Millennials on Money: 'Home ownership for me? At least 10 years from now.’
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- čas přidán 4. 01. 2017
- Young Canadians talk about the challenges of trying to get into the housing market. Click here for the full story: cbc.ca/1.3921393
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NO, I DON' T WANT THAT!
I WANT HOUSES TO BE CHEAP SO I CAN BUY THEM FOR THE NEXT TEN YEARS AT LEAST
Bobby Boy , what a man you are
@@alexisweidner1450 as a reward
@@dutchvanderlinde4713 i shall give you
@@alexfc679my seed
I live in West Vancouver. Real estate here is deadly bc of some investors that buy the houses, don't even live in them and flip it after a month or so. It's terrible.
non of my friends own a home and im 31, so i dont know what kind of rich friends she has.
The banks aren't there to help.
Just because interest rates are lower doesn't really mean the houses are more affordable. All debt must be paid back. I would rather owe $50,000 at 8% interest, than $100,000 at 4% interest.
True, but most people these days wants to eat at restaurants, go to concerts, buy a new phone every year or two, go on a vacation once or twice a year. Like seriously wtf are these morons thinking about? Clearly they don't know what the word "saving" stands for.
And thats why you will own a house, two or even three in your life time, while 90% of those millennials will hit 90 without even owning one.
I don't do any of those things only ever had a 1 week holiday with the Sun newspaper for £9.50. In my whole adult life, don't smoke don't drink have one pair of shoes may have eaten out for my partners birthday 2-3 years ago. I have no interest of owning a home anymore. I don't even see why we think owning a car has a point anymore. There just a consumable apliance with a short lifespan and very difficult to fix (and expensive)
Yep, my generation only looks at the monthly cost of things which is the dumbest way to look at things.
Yeah, except the $50K loan would be paid off in half the time if you just made the payments the same.
Unless you have cash. stop buying
For the sake of everyone! An economy running off property inflation is doomed to fail.
So nobody will ever buy homes. Ever.
Very few pay cash for a house. Loans on houses aren't the problem. People buying to much house is. Buy a 1500 square foot home instead of 2600 or higher. That's the real issue
bou path
less than 175k for a brand new 1500 sq foot house isn't a rip off.
That's why people are poor. Use leverage to make you rich.
The spirit of Greed is in the air!!
meh, I'll stay in an apartment... or maybe I'll end up living in a van. Much MUCH cheaper.
How's that van? Not even joking. The money you could have saved by...
I love this CZcams channel. Watching about Canadian people I realize here in Minnesota in the U.S. the struggle is the same! Good luck to you people. I love Canada! 🇨🇦
Stay the hell out of real estate in Canada until 2019. A crash is coming like nothing you have ever seen.
so when should I sell lol
Dwayne Johnson do you have evidence of this from experts in the field? i don't own right now but want to buy
if your buying with the intention of owning the home for years then buy but if your trying to buy and then sell in a year or two it might not work out well for you.
The rock says...
Good call from a year ago. Anyone who bought in last fall will be under water by this summer... if not already.
I'd like to buy a house eventually and do have the 20% I'd need but I just can't bring myself to do it. The cost of upkeep, surprises and taxes, and the fact that you are never done paying for a house even after the mortage is done if you want it to retain value, is just contrary to what I imagined a home to be years ago - saftey and security. It's a huge risk for the price you pay. If the cost of housing would drop dramatically, like say $100 000 for a decent house, then it'd make sense but right now you're getting a pretty low end product if you're paying for anything under $250 000. That's a lot of money for something lackluster. *sigh*
Overdue for a crash any day now. The stock market has already began to wabble.
Where the hell can you purchase a house for 3 times your entry level salary? 60K x 3= 180K for a house?
DCassidy42
3 bedroom townhouses can be bought for cash in Edmonton, Alberta Canada. Just bid 80 percent of the ask and $100,000 will buy plenty of resale 3 bedroom townhouses.
House prices are either low while interest rates are high or they are high while interest rates are low. Nothing seems better. In both cases you are ripped off as much as possible.
I HAVE ONE THING TO SAY- CHINA
I don't care about owning a home at this point.
NaturalHabitat_2.0 I agree, a house, the American dream is a lie.
If the Chinese haven't browned the backside of your pants yet well then you must live in your own car.
How often do you really need to do a reno, my parents bought a home 30 years ago. The mortgage is paid off, and the structural maintenance for those 30 years was about 10k. Granted they have the same functional kitchen, bathroom and hardwood flooring.
