Leftbank condo. House prices remain high and young people have no choice but to succeed. The younger generation will face a more serious housing problem, and the dream of buying a house is even more distant for many young people who lack the help of their parents for the first time. Although many young couples have high salaries and jobs, they can only be caught up in the face of soaring house prices in the absence of financial support from the “parents’ bank”.Please Visit: Leftbank condo to Get Your VVIP Registration Today!
Paddy Treacy, 29, told Global News that she and her fiance currently have a steady income and do not have children. The couple earned 150000 yuan before the outbreak, making them well-paid jobs in Canada. Although both sides have a stable income for many years, the couple are worried about buying a home in Canada in the future, because they have to face a very real problem. Buying a house requires financial assistance from their parents, also known as the “parents’ bank.”
Tracy’s friend recently bought a house in Dartmouth, Nova Scotia, with the help of his father, where house prices are now averaging more than 370000 yuan, up nearly 40% in a year, but still affordable compared with southern Ontario.
Tracy said she and her partner were ready to move to the outskirts of Toronto, a two-to three-hour drive. The couple have long regarded Guelph, Ontario, as a future settlement, but house prices in most areas have risen by more than 30 per cent since the COVID-19 pandemic, and prices in Guihu have become out of reach. “although we moved out of the city, it was still difficult for us to find shelter,” Tracy said. ”
For years, housing subsidies from parents or grandparents have been a necessary condition for Vancouver and Toronto, the country’s two major real estate markets, and many young people have to “get on the bus” with the support of their families. During the pandemic, the country’s property market was hot, with prices soaring to incredible prices, from coastal cities to small towns in the suburbs, and the dream of getting on the bus could not be realized by young buyers without family support.
Ricardo Tranjan, a political economist and senior researcher at CCPA in Canada, said in an interview with the media that house prices in Canada have been rising over the years, exacerbating economic inequality in society. During the pandemic, the unusually hot real estate market accelerated this inequality, and many workers in the country paid a high price for trying to keep their jobs or family income under closed measures. For the affected low-income tenants, they are more likely to face forced eviction. Trajan pointed out that house prices in the country have remained high in the past few months, exacerbating the gap between the rich and the poor, and many people have been unable to keep up with the surge in house prices despite their efforts to save money for downpayments.