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Housing Disaster For Young People

ByRon Butler
Published 2023-11-10, 07:23 a/m

The combination of sky high prices and soaring interest rates has proved to be an utter disaster for young Canadians in their late 20’s & 30’s who want to buy a house.

I talk to them weekly an the unaffordability creates a combination of anger, indignation, frustration and fear. They can’t understand why what their parents had is now unachievable for them.

This content was originally posted on the Angry Mortgage YouTube Channel

Latest comments

One of the reasons behind high prices is Fraud mortgages
Population of Canada in 1970 was 21 million, today it’s 39 million. Due to high immigration from countries that are already over populated, this in turn has pushed up prices across the board. Infrastucture spending never kept up. In 1987 Hong Kong Chinese flooded into Canada, house prices rose 15 to 25% back then just on that demand.
it's called rates going to zero from 18% over 40 years
We have also consistently undercounted the population. You can easily look this up, there has been plenty of discussion going back a couple years now about various municipalities underestimating their population, including a recent revelation that stats canada may have undercounted the national population by 1.1 million.
So,boomers had high interest rates and housing affordability issues when they were young, some lost their houses etcIt seems History repeats itself…
Its called population growth
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