Housing shortage - young people moving back home

[Big Sky]

With the recent snow, all of the neighbours have been out shoveling. It was a good opportunity to touch base with people that you don’t see much of in winter.

Talked to the one guy from a few houses down and he said his kid (early 30’s) has moved back in. The kid has a good job, but the landlord sold the place and the kid had to move out. He can’t find a place in the Calgary rental market due to a shortage of supply and stiff competition from other people.

The dad says that the people around the corner had their daughter, son-in-law, 2 grandkids and a dog move in with them. It was the same deal; the landlord sold the house they were renting. The young family couldn’t find a new rental and they have lost out on numerous bids to purchase a starter home. With no place to go, they moved back home. Supposedly, they both have good jobs.

I talked to my kid about this and he told me about a friend that he’s had since kindergarten who had to move back home. The rent went up $600 a month. He’s another good kid with a good job. He’s lost out on several offers to purchase and the prospects are looking bleak.

I feel bad for these kids. The price of housing is escalating quickly, necessitating a higher amount for a down payment and increased mortgage costs. You hear of people losing out even though they had the highest bid because they had conditions attached to their offer. Wanting a home inspection or a look at the condo documents will often cause you to lose out. With a lot of cash buyers in the market, someone who requires a mortgage will often lose out.

It’s tough out there, that’s for sure.

[Drewski Canuck]

A reality punch in the head is what alot of these under 30 year olds needed.

The rainbow fairyland promised by the Liberals is what these young people supported on two Federal Elections since 2015. Now, of course, we see that reality bites. No Rainbows, no fairies.

It sucks to find out your Parents actually were not such idiots after all.

Lets hope that lesson sticks with them going forward.

Drewski

[huntinstuff]

Originally Posted by Drewski Canuck

A reality punch in the head is what alot of these under 30 year olds needed.

The rainbow fairyland promised by the Liberals is what these young people supported on two Federal Elections since 2015. Now, of course, we see that reality bites. No Rainbows, no fairies.

It sucks to find out your Parents actually were not such idiots after all.

Lets hope that lesson sticks with them going forward.

Drewski

Nailed it.

I taught my kids to distrust government since they were little and likely didnt even know what government was......regardless....

The Trudeau fans should see what such an ideology will get you now. Some never will but theyre the ones who wont amount to much anyhow....they'll be marching, waving flags of other countries, seeking a "living wage", saving up for the latest iPhone and looking for a neutral bathroom.

[ghfalls]

Originally Posted by huntinstuff

Nailed it.

I taught my kids to distrust government since they were little and likely didnt even know what government was......regardless....

The Trudeau fans should see what such an ideology will get you now. Some never will but theyre the ones who wont amount to much anyhow....they'll be marching, waving flags of other countries, seeking a "living wage", saving up for the latest iPhone and looking for a neutral bathroom.

I would say that you,sir, nailed it. The bigger problem, as I see it, is that a change of government won’t solve much. Kinda seems like we’re mid flush…

[TBark]

Our youngest (27 now) never left, ha.
And is doing well, good Ops job, paying us fair rent, banking 2/3 of his pay.

Some day he’ll move out.

TBark

[roper1]

Our oldest came home from college, paid a little rent but dear old Dad made dang sure he was socking lots away. Skookum down payment on his first house.

[schleprock]

I spent three summers guiding at great bear lake in the early eighties and most of the guests were fairly wealthy Americans. It was very common for them to tell me that their sons stayed in the house until they were married as this gave them the opportunity to save up so that they could buy a house. Their daughters usually went to college/university and never returned home. Am starting to see this happening in my hometown these days.

[The Cook]

Originally Posted by roper1

Our oldest came home from college, paid a little rent but dear old Dad made dang sure he was socking lots away. Skookum down payment on his first house.

Same with my son, he bought a condo in canmore in 2009 and will be mortgage free in 2 years.

[tranq78]

Originally Posted by Drewski Canuck

My Son is now Practicing Law.
Drewski

Originally Posted by The Cook

Same with my son, he bought a condo in canmore in 2009 and will be mortgage free in 2 years.

Congratulations gentlemen. The most difficult job any of us will ever have is being a parent. You should be proud of your kids but you can take a lot of credit.

And as for housing, I always believed home ownership is a lifestyle choice. We rented until we were having a baby and then bought our first house. I still think home ownership is a lifestyle decision but I get that your mileage may differ.

[Desert Eagle]

Originally Posted by Big Sky

With the recent snow, all of the neighbours have been out shoveling. It was a good opportunity to touch base with people that you don’t see much of in winter.

Talked to the one guy from a few houses down and he said his kid (early 30’s) has moved back in. The kid has a good job, but the landlord sold the place and the kid had to move out. He can’t find a place in the Calgary rental market due to a shortage of supply and stiff competition from other people.

The dad says that the people around the corner had their daughter, son-in-law, 2 grandkids and a dog move in with them. It was the same deal; the landlord sold the house they were renting. The young family couldn’t find a new rental and they have lost out on numerous bids to purchase a starter home. With no place to go, they moved back home. Supposedly, they both have good jobs.

I talked to my kid about this and he told me about a friend that he’s had since kindergarten who had to move back home. The rent went up $600 a month. He’s another good kid with a good job. He’s lost out on several offers to purchase and the prospects are looking bleak.

