for the first time since the pandemic beganThe report shows that the average wealth of the youngest age group, in which the main income earner is younger than 35, dropped by 1.4 per cent in the fourth quarter of 2021.
Meanwhile, those aged 35 and older who make the highest income in their household increased their wealth by 0.8 per cent on average, with the country's least wealthy households, or those in the lowest two wealth quintiles, also increasing their average net worth at a faster pace than the wealthiest ones.contributed three, 4.7 and 0.8 per cent respectively to the net worth of the least wealthy households, while real estate and consumer goods led to four and 0.7 per cent decreases.
Real estate values saw little change in the fourth quarter of 2021 for the youngest age group, which StatCan said is due to younger Canadians avoiding home purchases.However, the value of their non-pension financial assets, including cash held in savings accounts, mutual funds and other investments, dropped by 3.3 per cent.The report comes as more young Canadians report putting off buying homes amid record-high housing prices.
In November, IG Private Wealth Management reported that the country's most affluent families would giveIn an effort to address challenges around housing affordability, the Liberal government, with the support of the NDP, will look to pass its recently released budget, which pledgesThe federal government will attempt to double the number of homes built each year over the next decade to about 400,000 in order to meet the 3.5 million it estimates is needed by 2031 to meet demand..
The federal government also will ban foreign buyers from purchasing homes in Canada for the next two years, with certain exemptions.
I literally met a couple yesterday, 22&23. Saved everything for 3 years and got a little one bedroom condo in Mississauga. No help needed from the bank of Mom & Dad. Maybe people need to lower their expectations. Your not getting a detached home in Toronto as a started home.
You get what you vote for. 🤷♂️
Imnot avoiding I just need 100k for a down payment (no mom/dad bankroll) or I need to move to the prairies which no job. Thanks liberals/trudeau.
Minnesota wild
Surprise.
They're not 'avoiding' buying homes, they're in a market that makes it virtually impossible. Bit of a difference there.
The biggest transfer of wealth in Canadian history will occur over the next 10 yrs. as boomers die. Many will inherit homes.
The youth can thank their blackface posturing idiot PM they voted in. & with the debt now piled on for the past 6 years they gonad better be used to it, & rising taxes that their gr grandchildren will still be paying.
Budget 2022's provision for housing prices has many loopholes for failure. Good luck young Canadiens!
Overpriced shithole now
Avoid home buying?
First time? Good lord
Really? I never would have known if I hadn't read this.🙄
Avoid? Lmao you have a gross misunderstanding of what is actually going on. When houses are going 100k over asking, thats not avoiding
Supply and demand. Simple economics
If everyone is smart enough to avoid buying. prices will fall. the only problem is the P.T. Barnum effect.
Not just youth!
Avoid home buying? More like can’t afford home buying.
Not surprised
KyleHarrietha Avoid? Priced out of market.