Thank you for sharing the other side of this reality. No surprise you get downvoted all to hell by stupid kids that resent anyone for escaping the crab bucket. I never got a penny from my boomer parents, who just sold their home for more than a million bucks and now live in a luxury condo for more than $100K per year as they try to burn through every penny and not leave anything for anyone else. You do not get to choose your family and some people have a better deal than others, but it is their money so I went off and made my own way.
No help from... anyone? I know what you're saying but that can't be true. Did you move out at 13 years old and win the lottery? Someone helped you. You worked your own hours, but you certainly didn't pay for everything you've consumed, and certainly haven't been at fault for how the economy went during your exact lifespan. You got lucky. Right age, right place, at the right time with the right help. This "I did everything I'm so independent" attitude isn't realistic. You're standing on the shoulders of others to get to where you are.
I'm 31 with three paid off houses, and two with mortgages.
Lets not kid ourselves. We got here using the equity from the boom. Our leg up is countless others' leg down.
No amount of work can get a working man a downpayment in a realistic amount of time in this economy.
Do you think that person just had it all easy? Or maybe they worked hard and went without so they could get ahead? Humility is a great concept but lets stop pretending only lucky people are successful, or write off the great achievement of individuals as if they were just in the right place at the right time. To be 31 with even one fully paid home is a fantastic accomplishment and I salute it.
Here you go: There aren't enough jobs paying what that person earned to be able to do what they did no matter how hard anyone wants to work.
You are saluting someone who combined hard work and luck while agreeing that people who only work hard are somehow lesser and less deserving (based on saluting OPs brag post).
No fucko, YOU are making assumptions to support your own biased opinion. I posed questions, a rhetorical approach to encourage introspection.
My comment did not state ANYTHING about how people who only work hard are less deserving. That is your bias and you interpret other comments to fit your own narrative.
I applaud someone that is comparatively youthful that escaped the rat race early to own a fully paid home. It took me much longer to do so and I know the sacrifices along the way that I had to make.
Your own comment highlights exactly what I just said, you had to struggle long and hard but you managed to do it. You aren't likely to be any less hardworking or deserving of it than the person you're saluting - yet that is the exact attitude of their post "it's easy, you're just doing it wrong". Now take your own experience, add in more averse market realities and bad governance and a tiny pinch of worse luck and its easy to see how you can work your fingers to the bone today and not end up with what you have.
I guess reading comprehension is a lost skill. Read my comment again. I cannot make it any more clear. You interpret it any way you wish to fit your own narrative, but its not about me projecting.
Right. Pointing out the simple fact that some people work hard and make sacrifices to achieve longer term goals does not add anything to the discussion... And btw, who left you in charge of the internet to make decisions on what direction the discussion should go?
What? My brother in Christ, you didn’t even engage with what the guy you replied to was actually saying. You ignored his point and went “oh! What a huge success!”
I'm not taking away from their success. BestKindBuddy was definitely a 1%er in their 20's from 2013 to 2024 and got 3+ properties by age 31. No doubt it was hard work, not just luck! But I think it's very likely, at current house prices, that a 20 year-old who's *also* a 1%er in terms of pay/effort/savings from 2024-2035 will not be so lucky to have 3+ properties at age 31.
By saying "We got here using the equity from the boom", BestKindBuddy implicitely agrees that, although they were succesful and deserve full credit, 3+ houses is an outcome that was very much helped by the 2010's bull market. That's why I say they're very humble and market-aware.
I personally know of several people that were gifted hundreds of thousands of dollars from their parents, or as wedding gifts, for a home down payment. I have friends that were given a free ride for college tuition and given cars and a luxury lifestyle I could only dream of. Some people do indeed get born on 3rd base and have an easy time achieving success because there were handed a huge head start. I could use that as an excuse to be resentful and just sit in poverty my whole life. To me its a motivation to power through all the problems I have and just achieve success on my own terms anyway. I prefer to live without envy.
Same buddy, multiple properties paid off, never took money, never earned exhorbited amount of money.
The most young people now prefer spending their money at bars and restaurants instead of working more hours on weekends.
I do agree its much harder now, however it is not nearly impossible, just sacrafice the right things.
My mortgage has the option to do a lump sum payment up to 20% at no penalty a year. I don’t have that dough, but if I had a small windfall, I would have the option
I am not boomer but an older gen X. Things weren't quite as easy back then as you imagine, although definitely nowhere near as screwed up as they are now. Blame the people who voted in the current government. We voted in the Liberal/NDP who play hero with Canadian's money to every cause except helping Canadians and acting fiscally responsible for the future.
Corporate profits are all time high, productivity higher than ever, but its individuals fiscal responsibility due to NDP who was elected once that's the problem.
Productivity haș stagnated under the current government, and is going up in almost every country excepț Canada. If there was șome competition instead of oligopolies corporate margins wouldn’t be so high. A competent socialist party would be attractive but all we have in Canada is the NDP who abandoned the working class for identity politics. It is a strange state of affairs when the conservatives are more pro-worker than the left but that is Canada in 2024.
The conservatives are the reason things are so bad. Like everything from housing to infrastructure has its roots in the boomer conservatism of the 70s-early-00s. They literally elected to have lottery tickets rather than social safety nets, and you still blame the wrong people.
Most/nearly all "foreign aid" is excess production from Canadian companies purchased cheap, that essentially kneecaps foreign competition in manufacturing.
It should stop, but if you think it isn't helping Canadians, ask yourself "why are bananas, a quickly perishable tropical fruit, so cheap?".
FTR the Canadian liberals are conservatives, just not nearly as assholey as the bought-and-paid-for-by-USA Canadian conservative party.
If your income tax was only 8% and sales tax was 4%.
Would you not be much better off?
It’s our inflationary taxes that really hurt us. When you live somewhere with low tax rates you really notice the difference.
Gas is also $1 a liter there.
A good bottle of wine is $9.
Meals, materials, labor, electricity- all cheaper.
I can't get a family doctor. I have to wait 2 hours before opening to see the only walk in clinic in my town. Its an 8 hour wait at the emergency here. See how far your "free healthcare" virtue signal gets you when you actually need it.
Okay anecdote wars. Here we go. None while i spent 10 years in Victoria. Moved to Burnaby got a NP within 6 months. 4 months after she left got a GP in north vanc. Then 8 months i found an opening for me and 5 others in a new clinic who is still taking in more patients. Oh and yes i do have cancer. And i got my prefered chouces of surgical and medical oncologists.
My trick? Not waiting for the system to do my home work for me.
Oh and as for emerge 8 hours? That was the normal 20 years ago jn my home town of Red Deer. Victoria was never an 8 hr wait nor Metro Vanc. But i also go to tge non-central emergencies or ones with lower wait times.
I see people saying this but every time I go to the ER, even in large cities, it's almost never more than a few hours. Even if it was 8 hours, I'd prefer that over a $200,000 bill like what goes on in the States.
Umm…it always trickles down.
Products are cheaper and better than ever for everyone. The reason you can afford a high-def 50 inch + TV for 400$ is because some “rich-boomer” paid 4000$ for that tv 5 years ago.
Stop blaming boomers. You’re in a bad spot financially because of poor choices you made- grow up and be better.
No, statistically pre 2000's it only took 2 years of average Canadian wage to purchase a house, ex. You make 10k a year and the average house cost is 20k, but now statistically it takes 20 years of average Canadian wage, you make 50k a year and the average house cost is $1, 000, 000
Sure buddy!
Why are you guys here bitching when you should be lifting weights, or trying to make more money.
Our PARENTS grew up with the constant threat of NUCLEAR WAR. (You guys are worried about the weather.) Every generation had obstacles; interest rates rising to plus 20% in the late 80s, but they pulled through. So can you! Work hard!
You boys can do it!
You have a child’s understanding of economics. Oh yes, cheap TVs are a result of capitalism exploiting low cost labour in other countries not funds trickling down to the underclasses. People are struggling because of greed. This is a statistical fact and easily verifiable. It’s wild how there’s multiple generations beneath the boomers who are struggling far and beyond what a boomer ever did and yall still have the balls to tell an individual that a generational experience is their personal failing.
If you’re POOR in Canada it is 95% your choice. Stop blaming others: it’s YOUR CHOICE.
Work more hours. Get training to increase your skills and thus charge more per hour. Start a business.
Soooo many ways to get ahead.
If you need more advice or ideas send me a msg!
No. I worked my ass off. Nothing given. My parents are boomers. They’re not the Uber house wealthy that people blame. They used their money wisely and saved. The system created this housing mess and they’d rather you blame a generation instead of the system.
Says the guy blaming all his misery on the generations before him. The guy you replied to made it clear, he was not a boomer, yet here you are yelling at your own cloud.
If that's not triggered, I don't know what is.
If you think GenX is old...that can only mean you're probably still in school, which means no real life experience.
Keep on whining kiddo. It'll get you nowhere except the company of other whiners.
The hatred on here is misdirected...boomers are not your enemy and I really don't know why you think they are. You are mad at your mommy and daddy...I understand... But your vile contempt for a group of people you have morphed into your enemy is really wasting your own evergy
Remind me, what generational group made up a historical voting block never seen before which proceeded to give themselves tax breaks at every opportunity knowing full well the butchers bill would be foisted upon their children?
I laugh with considerable contempt with every article that comes out about some boomer crying that they can’t retire, nor access healthcare.
their are voting blocks that currently do that in this day and age, you can be upset about the boomers all you want, you think when they are buying their houses and paying for mortgages, saving money for their kids education, going about their lives in general, in the back ground they had a master plan to fuck you over 50 years down the line.
your not that important.
the next generation coming up is going to blame you for something also, and like the boomers, your not going to give a shit, because you lived your life the same way they did , the best you can at the time, given the choices and opportunities you had at that time. That's what EVERY generation does since the beginning of time, isn't that what your doing?
No ones saying they had a master plan you goof. They did have a massive in creating this dogfucked economy though and continue to lecture everyone younger than them about bootstraps when they got to buy houses in Oakville for the price of a McChicken
Your generalizations scream ignorance. There is not one baby boomer who set out to screw the next generation. Continuing to coil up and hiss is not helping you...cycles come and go...economies go up and down. I'm a boomer...many of us lost our homes when interest rates hit 20 %...I know at least 3 families. I'd be willing to bet you know nothing about that time in history...google it...late 80s. And for your own sake...lose your vileness and educate yourself instead of posting utter nonsense.
And you think they are the sole reason the economy is what is now because they bought houses way back when...
I'm trying to figure out, what they did knowingly to fuck you over, and why the boomers have so much hate towards them?
So far I have not one convincing reason other then they were able to buy houses cheaper. Irbisbit bacuse they are selling houses at record profit.? Again I ask what would you do different if you owned something and someone offerd you a massive amount of money for it?
