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Young families scrimp to own homes in Canada’s big cities, report finds

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Young families in Canada’s big cities believe houses and condos will be a good investment over the next five years, and they are sacrificing their privacy, time and small pleasures to buy them, according to a report by Sotheby’s International Realty Canada.

The study is based on a survey of 1,743 families headed by adults aged 20 to 45. It found that millennials and generation Xers are delaying both retirement savings and paying off credit card and student debt in order to afford homes, with 78 per cent expecting homes to match or outperform other financial investments over the next five years. In Toronto, that number rises to 83 per cent.

A new study found that young families in Canada are delaying both retirement savings and paying off credit card and student debt in order to afford homes.
A new study found that young families in Canada are delaying both retirement savings and paying off credit card and student debt in order to afford homes.  (Sean Kilpatrick / THE CANADIAN PRESS FILE PHOTO)

But the biggest barrier to buying, cited by 33 per cent of families, is the expense of day-to-day living — groceries, rent and utilities. That’s a “concerning” trend, said Sotheby’s CEO Brad Henderson.

“Increasingly, it is the essentials in life that are absorbing most of everyone’s income,” Henderson said. “It speaks to trying to find more higher-paying jobs, more knowledge worker jobs that are able to afford, not just the necessities of life, but some of the things that make life even that much more pleasurable, like a home with multiple bedrooms for a growing family.”

The report is the second in a series of three based on a survey of families in which the adults were aged 20 to 45. Market research firm Mustel Group found 57 per cent of those households in Toronto, Vancouver, Calgary and Montreal were couples with at least one child, 35 per cent had no children, and 8 per cent were single-parent families.

Thakar shares an apartment with a cousin to save on rent, has a side job to earn income in his off-time and has refinanced a student loan. It will take him longer to pay off that debt, but he figures home prices are rising so quickly that it’s important to stash his cash now.

“If you’re not earning money, you’re spending money,” said Thakar, who owns a car but takes transit to his job downtown and questions the expense of a vehicle he doesn’t use much.

“I feel like being prudent at this time might set me up down the road.”

But Thakar expects he might need help from his family to afford a home and, even though he likes his privacy, he would consider a house with a rental unit to help carry the cost.

Among survey respondents, 51 per cent said they saved by cutting down on dining out, 45 per cent reduced their travel and vacation expenses, and 20 per cent delayed retirement savings.

Toronto families were most likely to reduce their car ownership (16 per cent), to freelance or pick up extra work (16 per cent) or to delay having children (15 per cent). Thirteen per cent of Toronto respondents moved in with family to save money, compared to only 5 per cent in Calgary and Montreal.

Henderson says the findings put the lie to the idea that millennials and generation X adults are “live-in-the-moment” people.

“We’re finding they’re acting not too dissimilar to the generations that came before them and forgoing the trips and eating out and all of the things that require additional money, in favour of buying a home for their family to live in,” he said.

When it comes to putting money down on a home, the survey found 71 per cent used personal savings and cash for a down payment. Although 52 per cent of the families relied on a gift or inheritance, those funds accounted for less than 30 per cent of their down payments. Thirty-one per cent borrowed from their registered retirement savings plans (RRSPs).

Young adults have always saved and scrimped to buy homes but a greater proportion of income now goes to paying rent, leaving little for savings, said mortgage broker James Laird of CanWise Financial and online mortgage site Ratehub. It’s why so many young adults end up moving back in with parents.

“We’re seeing a decline in the percentage of young people able to purchase homes versus previous generations,” he said. But the desire hasn’t waned.

“Millennials could be the largest voter base in the federal election and this is the issue we all care about,” said Laird, 34.

He thinks longer amortizations — from 25 years to 30 for buyers with down payments of less than 20 per cent — would provide relief. “It’s a beautiful solution because they qualify for about 10 per cent more mortgage but their payment doesn’t change so they’re no more financially strapped,” said Laird.