Depends, My cousin has a house out in the country, septic tank blew, cost 20k to fix.
@Bonnie Cull What is the benefit of painting your whole house every 3 years, if its clean and white i wouldn't paint it even after 10 years.
That’s why you don’t buy a Vancouver house. Many other decently sized cities have houses that are comparable for way less money.
It's not just major cities any more. Not really 2 different story lines, housing is ridiculously expensive everywhere.
You needed 25% down back in 1980 as well to get a mortfage without paying for mortgage insurance, and interest rates were also double digits.
Garry Burgess and inflation wiped out all of the interest so
the cheapest 1 bedroom appartment here is 200k... houses arent available under 800-1000k... not in a million years im gonna be able to afford that..
1 bedroom apartments in Vancouver hitting the market at 1 million dollars this year.
Buying is cheaper than rent here. Will have my 20% by end of next year. Rather pay $700 a month than $900 a month rent that continues going up. You may have taxes and everything else but you will own your home before 60 and won't have rent anymore. And you can rent out part of your home to pay it off faster or have extra income in your old age
I bought my condo in Toronto and trust me it isn’t easy but it’s possible
So it's been 5 years since the video. How are things looking?
Blame it on your leaders. Property tax kept going up. Electricity bill kept going up. Bank rates kept going up.
Canada is a kleptocracy Politicians figured out years ago that by devaluing the currency by lowering key interest rates & international benchmark rates makes the home & equity market's skyrocket over time and to bolster the positions of the income property owners they have removed rent controls in most of the provinces so what you see happen over time about 15 years is a 60% rise in rents and Property cost's while the money you earn increases about %1 on average your savings will buy less your money buys less and there for you have less !!!!!!!!. And all that being said the main problem with Canada is an imbalance to the monetary policy and with current Liberal & Conservative as the usual governing body nothing will change in the foreseeable future !!!!!!. While over the last decade and a bit all of your land lord's and all the home owners that have been in the market over the last 15 years have enjoyed the fruits of a fantastic 60% inflation rate on Rent's and Equity's and have enjoyed low borrowing cost during this time normally I would not care and say good for you aren't you lucky but its on the cost of my back !!!!!!!!!!!.
Give me a higher interest rate with a lower mortgage. I just don't see how 3-5% on a 1m-1.5million dollar house is better than a 10-15% mortgage rate on a $300,000 house.
There's no need for a home at such a young age. The more money you can save for a down payment, the less you will pay in interest. Split the rent with others or live with your parents if they let you so you can save money.
I'm thinking at this point, is it really worth it? Lets say you're able to lock down and then become able to afford a home in Toronto. Lets look at the city infrastructure, quality of life(commute times),decaying society.
This city lacks leadership on all fronts. I'm not sure if this is criminal negligence, or the city and country being swayed by the global financial markets, but all I know is Toronto is not looking good right now. What about in 5 years? 10?
Why would anyone in their 20's want to be tied down with real estate?
Because it's an asset that appreciates in value and you have somewhere to live?
some areas it is really tough to find a place to rent. my brother had to buy in the area where he got a job because he couldn't find a houseshare.
Ah!
Houses are over priced, by about 12-18 times the actual value.
Think about it.
I can remember new houses going for $11,000-$17,000 1968 dollars.
Those houses still exist. They sell in Oklahoma for $250,000-$300,000 in 2020.
How is Canada doing now 2021?
Too much debt. Canada and America. Too much debt has ruined the housing market. Too many loans allows builders, realtors, sellers to jack up the price of homes to prices that are way way way out of hand, just like college tuition. Tuition is outrageous. Too many loans allow the schools to jack up the prices. Supply and demand is also at play for home prices but if far fewer loans were given out then the builders and sellers would have no choice but to drop the prices to a level that might be affordable.
My retirement plan is winning the lottery and/or becoming a movie star.
I was 2 numbers away from being set 4 life on that daily grand. I even had the bonus number.
At 1:43 mins she asks how much the downpayment was... however, one needs to consider the wages, house prices, interest
rates then take inflation into account, perhaps then it will be a fair comparison. For example, back in the 1940s,
people earned only a few cents per hour so that downpayment would've been still difficult to save for.
