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 […]
Boomers lived through the greatest economic period in modern history, where a simple salesman - such as a shoe or VCR salesman - could make enough to own a home, two cars, have a SAH spouse and several children, all while taking decent vacations every year and having plenty of money left over to save for retirement.
Millennials have none of this. In my corner of this rock (Kelowna, BC) median home values have gone from 2.8× average annual income (1978) to 19.4× average annual income. Compare average home values to average annual income, and the 2024 spread increases to 22×.
There is absolutely no way a millennial can achieve the same life benchmarks at the same ages that boomers did without being a card-carrying member of the 1%, and supported by massive amounts of intergenerational wealth to enable these benchmarks.
No wonder so many have given up on home ownership of any kind, as well as (for many of them) even having children.
Prioritizing boomers over the current generations will be the worst possible decision for our future.
Perhaps instead of giving up on home ownership, today’s generations should give up on not guillotining the 1%