Those who borrow from their RRSP still have to pay that money back. Laird said Ottawa should create a homebuyers plan that behaves the same — allowing first-time buyers to access $25,000 of their savings — without the requirement to repay the funds.

The Mustel survey was conducted online in August and September. A random sample of 1,743 is considered accurate within 2.3 percentage points, 19 times out of 20.

Tess Kalinowski is a Toronto-based reporter covering real estate. Follow her on Twitter: @tesskalinowski



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These US entities partnered with the Wuhan Institute of Virology — time for a criminal investigation?

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(Natural News) The Wuhan Institute of Virology from which the Wuhan coronavirus (COVID-19) is believed to have “escaped” has a number of questionable partnerships that are worth looking into in light of the pandemic.

Most of them are universities, including the University of Alabama, the University of North Texas, and Harvard University. There is also the EcoHealth Alliance, the National Institutes of Health (NIH), and the National Wildlife Federation.

While the relationships between these entities and the Wuhan Institute of Virology may be completely innocent, there is no way to really say for sure without a proper investigation. And this is exactly what Secretary of State Mike Pompeo is calling for, as is the nation of Australia.

Pompeo and the folks down under, along with millions of Americans, would really like to know the true origins of the Wuhan coronavirus (COVID-19). An increasing number of people simply are not buying the narrative that the novel virus originated in bat soup at a Chinese wet market, and this even includes mainstream media outlets like Fox News.

The only way to really determine what was going on at the Wuhan Institute of Virology, and who else might have been involved. is to open the place up for an international investigation. But communist China is against this, of course, accusing Australia of “petty tricks” and collusion with the United States.

“Overnight, I saw comments from the Chinese Foreign Ministry talking about a course of activity with respect to Australia who had the temerity to ask for investigation,” Pompeo is quoted as saying in response to China’s aggression against a proposed investigation.

“Who in the world wouldn’t want an investigation of how this happened to the world?” he added.

As the U.S. aims to get back on track economically speaking, Pompeo believes that now is the time to hold communist China, the Wuhan Institute of Virology, and whoever else may have been involved accountable for unleashing this pandemic on the world.

“Not only American wealth, but the global economy’s devastation as a result of this virus,” Pompeo further stated. “There will be a time for this. We will get that timing right.”

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New U.S. analysis finds that lab in Wuhan, China was “most likely” origin of coronavirus release

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(Natural News) While American Leftists and most of the Democrat Party continue to serve as apologists for the Chinese Communist regime over its role in creating and then perpetuating the coronavirus pandemic, a new U.S. government analysis concludes that COVID-19 “most likely” escaped from a lab near Wuhan city.

The Washington Times reports that the analysis cataloged evidence linking the outbreak to the Wuhan lab and has found that other explanations for the origins of the virus are not as credible.

The paper reported:

The document, compiled from open sources and not a finished product, says there is no smoking gun to blame the virus on either the Wuhan Institute of Virology or the Wuhan branch of the Chinese Center for Disease Control and Prevention, both located in the city where the first outbreaks were reported.

However, “there is circumstantial evidence to suggest such may be the case,” the paper says.

“All other possible places of the virus’ origin have been proven to be highly unlikely,” said the report, a copy of which was obtained by the Times.

ChiCom officials have claimed that the virus’ origin is unknown. However, Beijing initially stated that coronavirus came from animals at a “wet market” in Wuhan where exotic meats are butchered and sold in disgusting conditions.

Chinese officials claim that COVID-19 went from bats to animals sold in the market last year, then infected humans.

U.S. intelligence officials have increasingly dismissed that explanation, however, as attention has begun to focus on evidence suggesting that Chinese medical researchers were working with coronavirus in the country’s only Level 4 facility, which is in Wuhan.

U.S. Army Gen. Mark A. Milley, chairman of the Joint Chiefs of Staff, has said that intelligence agencies are investigating whether the virus escaped from a lab or was the result of a naturally occurring outbreak, but that analysts have ruled out reports that COVID-19 was manmade.