If you review these charts: inflationdata.com/articles/wp-content/uploads/2013/06/Inflation-Adj-Housing-
Prices.jpg, www.pewresearch.org/wp-content/uploads/2018/08/FT_18.07.26_hourlyWage_adjusted.png,
pbs.twimg.com/media/Dci6oH2VAAA2u-q.jpg the issue here is the gap between home prices and wages. On the final
link which is most relevant to this news coverage, the wages hasn't really risen, while home prices has increased by
almost $100k from 1997-2013 according to the graph prepared by TREB (all adjusted for inflation). Thus, that is why the
downpayment is harder to obtain today.
The point is, each generation has it's own issues to tackle. For example, during the early part of the last century,
our grandparents/great grandparents had to experience the first world war, then afterwards they had to go through the
great depression and then the 2nd world war back to back. How can one prosper during these times? During our parent's
era they had to experience the crash of 1989 and had over a 20% hike in interest rates (see graph
www.mortgage4canadians.ca/index.php/blog/post/68/interest-rates-are-going-to-go-crazy-soon?), it took almost a
decade for the economy to recover.
As our population increases on Earth, there will only be more competition and with robotics and automation being
introduced into all sectors of our industries, it will not help the situation. Life is hard but nothing is harder when
compared to the generation that fought in the world wars. Once you take inflation and wages into consideration, you
just need to come up with a little bit more downpayment, but we are also paying less monthly on our mortgages as the
interest rates are currently very low compared to the 1980s. We also don't have a world war to deal with, considering
those factors, we're not in a bad position today. Money is cheap to borrow, so don't let this little downpayment set us
off.
There will always be issues around the world, we need to stop complaining about external factors in which we cannot
control, and take responsibility of the factors that we can control. Stop buying avocado toast: money.com/avocados-millennials-home-buying/ If we look at the graph again, you need to close
the gap between rising house prices and wages. Since you cannot control the rising value of homes at an individual
level quickly, then you need to think of how you can increase your own income which will assist in qualifying you for a
loan in the future and the extra cash will go towards a downpayment.
One should start to educate themselves in the personal finance part of their lives, because today, you need to play
differently in the game of life. Most of the personal wealth in the world is not created by normal jobs. Your
additional income will most likely be generated in unconventional legal ways. Those who can adapt will prosper. Those
who are in denial or stuck in conventional methods will be left behind just like 99.9% of all species that once lived on
Earth. They got extinct. They failed to adapt quickly to the changing environment (99.9% is based on this PBS article
www.pbs.org/wgbh/evolution/extinction/massext/statement_03.html ). Don't let yourself become a dinosaur...
headed for extinction.
My blog >> ccfilms.ca
These housing problems in the large cities is due to offshore Orientals. Enough said...many small communities are still affordable but don't offer jobs.
At 1:20, am I the only one who saw Gilmore Girls? lol
If millennials spent as much money on particle physics as they did on vinyl records, they’d invent a time machine to travel back to 1975 when they could afford a house.
Buy your house cash, otherwise you will have one massive liability, Vancouver, Toronto... I'm sorry but forget about buying a house there, everything is in a bubble and it burst one day (correction). When it corrects, then buy a house.
It is so frustrating that the people in the video contradict themselves and/or don't answer the questions. Acording to the banks: if a couple earns $180,000/yr, it would take them 25 years to save enough money for the downpayment for a Toronto. home. The video says that 30% first home buyers depend on parents to help with downpayment. Does that 30 % count Toronto buyers? They say it's 40 % for Montreal and Vancouver even though Toronto homes are more expensive than Montreal homes. So, if it is almost impossible for a normal couple to save $ for the downpayment (Toronto or Vancouver), how do people get the downpayment without help from family? I'm interested in how millenials can buy a home in Toronto. I wish the news would look at each city. It is confusing to talk about Toronto and then Vancouver and then other areas and then throw around these statistics without telling us which city/area they are talking about. They should just focus on one city at a time for each discussion.
This is why you don’t get a credit card if u can’t afford it guess what don’t buy it
We act like its what life is all about. Your personal home is a liability, not an asset so rent an apt in Vancouver to live in while buying a home to rent out in a town 2 hours away.
If the Chinese haven't browned the backside of your pants yet well then you must live in your own car.
that's funny lol I've been working since forever and owned my own house for over 5 years now.... I'm also single thank you agricultural and oilfield! still wouldn't mind a lady though.....
That's the way to do it. I am a woman & probably a lot older than you but I bought my first house at 20, worked my butt off, rented out an extra room while I was in college & paid a little extra on it every month. At about 35 I bought the "dream" house I intend to stay in long term. For about 5 years I worked overtime & put everything into the house. I recast the loan every time I had enough cash & lowered my minimum payment, which leaves more to go towards principal. Basically, I cracked down for about 20 years, some years more than others, & got my house payed off. After that life is cake.
