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I was referring more to the people who are coming here as renters without having lots of money from selling their houses back home. Some immigrants coming here are wealthy but many are not. I’ve read articles about international students from India sleeping on the streets and eating from food banks because they can’t afford rent.
Are you aware of what the strict requirements, regulations and policies are that are demanded of people who are applying for approval to come to Canada as immigrants or students? I'm not talking about refugees or asylum seekers, I'm talking about immigrants and students.
They willingly want to come to Canada, they have to do it on their own dime and all of them have to be able to show proof beyond a shadow of a doubt that they can support themselves and their families and will not be a burden on the country ..... or the food banks. Otherwise if they can't prove their ability they won't be approved to immigrate or to come to Canada as students.
I think you should familiarize yourself with the immigration or international student regulations before you believe any of the scammer articles you read about poor students from India sleeping on the streets and eating from the food banks because they can't afford rent. It's a crock of nonsense.
I agree that it was tough back then for its own reasons, no argument there. Minimum wage was of course a lot lower back then and yes the interest rates are higher.
I’ve ran the numbers as someone who’s considered entering the market and the bank will not give me a big enough mortgage to buy even a small condo unless I have over $200k down which let’s be honest no one earns just by saving nowadays.
I remember my parents getting their 1st mortgage in the late 80s. Their interest rate was an astounding 11.75%. Trust me, when you look at the amortization table, the payments were basically all interest with very little going to reduce the principal.
Granted the principal was a lot lower back then vs now. Back then you can purchase a fixer upper small house for about $150,000 at the low end. Nowadays the same fixer upper easily hits $700,000 and up.
It's almost impossible for the younger generation to purchase a house without external help for a decent down payment.
And even if you do pull that off, I can't imagine being a slave to the huge monthly payments... and God help you if you took a variable rate during our rising interest rates now.
So yeah, homelessness is not surprising. I say unless you have a very decent job / career, the chance of being homeless is possible. Depends on how careful you are with your savings and spending.
Are you aware of what the strict requirements, regulations and policies are that are demanded of people who are applying for approval to come to Canada as immigrants or students? I'm not talking about refugees or asylum seekers, I'm talking about immigrants and students.
They willingly want to come to Canada, they have to do it on their own dime and all of them have to be able to show proof beyond a shadow of a doubt that they can support themselves and their families and will not be a burden on the country ..... or the food banks. Otherwise if they can't prove their ability they won't be approved to immigrate or to come to Canada as students.
I think you should familiarize yourself with the immigration or international student regulations before you believe any of the scammer articles you read about poor students from India sleeping on the streets and eating from the food banks because they can't afford rent. It's a crock of nonsense.
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Not every immigrant is a doctor/lawyer/real estate moguls. Tens of thousands do jobs like meat packing, warehouse picking, truck driving, etc. These people aren’t all loaded. These jobs yes should pay a living wage nowadays but the truth is they don’t.
It’s about a 20 minute ride by bus to downtown and about a 5 minute drive to Polo Park, a big shopping centre, around which there is a billion dollar investment plan for multi-family residential development over the next decade… https://www.shindico.com/index.php/p...ormation-plans
Not every immigrant is a doctor/lawyer/real estate moguls. Tens of thousands do jobs like meat packing, warehouse picking, truck driving, etc. These people aren’t all loaded. These jobs yes should pay a living wage nowadays but the truth is they don’t.
I’m guessing none of you have children or grandchildren in their late teens to early 30s yet but when you do you’ll see how the situation is. Head in the sand mentality about this issue is so common now cause people don’t care about things that don’t affect them. I’m tired of the excuses for the systemic failures every layer of government has done to cause this hopeless housing situation in this country
In the late 80s my sister and BIL bought a very small house from his uncle for 50,000. He was the only wage earner and his salary was around minimum wage. I think the house might have had 4 rooms. They had their first child in that house and I think 2 others as well. Then they moved into a 1200 sq foot newer house with no basement and it cost around $85000. It's probably worth around $350000 now and has 5 acres. They are still living in it. Cabinetry etc has never been updated. They didn't take vacations to exotic places. They raised a few chickens to sell for meat and the kids all had to get a job around the age of 12.
Their 4 children are adults with careers. They are all professionals and had to work to finance university. They were not helped with any down payment. It wouldn't have occurred to them to expect such a thing.
Down payments were much higher back in the 80s than now. Money has been practically free for years unlike the 80s and a lot of other decades.
I’m so sorry, you’re all right. Everyone 60+ who bought a house for 5 digits in the 90s deserves to be a millionaire today and the young people and newcomers to this country should just eat dirt because at least they’re paying lower interest rates. Talk to your nieces and nephews about this and see how much they pay in rent and how unattainable homeownership is for them and maybe you’ll change your mind. Down payments may have been higher as a minimum percentage if you’re assuming an unlimited income, but the bank will only give you a mortgage for what your income will qualify you, and that will not buy any property for a middle class person today without a six figure down payment, which no one except the very rich were putting down in the 80s
A million dollars today isn't very much. Are you suggesting that young people should start at the top rather than at the bottom the way the millionaires started out?
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