South Forest Hill Residences floor plans.Canadian youth gnawing on the elderly is getting worse and worse. With the economic downturn, the phenomenon of young Canadians “gnawing on the old” is becoming more and more serious. According to the data, the average selling price of new homes in Canada in 2017 is C $751881 (US $559123) per household, and the real estate industry currently accounts for 12% of Canadian GDP.Please Visit: South Forest Hill Residences floor plans to Get Your VVIP Registration Today!
. The stubbornly high house prices, the increasing probability that banks will continue to raise interest rates, and the slow increase in the income of young people have left many millennials (millennials,18-34) unable to do so.
Millennials have no choice but to “gnaw on the elderly” when buying a house: 35% of respondents said they had to “gnaw on the elderly” in order to afford a down payment, the highest proportion of all ages in Canada. According to the survey, only 11% of Canadian 25-to 29-year-olds lived with their parents in 1981, up from 25% in 2011, while 59% of 20-to 24-year-olds lived with their parents.
Rising house prices and living prices, employment and income instability make it impossible for young people to afford to live independently. Poor job prospects force many young Canadians with only a high school diploma to return to campus for higher education or take craft courses so that they can have a better way out. This long adult education usually lasts until their thirtieth birthday. It is very difficult to live independently by paying taxes on ordinary work income. It is very difficult to save a down payment of NT $800,000. Only by living in parents’ homes and reducing the fixed expenses of housing, which accounts for the largest part of food, clothing, housing and transportation, can you buy your own property.
In recent years, Dawen has been the representative of high house prices in Canada and around the world. it is a fact that housing is expensive. If you live in a property in the most expensive city in the world, you can imagine its anxiety if the house is not yours. Another study by real estate website Point2 Homes found that Vancouver is too expensive to have friends in unaffordable cities in North America, surpassing cities such as New York and San Francisco in the United States. The average household income in Vancouver is $80, 000, while the median house price is $1.4 million, more than 17 times that of the former.
In the 1960s and 1970s, Western society was proud of the “economic, action and personality independence” of young people. Returning cats to their parents in adulthood is a symbol of “lack of independence” and will be ridiculed by society. With the rise of house prices, the phenomenon of gnawing on old age has spread all over the world.
The New York Times magazine published Adam Davidson’s article “authoritative News: the Neet will never leave again”, pointing out that more and more young people returning to their parents’ homes to “gnaw on the old” is not a temporary phenomenon, but a long-term trend. Davidson quoted experts as saying that with the progress of science and technology, the deepening of globalization and changes in career development patterns, the polarization of society is intensifying. For most young people, it is much more difficult to find a suitable job and embark on a successful development path than their parents’ generation. As a result, many young people choose to move back to their parents to ease the financial pressure.
In Australia, due to rising house prices, young people are finding it increasingly difficult to afford to buy a house. According to the latest statistics, the proportion of young Australians who borrow money from their parents to pay the down payment is now as high as 54%, with an average of A $85380, which is A $5000 higher than the average Australian salary of A $80196.