What's going on when young Canadians start eating
4hw.com.cn: in Europe and the United States, there have been few customs of gnawing on the old. Generally, families will let their children become economically independent when they grow up, so we often see on TV that even the children of very rich families will work when they are in college. But recently, the phenomenon of gnawing on the old in Canada is ten percent common. What's the matter? Let's take a look.
Canada is suffering from serious aging
But with the economic downturn, young people in Canada are becoming more and more serious. According to a survey conducted by Statistics Canada in 2016, 34.7% of Canadians aged 20-34 "gnaw" at their parents' homes, which is higher than the 30.6% recorded in the 2001 census. This phenomenon is particularly serious in large cities, such as Toronto, the largest city. In 2016, 47.4% of Canadians aged 20-34 lived in their parents' homes. The Bureau of statistics points out that the decline of expected income and the rise of house prices in big cities are the reasons why many young people are unable to be independent.
That doesn't mean that Canada's millennials are reluctant to open their own doors: a Royal Bank of Canada (RBC) poll released in mid April showed that they are among the strongest buyers of all ages in Canada in the next two years. According to the poll, 84% of the respondents' millennials' think 'buying a house is a good investment', up 5% from 2017. The poll also showed that the "millennials" accounted for nearly half of the Canadian respondents who answered "likely to buy a house" in the next two years, and 32% responded as above.
According to Weles, vice president of RBC real estate financing project, with the economic recovery, young people's anxiety about the employment prospects and the economy has been reduced, and their willingness to buy houses has risen accordingly. "People have not lost interest in buying houses due to the sharp rise of house prices in recent years, especially the willingness of first-time buyers is still positive, which is the biggest finding of this poll. '
However, the purchase intention and purchase behavior seem to be two different things: according to the data released by the Canadian Real Estate Association on April 13, the real estate sales in Canada in January 2018 decreased by 14.5% compared with the previous month, and the sales price fell by 2.4%. Various regions have successively issued housing sales control policies. Many millennials are powerless by high house prices, rising bank interest rate hikes and slow income growth of young people.
As a result, millennials have to "bite the old" when they buy a house: 35% of the respondents said they had to "bite the old" to pay for the down payment, the highest proportion in all ages in Canada. RBC points out that they have no choice because of high house prices and tightening mortgage conditions. RBC found that because of the limited help they get from "nibbling on the old", the "millennials" are particularly "stingy" in choosing their house purchase targets, and the small apartments are very popular, "because they are self-supporting after all, which is much more dignified than living in their parents' basement with their families in tow.". The picture shows the experts reading "eating old houses" on TV.
According to the report, Ipsos was commissioned by RBC to sample from January 9 to 24, 2018. The sampling range is all over Canada, with a total of 2000 Canadian citizens or permanent residents over the age of 18, with an error rate of plus or minus 2.5 percentage points.