Young people paying 'astronomically living expenses': insolvency trustee
Following reports that younger Canadians are willing to make sacrifices to own a home, insolvency trustees say many should consider renting instead.
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It's like the story of a Vancouver woman who lived in an apartment in English Bay. She was a server when she moved there 10 years ago, and had no issue affording it. Over the years she got settled, went to school while working and became a lawyer.
She eventually had to move out of the same apartment as it was no longer affordable, despite becoming a lawyer and earning significantly more money.
If she can't keep pace with inflation going from a server to a lawyer, not sure what hope the rest of us would have.
I was making about 110,000 a year and gtfo of Vancouver in 2018. Saved way more money a year making 65-70 in south Alberta/Saskatchewan and now own my home outright.