‘The most logical place to investigate the virus origin has been completely sealed off’

“At this point, it’s inconclusive, although the weight of evidence seems to indicate natural,” the general said on April 14, “but we don’t know for certain.”

The analysis said that the wet market explanation does not ring true because the first human diagnosis of coronavirus was made in someone who had no connection to the wet market in question. And according to Chinese reports, no bats were sold at that particular market.

At the same time, several questionable actions and a growing paper trail provide clues that the virus actually escaped from a lab, even as China begins to clamp down on those information streams.

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The biggest media lies about the coronavirus: Origins, treatments and vaccines

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(Natural News) If there is one thing that most everyone can agree on concerning the Wuhan coronavirus (COVID-19) pandemic, it is the fact that there is no shortage of conflicting information out there about the nature of it. And the mainstream media is certainly doing its part to steer the narrative as part of a larger agenda, using plenty of misinformation along the way.

The following are among the most commonly parroted lies about the Wuhan coronavirus (COVID-19) that aim to distort the facts and deceive you into believing falsehoods about this pandemic:

Media LIE: The virus is not man-made

From the very beginning of this thing, the official narrative was that the Wuhan coronavirus (COVID-19) came from a Chinese wet market where bats and other “exotic” animals are sold as meat. But the world later learned that it actually more than likely “escaped” from the Wuhan Institute of Virology.

The mainstream media and social media platforms went nuts trying to censor this information and even called it  “fake news.” But eventually it became undeniable that bat soup was not responsible for spreading the Wuhan coronavirus (COVID-19) around Wuhan and eventually to the rest of the world – hence why we continue to call it the Wuhan coronavirus rather than just COVID-19.

We have even seen attempts by the media machine at making the Wuhan coronavirus (COVID-19) a racial issue because there are supposedly more “people of color” coming down with it than people with fair skin, which further detracts attention away from the source of this virus.

Media LIE: Hydroxychloroquine is extremely dangerous and doesn’t work

The minute that President Donald Trump announced that hydroxychloroquine may be an effective, and very inexpensive, remedy for the Wuhan coronavirus (COVID-19), the mainstream media immediately began decrying this claim as fake news, even though Anthony Fauci himself praised hydroxychloroquine back in 2013 under Barack Obama as being some type of “miracle cure” for SARS (severe acute respiratory syndrome).

There have even been studies conducted that were designed to intentionally smear the drug as both ineffective and dangerous, though one in particular purposely left out zinc, which appears to be a critical co-factor in supporting the effectiveness of hydroxychloroquine – in other words, politics as usual.

Media LIE: Only a vaccine can save us from coronavirus

Many politicians and public health officials are parroting the lie that the only way America can come out of lockdown and go back to “normal” is to get vaccinated with some future vaccine for the Wuhan coronavirus (COVID-19) that does not even yet exist. A vaccine, we are repeatedly told, is the only thing, or perhaps some new “blockbuster” antiviral drug, that can cure the world of this scourge and make everything happy and wonderful once again.

Meanwhile, not a peep is being made about things like intravenous (IV) high-dose vitamin C, which is being successfully used in other countries to stem the tide of infections without the need for new drugs and vaccines.

By omission, nutrition is pointless

Speaking of natural approaches to overcoming the Wuhan coronavirus (COVID-19) that are being systematically ignored by the mainstream media and most in politics, have you heard anyone mention the importance of nutrition in all of this? We did not think so, and this is intentional.

Regular readers of this site over the years should know by now that the single-most important thing you need to do to stay healthy besides exercising regularly is to feed your body the nutrition it needs to naturally ward off illnesses, including those associated with the Wuhan coronavirus (COVID-19).

Research compiled by the Lewin Group reveals that nutritional remedies such as calcium, vitamin D, folate, omega-3 fatty acids, lutein, zeaxanthin, and more all play a critical role in fortifying the immune system, which, if properly nourished, should have little problem fending off disease.

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