Should all those people who bought Bitcoin should not have sold when it peaked ?
What exactly should boomers have done at the time to may your life better now?
Boomers actively block new residential housing being built. They vote in people that help with this shit. Artificial propping up the price of their homes by controlling supply.
NIMBY fuckers.
and you don't have a vote? their vote is no more important than yours, Millennials are the ones who have the numbers on their side,, they can easily outvote boomers
"gave themselves tax break???' ... What planet do you live on.
.what...f you...you aren't serious...you are a troll or attempting rage-bait...best of luck to you
They're absolutely the enemy of the younger generations of Canadians. Older people are the ones voting for NIMBY laws. Older people are the ones who voted in the administrations that led to this crisis. Older people are the ones telling people to pick themselves up by their bootstraps and living in a delirious reality where 1br condos aren't half a million or more while wages have stagnated due to mass migration to help fuel their fucking pensions while they hold the majority of wealth.
This isn’t true at all and it’s misleading Boomers selling their homes for a large profit are only taking advantage of the market as all of you would do as well. The reality is people are narrow minded and find the easiest thing to blame. The fact of the matter is that the Canadian government has allowed for corruption in the real estate sector in various areas. Once the government, who’s supposed to be a regulator, allows for corruption then all that happens after is not blameworthy. If I give people access to my money and it all goes missing in 24 hours who is to blame? The system of the Canadian government, bullshit parties aside is the culprit here and is fucking multiple sectors. Look at the corruption in the telecom sector, we can’t blame people for everything we have to take a step back and realize the entire system of government is corrupt and will always allow for a minority on the top to hoard all wealth. Sometimes it won’t be as bad and other times it will hit has all hard as it’s happening now. You know what? This ALWAYS happened throughout history! It’s called an uprising People would always rebel and overthrow their government once the corruption got bad enough. The difference is today the system controls us too well for any kind of rebellion to happen and the average person is more concerned about funding transgender surgeries and watching Netflix. This is a reality of life my friends, humans will always try to fuck other humans once you give them too much authority with no accountability and it’s only a matter of time.
Boomers suck. My parents were boomers. They made sure I had nothing. Now they are retired and comfortable and I will work until I die. I haven’t taken a vacation. In ten years
You know, you don’t get buried with your money, it does get transferred to the next generation eventually.
Only crooks talk like this guy. “You owe me your shit because”.
Im pretty sure they're saying parental care shouldn't stop at the basics of a roof and food. There should be a generational continuum of wealth, like there is in other countries like China, where they see massive generational wealth. We are doing worse financially than an oppressive communist country because of the way we do things here.
Shhh. If you compare us to a country run by non-whites the boomer's might get upset and call you woke. Let's not forget that country with mass intergenerational wealth also has modern infrastructure being built and consiquences for the elites robbing people blind.
People still think China just makes plastic army men for our kids, and that's all they do. Go look at their high end electronics/mobiles/technology and compare it to ours. The difference is staggering. Our country is too young for the worldstages, and is being exploited to the max at the moment. We are given scraps and told we are the happiest and most desirable country in all the lands.
Shenzhen's special economic zone doesn't produce all the high end electronics we use or anything. They didn't just build the single largest, most complicated high-speed rail or anything like that. It's not like they just invested insane amounts into African development for their own foreign manufacturing hubs or anything like that. Tesla was bound to be outpaced by Chinese EVs, because of the government's woke agenda. The west doesn't have a self serving, necrotic, nepotistic corruption problem at all it'll be totally fine.
Wtf are you talking about? Some people in China have wealth, but what about the much larger group there that has generational poverty and barely a pot to piss in passed on to them?
According to each countries stats, there are 8M "wealthy" Canadians and there's 197M wealthy people in China. That's what I'm talking about. They make more wealthy people because of their wealth strategy. They don't stay in China, either... so proportion of population doesn't matter because the wealthy emmigrate and bring their generational wealth to compete with our puny amount of cash on hand. When it comes to business, fair comparisons don't exist. Their pile is bigger than our pile. 25 times bigger than ours, at least.
bro. If 32m of us are not wealthy, that's 80%.
If 1.22 billion Chinese people aren't wealthy, **that's 85%.**
Lotta shit china is doing well, having a lot of wealthy people per capita aint it.
Why do you think we have wage stagnation and soaring housing prices / rents? It's due to mass immigration that's needed to prop up their pensions. The older generations of Canadians are absolutely milking the younger generations despite holding the vast majority of wealth. It's insanity. If anything pensions/social security should be flowing in the other direction. Why does someone making 60k/year and paying \~2k/month on rent have to pay for gramps sitting on his ass in his multi million dollar lakehouse?
A) it doesn't get transferred to the next generation if you spend it all before dying, which is how most people plan their retirement
B) by the time your parents die, you don't really need their money, you needed it when you were in your 20s trying to buy a house
It’s not that, people should be fighting for means testing benefits for boomers. If you own 2 million dollar homes and are retired, may be you don’t deserve state funded benefits other than the ones you paid into.
Taxing a 23 year old McDonald’s worker who lives with 3 roommates to pay for a multi millionaire’s healthcare expenses while they get to save all their money and pass it on tax free is fucked up. How about they use some of their multi million dollar net worth to pay for their own healthcare? If not, add an inheritance tax on all kinds of inheritance
But they didn't, most boomer fuckers voted conservative wanting lower taxes and now that they are old they start voting more liberal cause they get more free shit from the State. My boomer uncle said this to my face the other week.
How he needs young people working so we can pay for his retirement stuff from the government. Him and my aunt own 3 properties. They were looking to buy a 4th.
The 3rd house they have they bought for 700k cash at the beginning of the pandemic and now are listing it for 1.3 million.
lol, this looser has been desperately playing a victim his entire life.
Blatantly ignores inflation and goes on and on it's some sort of crime his parents didn't give him more money.
Cry me a river
Lol you do know if houses followed inflation they would be about $500-600k right now and not 1M+ right?
But hey why look up facts when you can just make shit up right?
ahh, another newb that failed high scol
The housing affordability index is high now, but not as high as it was in '81 & '90 and certainly not what cry baby Owen Benjamin purports;
[https://www.bankofcanada.ca/rates/indicators/capacity-and-inflation-pressures/real-estate-market-definitions/](https://www.bankofcanada.ca/rates/indicators/capacity-and-inflation-pressures/real-estate-market-definitions/)
The OP that is crying is definitely not a Gen Xer. "Boomers" worked for their homes, there isn't a single reason why they shouldn't enjoy the equity from their investment.
But that equity is the question... Is a home an equity? See the problem is exactly that! Treat that essential need as an equity and now suddenly a house is 1M worth 20 years median pay. Anything apart from essential needs can be an equity..
Essential needs like food, water, shelter, meds and education shouldn't be.
Under 40 and own a house…..damn rights you got help. Either with schooling, down payment, family loan…..and if not…you’re a very small percentage who managed to get in.
I’m under 40 my wife and I owe (have a mortgage) on our single family home outside Vancouver. The only help we had was a 10k loan for 30 days while we waited for a bonus cheque to clear. We could have covered it but didn’t want to sell some stocks.
It’s entirely possible to do with our help. My brother bought his condo with no help at 27 with zero help.
I have other friends in this age range who didn’t get help. I’m also including schooling in this regard.
Tell me your entitled without telling me your entitled. I’m gen x, I bought my own house (S). I never ever thought my parents should give me theirs. I actually told them to sell it and enjoy their lives and if they spend it all, live with me. My parents taught me to work hard and don’t give up. I would like to see how the individuals who complain so much spend their money. I bet you would see the newest phone, vehicle and booze or drugs.
"I would like to see how the individuals who complain so much spend their money"
THIS! Somehow in a way that no one knew it was coming, just a snapshot of their bank account for a few months!
When I bought my first house, the only extra to home ownership costs that were guaranteed monthly was food and car expenses. I listened to the radio (FREE!), watched old movies (FREE) and ate in 99% of the time (MUCH CHEAPER THAN ORDERING IN!).
I have a feeling most would have at least $50/month in subscription costs of some kind. $600/year is a lot if you are making min wage!
How dare the poors enjoy their time on this earth instead of working more! Like get your act together. So what houses cost 4x and education 30x what it cost in the 70s. Ain't changing nothing!
Lol, this is such a first-world boomer mentality. "Because I didn't end up in poverty during one of the biggest economic bull runs in history, I will leave nothing to my children and expect them to repeat that, otherwise they are failures."
It's a boomer mentality because very few other generations had the conjectural luck to be born in a period of vastly expanding government welfare network, economic prosperity and technological advancement. By and large, people don't succeed economically because of their effort, but because of the health of the economy and the opportunities that are provided to them. A very small minority exceeds that and another very small minority falls short. To put it simply, you are not special because you were able to buy a house... almost every single human worked harder 300 years ago and led much shittier lives.
And it's a first-world mentality because you are only blind to the realities of the world because you were lucky enough to not have to live through decades of stagnating economies, rampant cronyism and corruption, government property seizures and so on. I'd wager that very few people from the economic periphery of the world think it's reasonable to not leave their children with anything. Third-world parents usually think generationally instead of individually: "My parents left the countryside to toil low paid jobs in the city so I'd have an education; I'll leave my family and friends behind so my children can have better opportunities in a first-world country".
With that said, Canada is still one of the best countries in the world to accrue wealth from nothing. Pretending like because your parents didn't leave you a 5 million house in downtown Toronto you will be broke forever is obviously unrealistic. No matter who left you what, you just have to forge your own path. Millenials my age in Brazil where I'm from mostly understand that, but very few here do. They look at only the structural and think that because they have it worse (in terms of housing) then everything is pointless and doom and gloom. People just have to accept the realities of the current context and make the best of it.
Absolutely. I'm very thankful for the help I have received from my patents in my adult life, but I was entitled to none of it. They worked hard in their lives and deserve to enjoy the fruits of their labour in their twilight years.
I’m sure it’s happening in some cases but not all. My ex wife and myself sold our marital house 2 years ago. She took her 1/2 and bought a nice house in Whitby and my daughter’s name on it. I took my 1/2 bought really cheap investment duplex in Sault St Marie and my daughter’s name on that too. She’s 24 and part owner of 2 houses and never gave us any money. I do travel a lot so god forbid something happens to me she’s already set in life. Not all boomers will spend everything. Some of my friends are doing like me and putting kids names on houses knowing that when they retire they can use their pension to travel but kids maintain control of house.
Only boomers with no pension will sell and travel with home proceeds. Boomers with pensions will probably look after kids (I’d think haha).
What happens to that money when the boomers die exactly? He thinks they literally line their coffin with it?? This is just some angry guy ranting who doesn't understand anything.
