Canada dropped two spots this year in the World Happiness Report to 15 and while still in the top 20, a look at how age groups feel about their happiness may shed some insight.
“One possible reason why we’re seeing this decline in happiness among youth is that I think we need to really think about whether or not our younger folks feel hard work can bring success,” he told Global News.
He added the cost of living and housing affordability may make some people feel like working hard won’t necessarily get them to achieving what they consider a “good life.”
I don’t understand why he says things like ‘feel like’ here - it’s not a question of feeling it’s a fact. Working hard won’t get you success.
Also what the actual fuck is this:
the cost of living and housing affordability may make some people feel like working hard won’t necessarily get them to achieving what they consider a “good life.”
Between the two Canadian censuses of 2016 and 2021, the portion of Canadians living in owner-occupied homes fell from 69% to 66.5%.
The homeownership rate of 66.5% from the latest census is the lowest since 2002.
Baby Boomers are the biggest homeowner age group, accounting for over 40% of all homeowners in Canada.
Just under 60% of new homes were owner-occupied in 2021.
Approximately 35.5% of Canadian homeowners have a mortgage in 2023.
The value of owner-occupied homes grew by almost 40% between 2016 and 2021.
House prices were down by 4% from the previous year in May 2023.
Couples, high-income earners, established immigrants, and university graduates are more likely to own their homes in Canada.
Here’s who own homes by age:
Data collected in 2011 and 2021 shows that Canadians were less likely to own their place in 2021 than in 2011 in almost all age groups. The rate of homeownership decreased the most among 25-29-year-old Canadians from 44.1% in 2011 to 36.5% in 2021. The rate fell from 59.2% to 52.3% for the 30-34 age group, which was the second biggest decrease.
While the ownership rates fell among the older age groups, too, the changes were more subtle. For example, homeownership fell by just 0.7%, from 75.5% to 74.8%, among Canadians aged 70 to 74. The ownership rate increased among the over 85-year-olds largely driven by the ageing population’s high homeownership rates. 41.3% of homes are owned by Canadians aged 56 to 75, the largest home-owning age group.
No worries, I’m the Oldest Millenial (1981) bracket and even we’re staring at some pretty stark statistics, so image what Gen Z are feeling and experiencing here. Here’s more you can tell them back.
Worse still for renters, the average cost of keeping a roof over their head has increased by more than what those who own have experienced. The average cost for shelter among renters grew by 17.6 per cent in the past five years, from $910 a month, on average, in 2016, to $1,070 in 2021
Not only are ‘we’ down (the royal ‘we’ of renters), we’re getting kicked while we’re there.
And unlike a mortgage, you build no equity with renting. When you own and pay into the mortgage, you at least get some of your investment back when you sell and move. You get nothing back out of paying rent when it is time to move.
Homes going up by nearly 10% per year is a huge part of the problem. If a home cost 500k one year, then goes up 10%, its now 550k. How the hell is a person expected to obtain a home when they are increasing by the persons total annual salary of 50k each year?
I don’t understand why he says things like ‘feel like’ here - it’s not a question of feeling it’s a fact. Working hard won’t get you success.
Also what the actual fuck is this:
Who the fuck considers living with roommates until you’re moved into a public old age home, assuming they even exist by then, a ‘good life’? Kids today are worse off than kids 20 years ago, fact.
Here’s who own homes by age:
Thanks for this. I’m so fucking tired of the older generation trying to tell me this isn’t the case.
No worries, I’m the Oldest Millenial (1981) bracket and even we’re staring at some pretty stark statistics, so image what Gen Z are feeling and experiencing here. Here’s more you can tell them back.
Not only are ‘we’ down (the royal ‘we’ of renters), we’re getting kicked while we’re there.
And unlike a mortgage, you build no equity with renting. When you own and pay into the mortgage, you at least get some of your investment back when you sell and move. You get nothing back out of paying rent when it is time to move.
Homes going up by nearly 10% per year is a huge part of the problem. If a home cost 500k one year, then goes up 10%, its now 550k. How the hell is a person expected to obtain a home when they are increasing by the persons total annual salary of 50k each year?