Can Canadians Afford the Future?

Buying a house has always been one of life’s big decisions but with soaring property prices and stagnating incomes, it’s become much harder for young professionals to get their feet on the property ladder.

A recent survey conducted in Canada has shown that young Canadians who have recently graduated from university face some of the longest debt repayment plans in the world.

The study shows that the average Canadian graduate will take 14 years to repay their university debt, 12 years to save the 5% deposit for a standard house or 21 years to save 10%. The numbers show that young Canadians are facing a long term debt crisis and if steps aren’t taken to reduce repayment times Canadian graduates may find themselves in a situation where the idea of being debt free is a completely alien one.



Source: Mortgage Rates

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