sboom : I dunno… I kind of agree with the article a little bit, though I think it’s clumsily written.
I’m Australian, so not sure about the economical state of things in Canada, but here in my city, the average house is $800,000. Units aren’t much cheaper. To get to under $500,000 you have to move into the outlier suburbs which is often far away from jobs and family. Most people I know who are staying in this city are just accepting they will never own a house (unless inheritance), and there is nothing wrong with renting. Even if you could afford the deposit on a $500,000 house, mortgage repayments would be difficult to keep up with on one wage and if something were to happen to the house like a plumbing or electrical issue, you’d have to find the cash. We are tossing up having our deposit sitting there waiting while we rent while I go on maternity leave, and buy as soon as I’m back in the workforce.
They are saying you should focus on getting rid of bad debt first which I think is a good thing.
I disagree with the moving in with the parents thing, but then I know couples who have done it for 6 months to save and their parents have been happy to. If everyone is happy with it and it’s for a fixed term, well why not? I’ll be moving interstate in about 12 months and will be living with my grandma for a few months while I get a job and house and I’ll be 28. Westeners are particularly against multi-generational living but it’s the norm in many cultures, and will become more common as housing costs increase.
I have a few friends who had children really young (16-23) and though it was really hard for them then and money was tight, their kids are starting to go to school now and they are getting back into their careers and are financially doing quite well. A couple of them have bought houses this year. I’m almost envious of them since I am now in my late 20’s and my career break will be more signiciant than just holding off for a few years before starting a career.
Not everyone can have all their ducks in a row before having children. As long as you have a roof over your head, some money in the bank and are up to date on bills, you can work it out. I agree it doesn’t passively work itself out though – it does require sacrifice and responsibility from the parents.
There are also risks in being older parents ie. health problems in children, death or disability of the parents, fertility issues that need to be weighed up. One of my dear friends is one of those women who were put on this earth to be a mother. She is incredible with children, caring and compassionate and has been trying for one of her own for the last 2 years. She’s 38 and was just told she’s in early menopause and she’s not a strong candidate for IVF. She wanted to wait until everything was perfect, and now she’s pretty much missed out.
There’s a balance between not living in poverty, and waiting too long to get too many ducks in a row.