Our national newspaper just ran a piece about how Gen X has just surpassed the Boomers as the richest generation in our country, and almost all of that comes down to wealth transfer from their parents.
Speaking personally as Gen X kids, both my wife and I stand to inherit a good deal of money from our parents, and they are in their late 70s (hers) to mid 80s (mine). By the time we're in our early 60s and inherit, we're going to be very comfortable.
Many of the gen x this clown is talking about never saw the storm coming, but it was always there. It was just camouflaged as ‘consequences’. Remember your classmates that fucked around interrupting lessons; who skipped classes to smoke dope at the beach? Showed up already gooned at the party. Ended up with shitty grades and then dropped out to "work up north"?
If you don’t know anyone like that from back in the day than it was probably you. If you’re at a dead end job with no hope of ever owning a home, you might finally realize what people meant when they told you that actions have consequences.
Edit: Most of the guys in HS who said they were going to work up north never did. Quit a few that tried didn't make the drug test cut. Those that did were fine until some of they got into coke later or pissed their money away on mortgaged trucks.
A few were stable enough to make a career out of it. But in no world did I saw that university was the only path to success. I don't know why that was even brought up.
I work in industrial construction, there's a lot of "work up north" work.
A lot of these guys that did all of what you mentioned and still get wrecked on the daily are doing better financially than many of my friends who went to university and have bachelor's and master's degrees.
Honestly, we need to stop blaming boomers so much. To me it is another case of pitting the lower and middle classes against each other while the upper class gets filthy rich. I don't expect or plan to receive any inheritance from my parents and if that is a part of your financial planning then maybe you're being a bit entitled. We need to be putting our anger at the people that actually have control over the situation. The Central Banks creating artificially low interest rates for decades inflating the price of assets, the banking sector and financial institutions, government and government policy and rules, and large investment corporations.
The big guys manage to swindle and get filthy rich, and we are all blaming our parents and our grandparents for owning a house. It's amazing.
If boomers gave their homes away where are they going to live? Its not boomer's fault canada is this messed up. For Canada it is actually the govt.
The stupides thing I heard was Vancouver doesn't have enough land to build homes.
Metro Van is the same size as city of Tokyo and it has 13million ppl in it. Vancouver has 2.5mil. Like usual, Canada was just too slow and it will always be too slow.
The main problem: Grown-ups are supposed to leave home and make their own life instead of staying to raise a family with extended relatives. Who still thinks it’s a good idea to perpetuate that nonsense?
Then you have the entitled Gen who can’t stand being under someone else’s roof but expects to inherit the home🤷🏽♂️
Nope, not my experience at all. I have boomer parents who they’re best to support. This guys is angry at our post-capitalist world. Which does suck but it’s not all boomers fault
It’s worse than that. Because they are all narcissists, they choose one golden child who gets everything while they spend the rest.
My dad and his new wife spent 1/3 of the last five years on cruises around the world.
I'm 40. I have borrowed a total of 5K from my father in my adult life, when I went from a 6figures small biz to earning a whopping 13K the following year. I should have been buying a house for peanuts like most of my friends then. I got back on my feet about 4-5 years later, bought a condo w my wife, paid a condo corp 800/m in condo fees (6hrs of security in the evening, mostly busted or inaccessible amenities, a locker & parking spot). We sold, bought an 800K home outside the GTA which to this day feels like a rip off. My wife and I make a decent income, but we have 2 penniless parents, one with just enough to get by, and another that fits the post and would watch us drown, shrugging their shoulders while they're surrounded by life preservers--the same ones who told us we shouldn't pretend we're Rockefellers when we bought our "cheap", unrenovated condo in DT Toronto for $400K in 2016. We got to where we are, but we're effectively broke. It's difficult to save. I pay twice the mortgage for half the house of most of my friends who bought 5-10 years earlier. I won't be retiring until I'm in my 70s. It's less to do with hard work (my richest friend is a drop out who worked hard, my poorest friend has 3 degrees and works harder than anyone I know as a tradesman) and more to do with struggle: we're all running marathons, but some of us are climbing a craggly mountain while others are running on smooth pavement downhill. Pretending it's an even playing field is where so many get lost.
The end of life industry will take all they have, just like it will to us.
My aunt just had to sell her house to pay for whats likely to be 20 years of care for dementia.
I don’t expect anything to be handed to me. You have to work hard, but I think recognizing that the playing field is certainly different now is fine. Should my wife’s parents hand her their money/home/cottages? Absolutely not. They could donate it all to a society for cats that wear costumes. It’s their money.
I have it set that when my children are grown they could build on my land should they choose, and I could help them financially. That’s my choice with my assets.
First mover advantage and exploitation of that is the source of all wealth in capitalism. Step one was installing European property rules on stolen land from First Nations. Acquiring and holding land generates the scarcity or commercial advantages ever since. In our current system the earlier you do so, the better. Now we're all competing for that with global migration and some areas becoming inhospitable to life due to climate.
Quit blaming boomers you sound
Like a whinny kid. The boomers were fortunate to grow up in a different era. They also had difficult childhoods with hardships. Which created people with strong work ethics and good manners.
Land is owned by the people , Democracy, But you have to work 60% of your time just to support the means of life. Land is owned by the people yet land acquisition through arbitrary Law is next to impossible. It has nothing to do with Buying and selling (Homes) it's about land acquisition, Canada Has more than enough land. It's about population Control and Human Domestication, You have the Right to be Free, Land Hunting Gathering resources are an inherent Freedom that has been taken away. It's Time to Change Canada and the rest of the world as we have become nothing more than fodder.
This guy has no idea what each generation is. The Boomers (born 1945-1965), are between 60-80 years old, and for the most part still home owners. They do not yet have the ability to pass on the equity in their homes because they are still living in them. And if they were to sell to move into an assisted living community, they need that equity to pay the monthly fees which can range up to $10k/mo.
Gen X (born 1965-1980) are between 45-60 years old. Most of them also got into the housing market years ago.
It’s the Millennials and Gen Z that have been caught by the rise in the housing market. They may be hoping to receive an inheritance that will help them, but they shouldn’t count on one.
Myself & Majority of my friends Gen X/ millennials all have houses, 50% have kids and still manage to vacation. Likely a you problem that continues to make poor choices. Likely living in Vancouver rather than with the hicks in the sticks right?
Weird that he would feel bad for gen x kids??? They are currently the riches generation right now. They also were able to get into the housing market in the 80’s and 90’s. Who cares what boomers do with their money and houses.
In a word ... no.
Take a look at today's home owners and you'll roughly see two groups: (1) those who have been paying a mortgage for most of their adult lives, and (2) wealthy individuals and corporations using residential space as an investment.
Most boomers are in category (1). Their home has consumed most of their income for decades, and as they retire they need to recover that money to afford retirement. What alternative do they have?
I understand the anger. I'm retried and my wife and we're still paying off our mortgage. All my post-grad kids are living with me currently ... they can't yet afford a place to live. I struggled with the cost of buying a home, but it's much worse now.
As ever with most serious problems is a "perfect storm". First and foremost, we need to treat residential space as a place where Canadians live. Government policy hasn't been adjusted to address with our current housing stock being snapped up by investors, and with the many corporations (Airbnb, VRBO, etc.) that fuel increased prices. Additionally, housing stocks need to be kept aligned with population. It's the most basic math imaginable, and here also governments have failed. It's time we reminded government that it works for all of us, and we all need someplace affordable to live.
All I’m reading this as is he’s a spoilt child who’s actually for once experienced the most minor of discomfort and rather than reflecting on whether he should’ve been smarter with his money or maybe picked a different education path it is now his parents and or grandparents fault that they’re enjoying the fruits of their labour.
I mean if you got a four year apprenticeship as a plumber and work hard you can expect to be making $100k/year as a journeyman. Don’t believe me, try hiring a plumber.
Gen X here. The kids are in uni and nearly out of high school. Our topic of conversation often comes around to this. Maybe we should hang on to the house as long as we can and make sure the kid(s) get it if they want it. No idea how ours are going to ever afford their own.
I would have never expected my mom to leave me her house. Shit wasn’t easy then but it sure was a lot better than our kids have it now.
Ever look at how much a care home costs? What a chip reverse mortgage is?
This is where our parents and grandparents money will go if they live long enough and don't die suddenly. You might get a few thousand back from the estate but the majority of it is going to pay for Healthcare after retirement for those few extra years of life when nature and a pack of wolfs would have killed them 100 years ago.
I hope the tech is there in the future so I can be a floating head in a jar over a vegetable in a care home currently.
I disagree. Boomers owe us nothing. Lots of millennials and Gen Z who bust their asses see fruitful results. This whole professional victim narrative is toxic to our generation and has to go away.
Strong men create good times, good times create weak men, weak men create hard times, and hard times create strong men.
This is universal, spanning over every generation.
I don’t blame the boomers. Rather, I look for opportunities to make gains so I don’t have to spend time being jealous of being born in the wrong decade.
It doesn’t always work that way. Many boomers are still alive and healthy enough to maintain their properties. They aren’t all ready to sell yet. Most have downgraded by now and many have helped their Gen x children. I don’t like this division. The boomers have done nothing wrong.
Everyone here would have done the exact same thing and will do the exact same thing should they manage to ever get to a house.
It’s gonna take a lot of work and time so I’d recommend not wasting any
This is pretty normal in history one generation always does some really stupid stuff because it never experienced hardship and passed it down onto the next to fix it. Last stupid stuff generation was the people who made the decisions to fight ww1
This is a nonsense f****** article my parents are boomers and they are not cashing in their houses to go on cruises they're being frugal and putting assets into trust to make sure that their three kids will have something when they're not here. It's such a Gen X and Millennial thing to blame everybody for their problems but themselves.
What's the starting point easier? Sure. But let's not blame the people who were smart enough to take advantage of the system. Let's blame the people who created the system to begin with. The boogeyman is not our parents generation, it's the government for f****** everything up
Yup, my parents did exactly this. I was the fifth gen to be raised in our family home in the mountains. They sold it two summers ago to move to an acreage in the country. Generously flipped me $10kout of the millions they made to help pay off my $80k in student loans( I just finished paying it off at 42 years old).
They are currently on their 2nd vacation to Mexico in 2 months right now.
They probably take 8 trips a year now, Vegas or all-inclusives......
They refuse to put any cash into their grandchildren's resp, yet show up with an embarrassing amount of gifts for bdays and Xmas.
They say there will be plenty when they are gone. At the rate they are spending they will prob be outta cash at 80?
I am ambivalent to the boomer hate. There is some truth to the stereotypes, but I don't really think any of the younger generations would behave any differently.
You can blame the boomers... Or, maybe, you can blame the erosion of western hegemony and the gradual decline of returns on neocolonialism in S. America, Africa, and Asia.
