We talk about it all the time. Prices are going up, and the future outlook for our young Canadians continues to go down. And while we all seem to know this by now, the Rate Supermarket recently put together this extremely thorough infographic showing just how expensive life is getting for Canadians. And how costly it will be for our future grads. The graph covers everything from post-secondary education costs, how much homes will cost in the future, and it even gives some advice on how Canadians can better save for that rainy day. We’ve brought you the infographic, and the shocking picture it paints.
From the infographic you can see that:
- The average price of a home in Canada will be over half a million dollars; and that Vancouver, Calgary and Toronto will make up the country’s most expensive cities to buy a home.
- On average, it will take college grads 10 years to come up with the minimum 5 per cent down payment on a home, while it will take the average university student 2 more years than that, at 12 years.
- It will take university graduates 21 years to come up with a 10 per cent down payment; while it will take college grads 18 years. And that’s only half of what’s required for a conventional mortgage! Going by these numbers it will take over 40 years for many Canadians to save the full 20 per cent!
- College grads will have a bit of an easier time paying off their student loans. On average it will only take them 6 years; while it will take the average university student over twice as long as that, 14 years, to pay off their student debt.
- Those who think university grads are so much better off than college grads might want to change their tune for the future. According to the infographic, university students will only make about $3,500 more a year. The average starting salary of university students is expected to be $39,523 compared with the $35,000 that the average college grad can expect to make as a starting salary.
- Canadians worried about the future can start to prepare by saving, using tax advantages, and educating themselves about savings and the cost of living.
What do you think of this infographic? Do you think we’re already getting dangerously close to what these gloomy numbers predict? Or is this way off base? Let us know through the comment section below or by checking us out on Facebook. We’ve always got new and interesting stuff on our Timeline so get in on the conversation today!