I feel bad for these kids. The price of housing is escalating quickly, necessitating a higher amount for a down payment and increased mortgage costs. You hear of people losing out even though they had the highest bid because they had conditions attached to their offer. Wanting a home inspection or a look at the condo documents will often cause you to lose out. With a lot of cash buyers in the market, someone who requires a mortgage will often lose out.

It’s tough out there, that’s for sure.

It definitely sounds like it’s a thing in Calgary right now. I heard a week ago of a house selling for $80k over ask the first day it was listed.

I have friend’s leaving Calgary due to this. I could never live in such a big Center, I enjoy less crowds and craziness going on around me. I guess it is times like these that the young ones need to take stock of what is important to them, independence or living where they are. There are a lot f smaller centers that are much more affordable.

[MyAlberta]

I recommended both my kids stay home and build their egg. Oldest stayed, pays rent and cooks most meals. Youngest left, makes a dream income, but the Vancouver lifestyle sucks it all away. I think more young people should hang with their parents, and let the rental market respond to a leaner demographic. Speaking of which, my rentals will be getting a forth increase in as many years. Have to keep up with the market.

[W921]

South Alberta has a lot of little towns without even a gas station.
People from Calgary, Ukraine, Syria, Africa moving here. Ones from Calgary are usually retired but no work,water or doctors for any of them.
Somebody's extra room would cost 750 a month. Half a house would be 1200 and I have no idea what something like a whole house would cost.
Most jobs in town would be minimum wage part time jobs and you have same utilities bills plus you will need a truck to travel and gas isn't cheap.

[jstubbs]

This graph is a few years behind, I don’t even want to know how bad it is now.

[elkhunter11]

The people most effected by this situation are those that created this situation, by voting for socialists that promise free handouts. The truly sad part, is that they aren't learning that it's their actions that cause their situation, and they don't accept any accountability for their actions. So if they don't acknowledge the reason for the present situation, how can we change this situation? So the situation will continue to worsen, and the people responsible will continue to complain and blame everyone else for their misfortune, until they can comprehend why they are in that situation, and help to make the changes required to remedy the situation.

[Unregistered user]

Blame the wef puppet lieberal regime for this "Housing Crisis".

[CanuckShooter]

Originally Posted by elkhunter11

The people most effected by this situation are those that created this situation, by voting for socialists that promise free handouts. The truly sad part, is that they aren't learning that it's their actions that cause their situation, and they don't accept any accountability for their actions. So if they don't acknowledge the reason for the present situation, how can we change this situation? So the situation will continue to worsen, and the people responsible will continue to complain and blame everyone else for their misfortune, until they can comprehend why they are in that situation, and help to make the changes required to remedy the situation.

It's far easier to point fingers at boomers and greedy landlords than it is to actually pay attention and vote. I see how many can't even be bothered to vote and it just boggles my mind. I think people that don't vote should pay double the income tax until they do.

[Groundhogger]

I'm in Ontario in a suburb about an hour north of Toronto, in a house I bought new, about 27 years ago. My annual salary was just under 25% of the house value at the time. Today, my salary is less than 5% of my house value.

Another stark reminder of the way things are going-my 25 year old son (lives @ home, just finishing post-secondary) just went for the first job interview in his field last week. The salary he was offered is exactly the starting wage I got 27 years ago.

I think there is a temptation to criticize some of the things this younger generation does/doesn't do, but if my son wants to buy a house in the town I live in in 2024, he'd need to be prepared to spend a million dollars. Good luck with even the downpayment considering the sh*t salary.

[W921]

Originally Posted by Groundhogger

I'm in Ontario in a suburb about an hour north of Toronto, in a house I bought new, about 27 years ago. My annual salary was just under 25% of the house value at the time. Today, my salary is less than 5% of my house value.

Another stark reminder of the way things are going-my 25 year old son (lives @ home, just finishing post-secondary) just went for the first job interview in his field last week. The salary he was offered is exactly the starting wage I got 27 years ago.

I think there is a temptation to criticize some of the things this younger generation does/doesn't do, but if my son wants to buy a house in the town I live in in 2024, he'd need to be prepared to spend a million dollars. Good luck with even the downpayment considering the sh*t salary.

I have a Great Uncle who lives in Caledon which is or used to be very high end area.
Even where I live its definitely not affordable for young people
I keep telling them you have to move someplace where not many others want to live. Not a place that's stagnant but a place that's growing but still affordable. Example Saskatchewan.
Get a starter house and build equity.

[58thecat]

Well as with everything in life you gotta ride the lows, adapt, adjust taking full advantage of the highs when they come so you are ready to ride out the lows.
Oh well we sure ain’t gonna fix it here on an outdoors forum


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[JD848]

Originally Posted by 58thecat

Well as with everything in life you gotta ride the lows, adapt, adjust taking full advantage of the highs when they come so you are ready to ride out the lows.
Oh well we sure ain’t gonna fix it here on an outdoors forum


Sent from my iPhone using Tapatalk

May just reach out to only a few dozen ,but those few dozen reach out to others and soon many are understanding what's going down .the country for one.

[elkhunter11]

Originally Posted by 58thecat

Well as with everything in life you gotta ride the lows, adapt, adjust taking full advantage of the highs when they come so you are ready to ride out the lows.
Oh well we sure ain’t gonna fix it here on an outdoors forum


Sent from my iPhone using Tapatalk

If people think before they act, we can at least reduce those lows, and sometimes even prevent some of them. It's better to be proactive, than reactive.