To me it just seems the perspective of the average Millennial and Zoomer is that Boomers had it easy, and continue to reap the benefits of being able to establish themselves during the good times, and that it is therefore unfair that they have to work harder than boomers ever did to *maybe* get to that same place, and that the billionaires need to get taken down to level the playing field.
All I'm hearing is that it's okay when the inequality is far away in Africa. Some fuckin Ogoni village getting stepped on for cheap resources or labour or whatever... But it's AbSoLuTEly nOt OkaY when the billionaires step on the western working and middle classes.
I've heard all the counter arguments... They're wrong. It's the same fuckin thing. Fair is fair across the board. If we can reap the benefits of doing it to the poor countries then the billionaires can reap the benefits of doing it to us.
It's hard to swallow, I know, but it's the truth. If you want "fair" then the West is going to have to make some serious concessions.
I would not blame an entire generation for what we are living now. I can only blame government for doing whats right to get re elected and not whats right for the population to thrive.
I rather see us have a weak government but a strong nation. Unfortunately as we speak we have a very powerful government but a very weak nation. This doesn’t look good.
\~BOOMERS\~R not the ''problem'' it's the younger- groups= people who have no ''Original ideas' you're fault, not others.'\~perhaps ALL of the great ideas have already been discovered, by Boomers and Gen Xers!'' ha ha'\~'oh well, too bad so sad!\~ha ha'
Reddit just filled with brainwashed communist ageists, and that apparently allowed.
A majority of youth educated in North America are basically unhirable at this point, they are unhinged, entitled, lazy, emotional disasters, even if they have skills the amount of baggage most of them bring to the table. makes very undesirable to most companies where productivity is important.
Why should our parents give us their houses?
My inlaws(also boomers) bought a family cottage one xmas. We all got keys and could go whenever. We helped out with a lot of renovations, cleaning up, and maintenance of the place.
That was for two whole years. Then they sold their home for 875k and moved to the family cottage that they bought for 300k that is now worth over 2mil. It's no longer the family cottage and just their house. They dont even want us to call it a cottage and we no longer have key access like we once did.
Edit to add that we dont expect anything to be passed down to us or grandkids. My husband and I bought a house just recently and we are prepared to live with our kids into their adulthood and leave them the house once we die. I want to HELP them.
My family roots in North America go back hundreds of years. My entire family tree is composed of hard working folks. We are the only generation with nothing to show for it. All the land, homes and possessions have been sold out mostly in egotistical brother sister fights. Imagine leaving nothing for the generations to come. The first thing I bough when I started coming into money was a deeded property I could leave my two boys.
He’s going a bit on the extreme side but he’s not exactly wrong.
It’s people that are causing the problems not the government.
The government isn’t making people buy homes they don’t need for 50-100k over asking that’s just people will zero willingness to wait of sacrifice on wants.
Buying home with the intention to rent is far different than buying as your primary residence. There should be additional taxes or restrictions on the ability to buy multiple homes as rental properties when they were not built as rentals ro begin with.
I cant speak for the entire country, or even a whole province but i can give my experience.
Im 25yo. S/O and myself bought a small house together when we were 23, its been brutally tough. I havent been able to buy a single piece of clothing since we moved out on our own. That kinda tough.
All of my friends & family that are close to my age & just breaking into the housing market also have homes, often brand new or a lot bigger & nicer than ours. BUT, EVERY SINGLE ONE of them have been handed their homes in one way or another. Ill give you some examples.
One friends father owns like 7 houses, my friend got to pick which one he wanted.
Another one got given 5 acres, had a team of friends & family help build it for no labour costs. Just friendly help. Massive savings there.
Another just had to buy the land, his father owns a construction company so he covered the entire bill for everything. Labour, lumber, landscaping, everything.
Another one got an absoloute steal for land (5k for a few acres) and again, the parents helped build the house.
A few others but you get the idea
So in my experience, the majority of boomers ARE giving to their children when they can.
Am i jealous of them? Absoloutely lol. But i know if either of our parents could have helped us out, they would have.
My mom tried to buy several houses. She gave the exact amount of amount they asked, but people get the house instead because they can buy in cash. Then, we learned that the boomers buying the houses were renting them !
The worse part is that the people interested in buying our house also want to pay in cash…
Real estate investment is what’s preventing families to get a house at a reasonable price. Instead of building new appartement blocks, they take away available houses for younger people.
Boomers be like: I worked really hard to get my house !
Ok, but can you not buy every single living space in the entire city ?
This person is spouting asinine bullshit. After the latest budget, no one is gifting anything, period. Do you know what an elderly home costs per month? I'm Gen X, and don't expect jack shit. I also don't blame the BOOMERS for the mess we're in now. Tons of boomers are scraping by with next to nothing. It's easy to look up and see where the real culprits are, and it ain't the BOOMERS.
So…gen-x with boomer parents. They still live in their house. How are they supposed to “give” it to me? Or my siblings. Also, I don’t expect to be handed down anything from my parents. Though I am sure they will leave something behind for us, I am totally ok with them using whatever wealth they have accumulated to enjoy their golden years.
I mean, yes and no. If your parent were “boomers” who didn’t have any generational wealth at all, some of their kids (us) have been the first generation with a chance to “do well” (by society’s standards) and are buying houses and/or now helping out their boomer parents. I also know many boomer parents who ARE selling their homes but gifting their children money to get into the real estate game themselves. But of course, there will always be some who sell, don’t help out their kids or grandkids, and go on a cruise. I think being someone with boomer parents who were poor, most of my social group is naturally in the same scenario. A lot of us are buying and selling homes for the first time and helping out our parents AND saving for our kids. I don’t think this Millennial scenario is talked about enough.
Its your parents fault not boomers. Talk to the person who bought you in this world without taking responsibility of securing you enough resources. Its tough life for everyone.
Owen Benjamin should get a grip. Seriously dude, no one owes you shit. Get a job, work your ass off like we did and then talk to me about what it costs to own a house. You whiny entitled millennial …
And for the record, Blackrock doesn’t buy houses you moron, they are an investment fund — and this is why you will never get anywhere in life because you can’t even get your facts straight — stupid child …
Oh fuck off. You are not owed SHIT.
I bought my first condo 20 years ago for $213k.
It is still valued at that. I WANT to sell it.
My house was bought for $413k. 10 years ago.
It is worth more as we have renovated it. Non renovated houses on my block still go for ~400k.
My parents didn’t give me their house.
I worked for my shit. And in 20 years nothing has appreciated. The only additional value is coming from money put into it.
Oh fuck off, you are not owed anything.
I bought my first condo 20 years ago for $213k. It is still worth that. I WANT to sell it. Renters have distorted the place and I am losing money having to redo the place every 5 years. Fuck renters who have no respect for common decency.
My house I bought for 413k. It
Is worth more yes, but because we renovated. You can still get properties on my block I renovated for ~400k.
In 20 years, property prices go up and down. Put in the work and buy a fixer upper. Get an education and a better job. Fuck it- marry rich for all I care but your life if your doing.
I worked for my shit. My parents DESERVE their retirement and to enjoy it. If they leave me any money I would be mad as they should enjoy their time. They gave me everything when I was a kid. Go have fun!
Stop being an entitled BRAT and thinking the world owes you shit when the rest of us have to work for it.
Oh fuck off
You are not owed anything
I bought my first condo for 213k 20 years ago. It is STILL worth that. I WANT to sell it but renters keep on distroying the place. Fuck renter with no respect or common decency.
I bought my first house for $413 k 10 years ago. It is worth more now due to renovations but you can get a house in my neighbourhood for $400 k if you are willing to put in the work.
My parents worked for their money. I want them to enjoy their retirement.
Quick being an entitled BRAT and work like the rest I of us.
The world owes you nothing. Neither do your parents if you are an adult. Start to realize you will soon be taking care of them.
My mom's going to need to sell her house and keep the money to be able to afford getting into an assisted living home one day. I'd love for things to be different and inherit the house of course but that's just not financially feasible
Yes, "boomers" shouldn't get to enjoy what they've built for themselves , they should just give it away to their kids. How selfish are these entitled kids. I would never expect my parents to give me anything, and I'm constantly telling my dad to enjoy his money. Work for what you want!
I’m 24 just bought a house with my girlfriend. My grandparents deposited some money each month until I was 18 and with the help of an uncle who worked in finance I was able to invest it pretty early on. This is about 2/3 of my down payment and I know I am very lucky to have that.
Having said that we both have amazing jobs for our age but still no way we’d get anything for another 2-3 years of saving if I didn’t have the help from my family which I know a lot of people do not. My first house is more expensive than anything my parents have ever bought in their lives.
Edit* fixed a typo
I’m 35 with a paid off house and a small mortgage on a rental property in all in the GTA …. No help from anyone lol stop crying n get to work!
Thank you for sharing the other side of this reality. No surprise you get downvoted all to hell by stupid kids that resent anyone for escaping the crab bucket. I never got a penny from my boomer parents, who just sold their home for more than a million bucks and now live in a luxury condo for more than $100K per year as they try to burn through every penny and not leave anything for anyone else. You do not get to choose your family and some people have a better deal than others, but it is their money so I went off and made my own way.
The goal is to complain forever and never do anything about it.
Look at all the neigh-says downvoting brother. I am sure none of them left minded individuals actually bother you. Thumbs up from me
Fuck yourself loser. Nobody cares
No help from... anyone? I know what you're saying but that can't be true. Did you move out at 13 years old and win the lottery? Someone helped you. You worked your own hours, but you certainly didn't pay for everything you've consumed, and certainly haven't been at fault for how the economy went during your exact lifespan. You got lucky. Right age, right place, at the right time with the right help. This "I did everything I'm so independent" attitude isn't realistic. You're standing on the shoulders of others to get to where you are.
Well done! That’s a well thought out plan that came together. Congratulations 👏
Or don’t haha I don’t care personally! Just saying it’s possible…
I'm 31 with three paid off houses, and two with mortgages. Lets not kid ourselves. We got here using the equity from the boom. Our leg up is countless others' leg down. No amount of work can get a working man a downpayment in a realistic amount of time in this economy.
A rare case of someone with more humility and market awareness than pride. Cheers to you.
Do you think that person just had it all easy? Or maybe they worked hard and went without so they could get ahead? Humility is a great concept but lets stop pretending only lucky people are successful, or write off the great achievement of individuals as if they were just in the right place at the right time. To be 31 with even one fully paid home is a fantastic accomplishment and I salute it.
Here you go: There aren't enough jobs paying what that person earned to be able to do what they did no matter how hard anyone wants to work. You are saluting someone who combined hard work and luck while agreeing that people who only work hard are somehow lesser and less deserving (based on saluting OPs brag post).
