Last month, Chelsea Hunt and her husband concluded that the cost of living had skyrocketed to a point where they could no longer afford to stay in their…
Hunt’s story is not unique.
The survey also found that due to rising prices, 44 per cent of respondents aged 25 to 34 either wanted to purchase a home or move but did not, moved sooner than planned, or chose a more affordable house or rental. For Canadians aged 15 to 24, that figure was 33 per cent. If you prefer to be a city dweller because it makes you happy and feeds your soul, Marques said you’ll have to accept that housing prices are going to “eat up” a larger percentage of your income and you’ll have to cut back in other areas like dining out or shopping in order to save.
“If you’re downsizing in terms of rent, is it because you’re saving up for a down payment? Or maybe you’re already an owner and you’re downsizing to a cheaper property because you want to expedite your progress to retirement. OK, write that down, crunch the numbers,” she said.
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