It sucks when you are young. Kinda tied down, all your extra money is going towards a house but it really pays off long term. It's like moving back in with the parents, but without the parents living there too.
***** yeah I'm lost for words.... I paid for my place quick but nothing special and I literally worked harder than a slave......
I wish I could have went to university.... my younger siblings both did.... but guess who had to stay behind to make money sigh
***** yeah..... 180k is about the best I can do with 2 careers and a half time job.....
And yeah no doubt it's sickening 😔😔😔😔😔
Why do you say I am a nonexistent % of the population? It isn't common to buy a house at 20 but people do it. Working agriculture & oil Darrell D here probably made more money than I did at that age. I just didn't have siblings I had to help.
I started several businesses, busted my ass & got lucky. One business did very well for about 3 years. That got me into the house. After that it was pure hard work. At one point I was renting out both bedrooms & living in the garage.
I presume Darrell D has busted his butt for years for everything he has & I bet he appreciates the hell out of what he has.
You, acdc515 sound like you resent the prospect of having to work hard for years before making good money.
By the way, what's wrong with a trade? Where do you think the "rich fucks" you speak of come from? You think maybe the owner of the plumbing business started out working for someone else?
Yea, a few people get lucky & inherit a fortune but, at one time, the vast majority of those "rich fucks" you speak of that own the plumbing or HVAC business or whatever were wide eyed broke students enrolling in community college with big dreams & a proper work ethic.
shananagans5 yeah oilfield was good farm is hit and miss mostly just a lot of good luck and hard work.......and actually busted my ass my whole life until now......
Working to slow down and get a union job in the process with a local school division.
Kind of at the point where rather live then have money,also been single forever so yeah.....
I think he's talking about the 1%
That coffee looks awesome
:( I feel so helpless i didnt ask for this life :(
Has your situation improved? Your words made me sad.
buying a house in the GTA in 2023 is not going to happen for most young people.
When 1:39 came on, I thought I was watching Gilmore girls.
>139
No, I don't want that! For 10 years, at least!!
2017: A crash is coming!
2021: hold my face mask 😷
HOME OWNERSHIP IS JUST THE CARROT THAT IS DANGLED TO KEEP YOU MOTIVATED, HOWEVER, AS TIME GOES BY, IT'S BECOMING MORE OF AN UNAFFORDABLE AND IMPOSSIBLE DREAM!!
Amen.
This video was from 5 years ago. Imagine how harder it is now with the pandemic. House prices have climbed 30% in a year
Increase your income. Invest your money in real estate.
you have more money to borrow :) guess what young lady, everyone else has more money to borrow. YOu know what happens next? developer makes more rise prices :D and then bank makes more. Can they hire smarter people next time?
yall sleepingggg keep paying rent!!!
Maybe getting married and having two incomes might help.
From what I'm hearing it doesn't it just depends on the two individuals and what they're making and where they want to live and what kind of house that you're looking for... I wish everyone that you're reading this lots of good luck and if you find a house good wishes to you
1:44 - It's easy to get 20% down payment. Just borrow the money from a shadow bank.
If you don't know a shadow bank, they often go by the name of "Mortgage Investment Corporation"
The shadow banks are toast and so is Brampton real estate the mecca or heartland of the shadow banking industry.
Maybe they could afford it if they didn't waste money on coffees and eating out everyday
It is no measure of health to be well adjusted to a profoundly sick society - Jiddu Krishnamurti
There interviewed Millennials do not represent the majority just the well dressed.
on the toilet I can also guarantee you weren't an English major.
People think of buying a home the same way they do about buying retail items. They refer to home prices as something that "they" are charging. A home is only worth what YOU pay for it.
If prices are "too high", don't buy a house. When no one buys a house, sellers lower the price.
U need 100k and u good
0:30 dear god someone let me help those eyebrows out
Hahahaha
Was thinking the same thing. All that was going through my head was "Honey, sort out your brows, then the house!"
over-plucking in the middle
Are millennials close minded, self centred...? What is wrong with pooling money with friends or relatives and buying a 5 bedroom house, renting out 2 rooms and the basement - is this so difficult a task? This is what we did 30 years ago to get in the market when we had no money. We didn’t complain, we found a solution!
Anybody who gets married or buys a house with this Family court laws and this job market in Canada right now with this Prime Minister is crazy . He is clueless Feminists . He is useless !
The boomers just don't get it