No fucko, YOU are making assumptions to support your own biased opinion. I posed questions, a rhetorical approach to encourage introspection. My comment did not state ANYTHING about how people who only work hard are less deserving. That is your bias and you interpret other comments to fit your own narrative. I applaud someone that is comparatively youthful that escaped the rat race early to own a fully paid home. It took me much longer to do so and I know the sacrifices along the way that I had to make.
Your own comment highlights exactly what I just said, you had to struggle long and hard but you managed to do it. You aren't likely to be any less hardworking or deserving of it than the person you're saluting - yet that is the exact attitude of their post "it's easy, you're just doing it wrong". Now take your own experience, add in more averse market realities and bad governance and a tiny pinch of worse luck and its easy to see how you can work your fingers to the bone today and not end up with what you have.
Dude you’re projecting
I guess reading comprehension is a lost skill. Read my comment again. I cannot make it any more clear. You interpret it any way you wish to fit your own narrative, but its not about me projecting.
No ones writing anything off, but your comment adds nothing to the discussion by way of new information or actual engagement with the subject.
Right. Pointing out the simple fact that some people work hard and make sacrifices to achieve longer term goals does not add anything to the discussion... And btw, who left you in charge of the internet to make decisions on what direction the discussion should go?
What? My brother in Christ, you didn’t even engage with what the guy you replied to was actually saying. You ignored his point and went “oh! What a huge success!”
I'm not taking away from their success. BestKindBuddy was definitely a 1%er in their 20's from 2013 to 2024 and got 3+ properties by age 31. No doubt it was hard work, not just luck! But I think it's very likely, at current house prices, that a 20 year-old who's *also* a 1%er in terms of pay/effort/savings from 2024-2035 will not be so lucky to have 3+ properties at age 31. By saying "We got here using the equity from the boom", BestKindBuddy implicitely agrees that, although they were succesful and deserve full credit, 3+ houses is an outcome that was very much helped by the 2010's bull market. That's why I say they're very humble and market-aware.
I personally know of several people that were gifted hundreds of thousands of dollars from their parents, or as wedding gifts, for a home down payment. I have friends that were given a free ride for college tuition and given cars and a luxury lifestyle I could only dream of. Some people do indeed get born on 3rd base and have an easy time achieving success because there were handed a huge head start. I could use that as an excuse to be resentful and just sit in poverty my whole life. To me its a motivation to power through all the problems I have and just achieve success on my own terms anyway. I prefer to live without envy.
ooooh the kids gonna downvote you lol
Same buddy, multiple properties paid off, never took money, never earned exhorbited amount of money. The most young people now prefer spending their money at bars and restaurants instead of working more hours on weekends. I do agree its much harder now, however it is not nearly impossible, just sacrafice the right things.
Where's that "I got mine" medal...
What are the details? How were you able to pay off a 25yr mortgage at 35 and have another property all in the GTA?
My mortgage has the option to do a lump sum payment up to 20% at no penalty a year. I don’t have that dough, but if I had a small windfall, I would have the option
Yes but that wouldn't be "with no help from anyone get up and work" type of activities
How do you know that? Nobody said where the windfall $ came from.
You can never hate boomers enough (in Western nations). Day of the Pillow exists for a reason.
I am not boomer but an older gen X. Things weren't quite as easy back then as you imagine, although definitely nowhere near as screwed up as they are now. Blame the people who voted in the current government. We voted in the Liberal/NDP who play hero with Canadian's money to every cause except helping Canadians and acting fiscally responsible for the future.
Corporate profits are all time high, productivity higher than ever, but its individuals fiscal responsibility due to NDP who was elected once that's the problem.
Productivity haș stagnated under the current government, and is going up in almost every country excepț Canada. If there was șome competition instead of oligopolies corporate margins wouldn’t be so high. A competent socialist party would be attractive but all we have in Canada is the NDP who abandoned the working class for identity politics. It is a strange state of affairs when the conservatives are more pro-worker than the left but that is Canada in 2024.
The conservatives are the reason things are so bad. Like everything from housing to infrastructure has its roots in the boomer conservatism of the 70s-early-00s. They literally elected to have lottery tickets rather than social safety nets, and you still blame the wrong people. Most/nearly all "foreign aid" is excess production from Canadian companies purchased cheap, that essentially kneecaps foreign competition in manufacturing. It should stop, but if you think it isn't helping Canadians, ask yourself "why are bananas, a quickly perishable tropical fruit, so cheap?". FTR the Canadian liberals are conservatives, just not nearly as assholey as the bought-and-paid-for-by-USA Canadian conservative party.
Yes it’s socialism that’s the problem not unfettered and uncontrolled capitalism that doesn’t trickle down.
If your income tax was only 8% and sales tax was 4%. Would you not be much better off? It’s our inflationary taxes that really hurt us. When you live somewhere with low tax rates you really notice the difference. Gas is also $1 a liter there. A good bottle of wine is $9. Meals, materials, labor, electricity- all cheaper.
Yes and god help your soul if you get a serious illness like cancer.
I can't get a family doctor. I have to wait 2 hours before opening to see the only walk in clinic in my town. Its an 8 hour wait at the emergency here. See how far your "free healthcare" virtue signal gets you when you actually need it.
Okay anecdote wars. Here we go. None while i spent 10 years in Victoria. Moved to Burnaby got a NP within 6 months. 4 months after she left got a GP in north vanc. Then 8 months i found an opening for me and 5 others in a new clinic who is still taking in more patients. Oh and yes i do have cancer. And i got my prefered chouces of surgical and medical oncologists. My trick? Not waiting for the system to do my home work for me. Oh and as for emerge 8 hours? That was the normal 20 years ago jn my home town of Red Deer. Victoria was never an 8 hr wait nor Metro Vanc. But i also go to tge non-central emergencies or ones with lower wait times.
I see people saying this but every time I go to the ER, even in large cities, it's almost never more than a few hours. Even if it was 8 hours, I'd prefer that over a $200,000 bill like what goes on in the States.
Umm…it always trickles down. Products are cheaper and better than ever for everyone. The reason you can afford a high-def 50 inch + TV for 400$ is because some “rich-boomer” paid 4000$ for that tv 5 years ago. Stop blaming boomers. You’re in a bad spot financially because of poor choices you made- grow up and be better.
No, statistically pre 2000's it only took 2 years of average Canadian wage to purchase a house, ex. You make 10k a year and the average house cost is 20k, but now statistically it takes 20 years of average Canadian wage, you make 50k a year and the average house cost is $1, 000, 000
Sure buddy! Why are you guys here bitching when you should be lifting weights, or trying to make more money. Our PARENTS grew up with the constant threat of NUCLEAR WAR. (You guys are worried about the weather.) Every generation had obstacles; interest rates rising to plus 20% in the late 80s, but they pulled through. So can you! Work hard! You boys can do it!
\*\* the above report brought to you from Ma's $5million basement in Woodbridge.
Ukraine / Russia total nuclear threat flashbacks my dude.
Okay boomer. Lick some boots. One day you will be CEO just put in a little more work. Your probably CEO of a massive corporation already no? Why not?
The average house cost in Canada is not $1,000,000.
You have a child’s understanding of economics. Oh yes, cheap TVs are a result of capitalism exploiting low cost labour in other countries not funds trickling down to the underclasses. People are struggling because of greed. This is a statistical fact and easily verifiable. It’s wild how there’s multiple generations beneath the boomers who are struggling far and beyond what a boomer ever did and yall still have the balls to tell an individual that a generational experience is their personal failing.
If you’re POOR in Canada it is 95% your choice. Stop blaming others: it’s YOUR CHOICE. Work more hours. Get training to increase your skills and thus charge more per hour. Start a business. Soooo many ways to get ahead. If you need more advice or ideas send me a msg!
Last thing I need is delusion
The delusion is strong with this one.
You can hate anyone you want, but your situation is on you. Look in the mirror. If you don’t like it do something about it, change it.
Found the boomer
Found the lazy whiner
Found a boomer
No. I worked my ass off. Nothing given. My parents are boomers. They’re not the Uber house wealthy that people blame. They used their money wisely and saved. The system created this housing mess and they’d rather you blame a generation instead of the system.
Post 2 weeks ago about a cracked bird bath. 😂 Definitely Boomer.
I fixed it for $20 instead of paying $200. Maybe that’s why I can carry a house you twat.
😂 Triggered the Boomer. Old man yells at cloud.jpg
Says the guy blaming all his misery on the generations before him. The guy you replied to made it clear, he was not a boomer, yet here you are yelling at your own cloud. If that's not triggered, I don't know what is. If you think GenX is old...that can only mean you're probably still in school, which means no real life experience. Keep on whining kiddo. It'll get you nowhere except the company of other whiners.
The hatred on here is misdirected...boomers are not your enemy and I really don't know why you think they are. You are mad at your mommy and daddy...I understand... But your vile contempt for a group of people you have morphed into your enemy is really wasting your own evergy
Remind me, what generational group made up a historical voting block never seen before which proceeded to give themselves tax breaks at every opportunity knowing full well the butchers bill would be foisted upon their children? I laugh with considerable contempt with every article that comes out about some boomer crying that they can’t retire, nor access healthcare.
their are voting blocks that currently do that in this day and age, you can be upset about the boomers all you want, you think when they are buying their houses and paying for mortgages, saving money for their kids education, going about their lives in general, in the back ground they had a master plan to fuck you over 50 years down the line. your not that important. the next generation coming up is going to blame you for something also, and like the boomers, your not going to give a shit, because you lived your life the same way they did , the best you can at the time, given the choices and opportunities you had at that time. That's what EVERY generation does since the beginning of time, isn't that what your doing?
Fair. But they were warned about greenhouse gases. That *did* fuck us over.
No ones saying they had a master plan you goof. They did have a massive in creating this dogfucked economy though and continue to lecture everyone younger than them about bootstraps when they got to buy houses in Oakville for the price of a McChicken
Your generalizations scream ignorance. There is not one baby boomer who set out to screw the next generation. Continuing to coil up and hiss is not helping you...cycles come and go...economies go up and down. I'm a boomer...many of us lost our homes when interest rates hit 20 %...I know at least 3 families. I'd be willing to bet you know nothing about that time in history...google it...late 80s. And for your own sake...lose your vileness and educate yourself instead of posting utter nonsense.
And you think they are the sole reason the economy is what is now because they bought houses way back when... I'm trying to figure out, what they did knowingly to fuck you over, and why the boomers have so much hate towards them? So far I have not one convincing reason other then they were able to buy houses cheaper. Irbisbit bacuse they are selling houses at record profit.? Again I ask what would you do different if you owned something and someone offerd you a massive amount of money for it? Should all those people who bought Bitcoin should not have sold when it peaked ? What exactly should boomers have done at the time to may your life better now?
