wrong to think that young couples can’t afford to buy a house and start a family. Or worse, they chase their dreams, buy a house they can’t really afford, and are in debt. If you have financial difficulties, please seek professional help as soon as possible. The attitude of the Ira Smith team is that financial problems can be solved by taking immediate action when all documents are processed and making the right plan. Contact now to start from scratch. From now on, leave financial problems behind and plan for the future.
