The 2017 Federal Budget brings good and bad news for millennials. Mostly bad.
When it comes to home ownership, Canada’s millennials are already facing discordant conditions. The country is experiencing its lowest wage growth rate in 15 years, while housing affordability is at a 25-year low.
Vancouver’s affordability has reached 87.6 per cent — which means the amount of pre-tax income (the median) those in the West Coast city would need to cover the mortgage payments, property taxes and utilities of a new home. Toronto is the second most expensive city at 60.6 per cent affordability.
Yet, it’s likely the new $11 billion National Housing Strategy announced by Finance Minister Bill Morneau won’t have any effect on runaway home prices. Geared towards “vulnerable citizens, including: seniors, Indigenous Peoples, survivors fleeing domestic violence, persons with disabilities, those dealing with mental health issues, and veterans,” the housing is not meantRead More »from Why Canada's millennials were hit hardest by the 2017 Federal Budget