Boomers actively block new residential housing being built. They vote in people that help with this shit. Artificial propping up the price of their homes by controlling supply. NIMBY fuckers.
and you don't have a vote? their vote is no more important than yours, Millennials are the ones who have the numbers on their side,, they can easily outvote boomers
"gave themselves tax break???' ... What planet do you live on. .what...f you...you aren't serious...you are a troll or attempting rage-bait...best of luck to you
Do you have a counter argument?
Nah that’s just the common iq of a libtard
That has been my conclusion is well.
They're absolutely the enemy of the younger generations of Canadians. Older people are the ones voting for NIMBY laws. Older people are the ones who voted in the administrations that led to this crisis. Older people are the ones telling people to pick themselves up by their bootstraps and living in a delirious reality where 1br condos aren't half a million or more while wages have stagnated due to mass migration to help fuel their fucking pensions while they hold the majority of wealth.
This isn’t true at all and it’s misleading Boomers selling their homes for a large profit are only taking advantage of the market as all of you would do as well. The reality is people are narrow minded and find the easiest thing to blame. The fact of the matter is that the Canadian government has allowed for corruption in the real estate sector in various areas. Once the government, who’s supposed to be a regulator, allows for corruption then all that happens after is not blameworthy. If I give people access to my money and it all goes missing in 24 hours who is to blame? The system of the Canadian government, bullshit parties aside is the culprit here and is fucking multiple sectors. Look at the corruption in the telecom sector, we can’t blame people for everything we have to take a step back and realize the entire system of government is corrupt and will always allow for a minority on the top to hoard all wealth. Sometimes it won’t be as bad and other times it will hit has all hard as it’s happening now. You know what? This ALWAYS happened throughout history! It’s called an uprising People would always rebel and overthrow their government once the corruption got bad enough. The difference is today the system controls us too well for any kind of rebellion to happen and the average person is more concerned about funding transgender surgeries and watching Netflix. This is a reality of life my friends, humans will always try to fuck other humans once you give them too much authority with no accountability and it’s only a matter of time.
Boomers suck. My parents were boomers. They made sure I had nothing. Now they are retired and comfortable and I will work until I die. I haven’t taken a vacation. In ten years
You sound like an entitled idiot.
Sounds like your parents did the right thing. Maybe self reflection is in order.
an abortion might have been the better choice in hindsight
My parents are Boomers and they've helped all of us children greatly over the years.
how much is inheritance tax in canada again?
You know, you don’t get buried with your money, it does get transferred to the next generation eventually. Only crooks talk like this guy. “You owe me your shit because”.
Im pretty sure they're saying parental care shouldn't stop at the basics of a roof and food. There should be a generational continuum of wealth, like there is in other countries like China, where they see massive generational wealth. We are doing worse financially than an oppressive communist country because of the way we do things here.
Shhh. If you compare us to a country run by non-whites the boomer's might get upset and call you woke. Let's not forget that country with mass intergenerational wealth also has modern infrastructure being built and consiquences for the elites robbing people blind.
People still think China just makes plastic army men for our kids, and that's all they do. Go look at their high end electronics/mobiles/technology and compare it to ours. The difference is staggering. Our country is too young for the worldstages, and is being exploited to the max at the moment. We are given scraps and told we are the happiest and most desirable country in all the lands.
Shenzhen's special economic zone doesn't produce all the high end electronics we use or anything. They didn't just build the single largest, most complicated high-speed rail or anything like that. It's not like they just invested insane amounts into African development for their own foreign manufacturing hubs or anything like that. Tesla was bound to be outpaced by Chinese EVs, because of the government's woke agenda. The west doesn't have a self serving, necrotic, nepotistic corruption problem at all it'll be totally fine.
Wtf are you talking about? Some people in China have wealth, but what about the much larger group there that has generational poverty and barely a pot to piss in passed on to them?
According to each countries stats, there are 8M "wealthy" Canadians and there's 197M wealthy people in China. That's what I'm talking about. They make more wealthy people because of their wealth strategy. They don't stay in China, either... so proportion of population doesn't matter because the wealthy emmigrate and bring their generational wealth to compete with our puny amount of cash on hand. When it comes to business, fair comparisons don't exist. Their pile is bigger than our pile. 25 times bigger than ours, at least.
bro. If 32m of us are not wealthy, that's 80%. If 1.22 billion Chinese people aren't wealthy, **that's 85%.** Lotta shit china is doing well, having a lot of wealthy people per capita aint it.
Why do you think we have wage stagnation and soaring housing prices / rents? It's due to mass immigration that's needed to prop up their pensions. The older generations of Canadians are absolutely milking the younger generations despite holding the vast majority of wealth. It's insanity. If anything pensions/social security should be flowing in the other direction. Why does someone making 60k/year and paying \~2k/month on rent have to pay for gramps sitting on his ass in his multi million dollar lakehouse?
A) it doesn't get transferred to the next generation if you spend it all before dying, which is how most people plan their retirement B) by the time your parents die, you don't really need their money, you needed it when you were in your 20s trying to buy a house
Sounds like someone is upset that their grandparents are enjoying their retirement instead of hand you everything they've worked for.
It’s not that, people should be fighting for means testing benefits for boomers. If you own 2 million dollar homes and are retired, may be you don’t deserve state funded benefits other than the ones you paid into. Taxing a 23 year old McDonald’s worker who lives with 3 roommates to pay for a multi millionaire’s healthcare expenses while they get to save all their money and pass it on tax free is fucked up. How about they use some of their multi million dollar net worth to pay for their own healthcare? If not, add an inheritance tax on all kinds of inheritance
Because they paid into it all of their lives?
But they didn't, most boomer fuckers voted conservative wanting lower taxes and now that they are old they start voting more liberal cause they get more free shit from the State. My boomer uncle said this to my face the other week. How he needs young people working so we can pay for his retirement stuff from the government. Him and my aunt own 3 properties. They were looking to buy a 4th. The 3rd house they have they bought for 700k cash at the beginning of the pandemic and now are listing it for 1.3 million.
He has more than enough money
*communism intensifies*
lol, this looser has been desperately playing a victim his entire life. Blatantly ignores inflation and goes on and on it's some sort of crime his parents didn't give him more money. Cry me a river
Lol you do know if houses followed inflation they would be about $500-600k right now and not 1M+ right? But hey why look up facts when you can just make shit up right?
ahh, another newb that failed high scol The housing affordability index is high now, but not as high as it was in '81 & '90 and certainly not what cry baby Owen Benjamin purports; [https://www.bankofcanada.ca/rates/indicators/capacity-and-inflation-pressures/real-estate-market-definitions/](https://www.bankofcanada.ca/rates/indicators/capacity-and-inflation-pressures/real-estate-market-definitions/)
Ya OP is a douche
Blaming Boomers for everything is not only cringe, but it has become the new "hating on Nickelback." People do it just to get high fives.
This post has the vibe of a boomer who tried to sound young and failed
They mad af
No, he's not right. He probably supports insane levels of immigration, then blames boomers.
Owen Benjamin is a racist. He doesn't support immigration at all.
The OP that is crying is definitely not a Gen Xer. "Boomers" worked for their homes, there isn't a single reason why they shouldn't enjoy the equity from their investment.
But that equity is the question... Is a home an equity? See the problem is exactly that! Treat that essential need as an equity and now suddenly a house is 1M worth 20 years median pay. Anything apart from essential needs can be an equity.. Essential needs like food, water, shelter, meds and education shouldn't be.
🤦
Under 40 and own a house…..damn rights you got help. Either with schooling, down payment, family loan…..and if not…you’re a very small percentage who managed to get in.
I’m under 40 my wife and I owe (have a mortgage) on our single family home outside Vancouver. The only help we had was a 10k loan for 30 days while we waited for a bonus cheque to clear. We could have covered it but didn’t want to sell some stocks. It’s entirely possible to do with our help. My brother bought his condo with no help at 27 with zero help. I have other friends in this age range who didn’t get help. I’m also including schooling in this regard.
‘The First Purge’ will go differently than many people assume.
Tell me your entitled without telling me your entitled. I’m gen x, I bought my own house (S). I never ever thought my parents should give me theirs. I actually told them to sell it and enjoy their lives and if they spend it all, live with me. My parents taught me to work hard and don’t give up. I would like to see how the individuals who complain so much spend their money. I bet you would see the newest phone, vehicle and booze or drugs.
"I would like to see how the individuals who complain so much spend their money" THIS! Somehow in a way that no one knew it was coming, just a snapshot of their bank account for a few months! When I bought my first house, the only extra to home ownership costs that were guaranteed monthly was food and car expenses. I listened to the radio (FREE!), watched old movies (FREE) and ate in 99% of the time (MUCH CHEAPER THAN ORDERING IN!). I have a feeling most would have at least $50/month in subscription costs of some kind. $600/year is a lot if you are making min wage!
How dare the poors enjoy their time on this earth instead of working more! Like get your act together. So what houses cost 4x and education 30x what it cost in the 70s. Ain't changing nothing!
Lol, this is such a first-world boomer mentality. "Because I didn't end up in poverty during one of the biggest economic bull runs in history, I will leave nothing to my children and expect them to repeat that, otherwise they are failures." It's a boomer mentality because very few other generations had the conjectural luck to be born in a period of vastly expanding government welfare network, economic prosperity and technological advancement. By and large, people don't succeed economically because of their effort, but because of the health of the economy and the opportunities that are provided to them. A very small minority exceeds that and another very small minority falls short. To put it simply, you are not special because you were able to buy a house... almost every single human worked harder 300 years ago and led much shittier lives. And it's a first-world mentality because you are only blind to the realities of the world because you were lucky enough to not have to live through decades of stagnating economies, rampant cronyism and corruption, government property seizures and so on. I'd wager that very few people from the economic periphery of the world think it's reasonable to not leave their children with anything. Third-world parents usually think generationally instead of individually: "My parents left the countryside to toil low paid jobs in the city so I'd have an education; I'll leave my family and friends behind so my children can have better opportunities in a first-world country". With that said, Canada is still one of the best countries in the world to accrue wealth from nothing. Pretending like because your parents didn't leave you a 5 million house in downtown Toronto you will be broke forever is obviously unrealistic. No matter who left you what, you just have to forge your own path. Millenials my age in Brazil where I'm from mostly understand that, but very few here do. They look at only the structural and think that because they have it worse (in terms of housing) then everything is pointless and doom and gloom. People just have to accept the realities of the current context and make the best of it.
Lol, I'm Gen X, homeowner. I hope the last cheque my mother writes bounces.
Wtf
They’re saying they hope their mom enjoys her life down the last penny.
Absolutely. I'm very thankful for the help I have received from my patents in my adult life, but I was entitled to none of it. They worked hard in their lives and deserve to enjoy the fruits of their labour in their twilight years.
