This New Stats Canada Report Confirms You’ll Probably Have To Live At Your Parents House Forever
It's not easy being broke.
It might not come as much of a surprise to hear that housing costs around Canada are pretty expensive and that most millennials are struggling to move out and live on their own. However, what might take you by suprise is that unemployments rates for the month of July 2017 hit an all time low. So bad in fact, that we haven't seen numbers like this since 2008.
According to Stats Canada," In July, employment for youth aged 15 to 24 was little changed. As less youth searched for work, their unemployment rate fell 0.9 percentage points to 11.1%, the lowest rate since August 2008.
This lack of jobs across Canada comes after a recording breaking 8 month of amazing job growth. So since companies have been hiring like crazy all year long, it only makes sense that things are starting to slow down.
Now, how does this affect your chances of moving out of your parent's place and buying your own home? Well in two separate studies from different real estate companies found that in most major cities, "even the average condo apartment, costing about $511,000, requires an annual income of $92,925 CAD to afford a $1,933 monthly mortgage, plus taxes, utilities, and condo fees"
Which means that not only does it require practically a six-figure income to live independently, there are also fewer job opportunities out there for you to earn the kind of dollars needed to cover all your expense.
So I hope you're comfy and cozy just where you are because it looks like you'll be stuck at mom and dad's house just a while longer.