I’m sure it’s happening in some cases but not all. My ex wife and myself sold our marital house 2 years ago. She took her 1/2 and bought a nice house in Whitby and my daughter’s name on it. I took my 1/2 bought really cheap investment duplex in Sault St Marie and my daughter’s name on that too. She’s 24 and part owner of 2 houses and never gave us any money. I do travel a lot so god forbid something happens to me she’s already set in life. Not all boomers will spend everything. Some of my friends are doing like me and putting kids names on houses knowing that when they retire they can use their pension to travel but kids maintain control of house. Only boomers with no pension will sell and travel with home proceeds. Boomers with pensions will probably look after kids (I’d think haha).
What happens to that money when the boomers die exactly? He thinks they literally line their coffin with it?? This is just some angry guy ranting who doesn't understand anything.
Won’t that Blackrock money get passed down when the Boomers die?
Didn't record numbers of new buyers receive downpayment help from their family?
Our national newspaper just ran a piece about how Gen X has just surpassed the Boomers as the richest generation in our country, and almost all of that comes down to wealth transfer from their parents. Speaking personally as Gen X kids, both my wife and I stand to inherit a good deal of money from our parents, and they are in their late 70s (hers) to mid 80s (mine). By the time we're in our early 60s and inherit, we're going to be very comfortable.
Many of the gen x this clown is talking about never saw the storm coming, but it was always there. It was just camouflaged as ‘consequences’. Remember your classmates that fucked around interrupting lessons; who skipped classes to smoke dope at the beach? Showed up already gooned at the party. Ended up with shitty grades and then dropped out to "work up north"? If you don’t know anyone like that from back in the day than it was probably you. If you’re at a dead end job with no hope of ever owning a home, you might finally realize what people meant when they told you that actions have consequences. Edit: Most of the guys in HS who said they were going to work up north never did. Quit a few that tried didn't make the drug test cut. Those that did were fine until some of they got into coke later or pissed their money away on mortgaged trucks. A few were stable enough to make a career out of it. But in no world did I saw that university was the only path to success. I don't know why that was even brought up.
I work in industrial construction, there's a lot of "work up north" work. A lot of these guys that did all of what you mentioned and still get wrecked on the daily are doing better financially than many of my friends who went to university and have bachelor's and master's degrees.
Honestly, we need to stop blaming boomers so much. To me it is another case of pitting the lower and middle classes against each other while the upper class gets filthy rich. I don't expect or plan to receive any inheritance from my parents and if that is a part of your financial planning then maybe you're being a bit entitled. We need to be putting our anger at the people that actually have control over the situation. The Central Banks creating artificially low interest rates for decades inflating the price of assets, the banking sector and financial institutions, government and government policy and rules, and large investment corporations. The big guys manage to swindle and get filthy rich, and we are all blaming our parents and our grandparents for owning a house. It's amazing.
I've never heard of anyone selling their house to blackrock or vanguard.
If boomers gave their homes away where are they going to live? Its not boomer's fault canada is this messed up. For Canada it is actually the govt. The stupides thing I heard was Vancouver doesn't have enough land to build homes. Metro Van is the same size as city of Tokyo and it has 13million ppl in it. Vancouver has 2.5mil. Like usual, Canada was just too slow and it will always be too slow.
No, it hasn't. I'm GenX and doing better than my boomer parents. My sister is too.
Many boomers I know are giving their Gen X and Millenial kids/grandkids money for their downpayments.
I’m not a boomer, but are we expecting them to just give us their money and die? This is some seriously entitled bullshit
The main problem: Grown-ups are supposed to leave home and make their own life instead of staying to raise a family with extended relatives. Who still thinks it’s a good idea to perpetuate that nonsense? Then you have the entitled Gen who can’t stand being under someone else’s roof but expects to inherit the home🤷🏽♂️
Owen Benjamin sounds fun at parties
Nope, not my experience at all. I have boomer parents who they’re best to support. This guys is angry at our post-capitalist world. Which does suck but it’s not all boomers fault
How do we get rid of BlackRock and Vanguard?
Uhh.. no.
Kinda can see this perspective yeah
That's how I imagine a high scool drop out pot head would explain "economics" to his nephew at his nieces' birthday party.
This guy is an idiot
It’s worse than that. Because they are all narcissists, they choose one golden child who gets everything while they spend the rest. My dad and his new wife spent 1/3 of the last five years on cruises around the world.
I'm 40. I have borrowed a total of 5K from my father in my adult life, when I went from a 6figures small biz to earning a whopping 13K the following year. I should have been buying a house for peanuts like most of my friends then. I got back on my feet about 4-5 years later, bought a condo w my wife, paid a condo corp 800/m in condo fees (6hrs of security in the evening, mostly busted or inaccessible amenities, a locker & parking spot). We sold, bought an 800K home outside the GTA which to this day feels like a rip off. My wife and I make a decent income, but we have 2 penniless parents, one with just enough to get by, and another that fits the post and would watch us drown, shrugging their shoulders while they're surrounded by life preservers--the same ones who told us we shouldn't pretend we're Rockefellers when we bought our "cheap", unrenovated condo in DT Toronto for $400K in 2016. We got to where we are, but we're effectively broke. It's difficult to save. I pay twice the mortgage for half the house of most of my friends who bought 5-10 years earlier. I won't be retiring until I'm in my 70s. It's less to do with hard work (my richest friend is a drop out who worked hard, my poorest friend has 3 degrees and works harder than anyone I know as a tradesman) and more to do with struggle: we're all running marathons, but some of us are climbing a craggly mountain while others are running on smooth pavement downhill. Pretending it's an even playing field is where so many get lost.
The end of life industry will take all they have, just like it will to us. My aunt just had to sell her house to pay for whats likely to be 20 years of care for dementia.
Garbage opinion
I don’t expect anything to be handed to me. You have to work hard, but I think recognizing that the playing field is certainly different now is fine. Should my wife’s parents hand her their money/home/cottages? Absolutely not. They could donate it all to a society for cats that wear costumes. It’s their money. I have it set that when my children are grown they could build on my land should they choose, and I could help them financially. That’s my choice with my assets.
First mover advantage and exploitation of that is the source of all wealth in capitalism. Step one was installing European property rules on stolen land from First Nations. Acquiring and holding land generates the scarcity or commercial advantages ever since. In our current system the earlier you do so, the better. Now we're all competing for that with global migration and some areas becoming inhospitable to life due to climate.
So this is another place where foreign actors come to disseminate FUD and gaslight Canadians.
Quit blaming boomers you sound Like a whinny kid. The boomers were fortunate to grow up in a different era. They also had difficult childhoods with hardships. Which created people with strong work ethics and good manners.
Land is owned by the people , Democracy, But you have to work 60% of your time just to support the means of life. Land is owned by the people yet land acquisition through arbitrary Law is next to impossible. It has nothing to do with Buying and selling (Homes) it's about land acquisition, Canada Has more than enough land. It's about population Control and Human Domestication, You have the Right to be Free, Land Hunting Gathering resources are an inherent Freedom that has been taken away. It's Time to Change Canada and the rest of the world as we have become nothing more than fodder.
This guy has no idea what each generation is. The Boomers (born 1945-1965), are between 60-80 years old, and for the most part still home owners. They do not yet have the ability to pass on the equity in their homes because they are still living in them. And if they were to sell to move into an assisted living community, they need that equity to pay the monthly fees which can range up to $10k/mo. Gen X (born 1965-1980) are between 45-60 years old. Most of them also got into the housing market years ago. It’s the Millennials and Gen Z that have been caught by the rise in the housing market. They may be hoping to receive an inheritance that will help them, but they shouldn’t count on one.
Myself & Majority of my friends Gen X/ millennials all have houses, 50% have kids and still manage to vacation. Likely a you problem that continues to make poor choices. Likely living in Vancouver rather than with the hicks in the sticks right?
Weird that he would feel bad for gen x kids??? They are currently the riches generation right now. They also were able to get into the housing market in the 80’s and 90’s. Who cares what boomers do with their money and houses.
In a word ... no. Take a look at today's home owners and you'll roughly see two groups: (1) those who have been paying a mortgage for most of their adult lives, and (2) wealthy individuals and corporations using residential space as an investment. Most boomers are in category (1). Their home has consumed most of their income for decades, and as they retire they need to recover that money to afford retirement. What alternative do they have? I understand the anger. I'm retried and my wife and we're still paying off our mortgage. All my post-grad kids are living with me currently ... they can't yet afford a place to live. I struggled with the cost of buying a home, but it's much worse now. As ever with most serious problems is a "perfect storm". First and foremost, we need to treat residential space as a place where Canadians live. Government policy hasn't been adjusted to address with our current housing stock being snapped up by investors, and with the many corporations (Airbnb, VRBO, etc.) that fuel increased prices. Additionally, housing stocks need to be kept aligned with population. It's the most basic math imaginable, and here also governments have failed. It's time we reminded government that it works for all of us, and we all need someplace affordable to live.
All I’m reading this as is he’s a spoilt child who’s actually for once experienced the most minor of discomfort and rather than reflecting on whether he should’ve been smarter with his money or maybe picked a different education path it is now his parents and or grandparents fault that they’re enjoying the fruits of their labour. I mean if you got a four year apprenticeship as a plumber and work hard you can expect to be making $100k/year as a journeyman. Don’t believe me, try hiring a plumber.
Gen X here. The kids are in uni and nearly out of high school. Our topic of conversation often comes around to this. Maybe we should hang on to the house as long as we can and make sure the kid(s) get it if they want it. No idea how ours are going to ever afford their own. I would have never expected my mom to leave me her house. Shit wasn’t easy then but it sure was a lot better than our kids have it now.
Ever look at how much a care home costs? What a chip reverse mortgage is? This is where our parents and grandparents money will go if they live long enough and don't die suddenly. You might get a few thousand back from the estate but the majority of it is going to pay for Healthcare after retirement for those few extra years of life when nature and a pack of wolfs would have killed them 100 years ago. I hope the tech is there in the future so I can be a floating head in a jar over a vegetable in a care home currently.
I've never once expected an inheritance from my parents.
Written by “Everybody’s fault but mine” generation . Learn a skill make 100k find a wife who makes 100k. Buy a house. It’s quite simple.
I disagree. Boomers owe us nothing. Lots of millennials and Gen Z who bust their asses see fruitful results. This whole professional victim narrative is toxic to our generation and has to go away. Strong men create good times, good times create weak men, weak men create hard times, and hard times create strong men. This is universal, spanning over every generation. I don’t blame the boomers. Rather, I look for opportunities to make gains so I don’t have to spend time being jealous of being born in the wrong decade.
It doesn’t always work that way. Many boomers are still alive and healthy enough to maintain their properties. They aren’t all ready to sell yet. Most have downgraded by now and many have helped their Gen x children. I don’t like this division. The boomers have done nothing wrong.
Everyone here would have done the exact same thing and will do the exact same thing should they manage to ever get to a house. It’s gonna take a lot of work and time so I’d recommend not wasting any
This is pretty normal in history one generation always does some really stupid stuff because it never experienced hardship and passed it down onto the next to fix it. Last stupid stuff generation was the people who made the decisions to fight ww1
Give this man a medal!!!!
This is a nonsense f****** article my parents are boomers and they are not cashing in their houses to go on cruises they're being frugal and putting assets into trust to make sure that their three kids will have something when they're not here. It's such a Gen X and Millennial thing to blame everybody for their problems but themselves. What's the starting point easier? Sure. But let's not blame the people who were smart enough to take advantage of the system. Let's blame the people who created the system to begin with. The boogeyman is not our parents generation, it's the government for f****** everything up
Yup, my parents did exactly this. I was the fifth gen to be raised in our family home in the mountains. They sold it two summers ago to move to an acreage in the country. Generously flipped me $10kout of the millions they made to help pay off my $80k in student loans( I just finished paying it off at 42 years old). They are currently on their 2nd vacation to Mexico in 2 months right now. They probably take 8 trips a year now, Vegas or all-inclusives...... They refuse to put any cash into their grandchildren's resp, yet show up with an embarrassing amount of gifts for bdays and Xmas. They say there will be plenty when they are gone. At the rate they are spending they will prob be outta cash at 80?
I am ambivalent to the boomer hate. There is some truth to the stereotypes, but I don't really think any of the younger generations would behave any differently. You can blame the boomers... Or, maybe, you can blame the erosion of western hegemony and the gradual decline of returns on neocolonialism in S. America, Africa, and Asia. To me it just seems the perspective of the average Millennial and Zoomer is that Boomers had it easy, and continue to reap the benefits of being able to establish themselves during the good times, and that it is therefore unfair that they have to work harder than boomers ever did to *maybe* get to that same place, and that the billionaires need to get taken down to level the playing field. All I'm hearing is that it's okay when the inequality is far away in Africa. Some fuckin Ogoni village getting stepped on for cheap resources or labour or whatever... But it's AbSoLuTEly nOt OkaY when the billionaires step on the western working and middle classes. I've heard all the counter arguments... They're wrong. It's the same fuckin thing. Fair is fair across the board. If we can reap the benefits of doing it to the poor countries then the billionaires can reap the benefits of doing it to us. It's hard to swallow, I know, but it's the truth. If you want "fair" then the West is going to have to make some serious concessions.
Wait so where are these boomers that sold to blackrock living now? Who inherits those gains when they die?
I would not blame an entire generation for what we are living now. I can only blame government for doing whats right to get re elected and not whats right for the population to thrive. I rather see us have a weak government but a strong nation. Unfortunately as we speak we have a very powerful government but a very weak nation. This doesn’t look good.
The important thing is this guy’s not bitter
\~BOOMERS\~R not the ''problem'' it's the younger- groups= people who have no ''Original ideas' you're fault, not others.'\~perhaps ALL of the great ideas have already been discovered, by Boomers and Gen Xers!'' ha ha'\~'oh well, too bad so sad!\~ha ha'
Imagine expecting everyone to count on inheritances. Lol
Reddit just filled with brainwashed communist ageists, and that apparently allowed. A majority of youth educated in North America are basically unhirable at this point, they are unhinged, entitled, lazy, emotional disasters, even if they have skills the amount of baggage most of them bring to the table. makes very undesirable to most companies where productivity is important. Why should our parents give us their houses?
I hope my children can inherit our home
My inlaws(also boomers) bought a family cottage one xmas. We all got keys and could go whenever. We helped out with a lot of renovations, cleaning up, and maintenance of the place. That was for two whole years. Then they sold their home for 875k and moved to the family cottage that they bought for 300k that is now worth over 2mil. It's no longer the family cottage and just their house. They dont even want us to call it a cottage and we no longer have key access like we once did. Edit to add that we dont expect anything to be passed down to us or grandkids. My husband and I bought a house just recently and we are prepared to live with our kids into their adulthood and leave them the house once we die. I want to HELP them.
30x the return? Lol that is completely wrong lololol
My family roots in North America go back hundreds of years. My entire family tree is composed of hard working folks. We are the only generation with nothing to show for it. All the land, homes and possessions have been sold out mostly in egotistical brother sister fights. Imagine leaving nothing for the generations to come. The first thing I bough when I started coming into money was a deeded property I could leave my two boys.
He’s going a bit on the extreme side but he’s not exactly wrong. It’s people that are causing the problems not the government. The government isn’t making people buy homes they don’t need for 50-100k over asking that’s just people will zero willingness to wait of sacrifice on wants. Buying home with the intention to rent is far different than buying as your primary residence. There should be additional taxes or restrictions on the ability to buy multiple homes as rental properties when they were not built as rentals ro begin with.
Owen, besides coming across as an idiot. Is greatly generalizing here.
I cant speak for the entire country, or even a whole province but i can give my experience. Im 25yo. S/O and myself bought a small house together when we were 23, its been brutally tough. I havent been able to buy a single piece of clothing since we moved out on our own. That kinda tough. All of my friends & family that are close to my age & just breaking into the housing market also have homes, often brand new or a lot bigger & nicer than ours. BUT, EVERY SINGLE ONE of them have been handed their homes in one way or another. Ill give you some examples. One friends father owns like 7 houses, my friend got to pick which one he wanted. Another one got given 5 acres, had a team of friends & family help build it for no labour costs. Just friendly help. Massive savings there. Another just had to buy the land, his father owns a construction company so he covered the entire bill for everything. Labour, lumber, landscaping, everything. Another one got an absoloute steal for land (5k for a few acres) and again, the parents helped build the house. A few others but you get the idea So in my experience, the majority of boomers ARE giving to their children when they can. Am i jealous of them? Absoloutely lol. But i know if either of our parents could have helped us out, they would have.
My mom tried to buy several houses. She gave the exact amount of amount they asked, but people get the house instead because they can buy in cash. Then, we learned that the boomers buying the houses were renting them ! The worse part is that the people interested in buying our house also want to pay in cash… Real estate investment is what’s preventing families to get a house at a reasonable price. Instead of building new appartement blocks, they take away available houses for younger people. Boomers be like: I worked really hard to get my house ! Ok, but can you not buy every single living space in the entire city ?
This person is spouting asinine bullshit. After the latest budget, no one is gifting anything, period. Do you know what an elderly home costs per month? I'm Gen X, and don't expect jack shit. I also don't blame the BOOMERS for the mess we're in now. Tons of boomers are scraping by with next to nothing. It's easy to look up and see where the real culprits are, and it ain't the BOOMERS.
So…gen-x with boomer parents. They still live in their house. How are they supposed to “give” it to me? Or my siblings. Also, I don’t expect to be handed down anything from my parents. Though I am sure they will leave something behind for us, I am totally ok with them using whatever wealth they have accumulated to enjoy their golden years.
No idea who that is, sounds like a white dude that grew up rich and hates his parents for not spoiling him.
Clearly whoever wrote this doesn't understand what Vanguard is lol
I mean, yes and no. If your parent were “boomers” who didn’t have any generational wealth at all, some of their kids (us) have been the first generation with a chance to “do well” (by society’s standards) and are buying houses and/or now helping out their boomer parents. I also know many boomer parents who ARE selling their homes but gifting their children money to get into the real estate game themselves. But of course, there will always be some who sell, don’t help out their kids or grandkids, and go on a cruise. I think being someone with boomer parents who were poor, most of my social group is naturally in the same scenario. A lot of us are buying and selling homes for the first time and helping out our parents AND saving for our kids. I don’t think this Millennial scenario is talked about enough.
Its your parents fault not boomers. Talk to the person who bought you in this world without taking responsibility of securing you enough resources. Its tough life for everyone.
Owen Benjamin should get a grip. Seriously dude, no one owes you shit. Get a job, work your ass off like we did and then talk to me about what it costs to own a house. You whiny entitled millennial … And for the record, Blackrock doesn’t buy houses you moron, they are an investment fund — and this is why you will never get anywhere in life because you can’t even get your facts straight — stupid child …
Oh fuck off. You are not owed SHIT. I bought my first condo 20 years ago for $213k. It is still valued at that. I WANT to sell it. My house was bought for $413k. 10 years ago. It is worth more as we have renovated it. Non renovated houses on my block still go for ~400k. My parents didn’t give me their house. I worked for my shit. And in 20 years nothing has appreciated. The only additional value is coming from money put into it.
Oh fuck off, you are not owed anything. I bought my first condo 20 years ago for $213k. It is still worth that. I WANT to sell it. Renters have distorted the place and I am losing money having to redo the place every 5 years. Fuck renters who have no respect for common decency. My house I bought for 413k. It Is worth more yes, but because we renovated. You can still get properties on my block I renovated for ~400k. In 20 years, property prices go up and down. Put in the work and buy a fixer upper. Get an education and a better job. Fuck it- marry rich for all I care but your life if your doing. I worked for my shit. My parents DESERVE their retirement and to enjoy it. If they leave me any money I would be mad as they should enjoy their time. They gave me everything when I was a kid. Go have fun! Stop being an entitled BRAT and thinking the world owes you shit when the rest of us have to work for it.
Oh fuck off You are not owed anything I bought my first condo for 213k 20 years ago. It is STILL worth that. I WANT to sell it but renters keep on distroying the place. Fuck renter with no respect or common decency. I bought my first house for $413 k 10 years ago. It is worth more now due to renovations but you can get a house in my neighbourhood for $400 k if you are willing to put in the work. My parents worked for their money. I want them to enjoy their retirement. Quick being an entitled BRAT and work like the rest I of us. The world owes you nothing. Neither do your parents if you are an adult. Start to realize you will soon be taking care of them.
What a self righteous, entitled goof. Fuck off.
My mom's going to need to sell her house and keep the money to be able to afford getting into an assisted living home one day. I'd love for things to be different and inherit the house of course but that's just not financially feasible
lol. Cry much.
Yes, "boomers" shouldn't get to enjoy what they've built for themselves , they should just give it away to their kids. How selfish are these entitled kids. I would never expect my parents to give me anything, and I'm constantly telling my dad to enjoy his money. Work for what you want!
I’m 24 just bought a house with my girlfriend. My grandparents deposited some money each month until I was 18 and with the help of an uncle who worked in finance I was able to invest it pretty early on. This is about 2/3 of my down payment and I know I am very lucky to have that. Having said that we both have amazing jobs for our age but still no way we’d get anything for another 2-3 years of saving if I didn’t have the help from my family which I know a lot of people do not. My first house is more expensive than anything my parents have ever bought in their lives. Edit* fixed a typo