do canadians live with their parents well after college?

[PARTY]

Originally Posted by leftover_salmon

I'd ******* kill myself if I still ived with my parents. I went away to college when I was 18, and while I like coming home to visit, I just can't stand having to eat whatever dinner is at 6:30pm every night and having my dad come knock on my door to say "Hi" four times a day. By the time you're 30, you should have a job and enough money to live on your own. Hell, by the time you're 22 (unless you're in grad school).
Not even grad school, though. If you're truly taking advantage of the American business world, you should be able to land a job that will pay for your schooling while you work. No excuses.

 

[micbain]

Originally Posted by leftover_salmon

I'd ******* kill myself if I still ived with my parents. I went away to college when I was 18, and while I like coming home to visit, I just can't stand having to eat whatever dinner is at 6:30pm every night and having my dad come knock on my door to say "Hi" four times a day.

By the time you're 30, you should have a job and enough money to live on your own. Hell, by the time you're 22 (unless you're in grad school).

Cost of living my friend. Buying a place takes a lot of loot now considering how low paying the jobs are in Vancouver. Seriously, its sad. Average houshold income = $60k, Average home cost = $800k.

The average houshold now spends 70% of its pretax income to maintain a mortgage when in fact the ideal amount should be 35%. Vancouver is routinely in the top 10 least affordable cities when comparing income to housing and I would say factoring in cost of everything else (food, clothing, etc) compared to the US, its even more expensive.

I did a quick MLS search in vancouver for detached homes and here are the hits.

Here's what $500k buys
- Nothing

Here's what $600k buys
- Nothing

Here's what $700k buys
http://www.mls.ca/PropertyDetails.as...ertyID=7387378

 

[leftover_salmon]

Originally Posted by PARTY

Not even grad school, though. If you're truly taking advantage of the American business world, you should be able to land a job that will pay for your schooling while you work. No excuses.
That's one thing I don't buy into. When you're a student, your sole focus should be on schoolwork, in my opinion. To the above poster: There is something called RENTING.

 

[micbain]

Originally Posted by leftover_salmon

That's one thing I don't buy into. When you're a student, your sole focus should be on schoolwork, in my opinion.

To the above poster: There is something called RENTING.

Ha! $2k a month for some 500 sq ft condo - just so you can say you live in coal harbour or yale town. **** that man. I needs a house.

 

[leftover_salmon]

Originally Posted by micbain

Ha! $2k a month for some 500 sq ft condo - just so you can say you live in coal harbour or yale town. **** that man. I needs a house.

Meh, I'd rather have a really nice, small apartment in a nice area of town than some average house in the boonies.

 

[micbain]

Originally Posted by leftover_salmon

Meh, I'd rather have a really nice, small apartment in a nice area of town than some average house in the boonies.

Who says anything about the boonies? Kits, Point Grey, South Grandville, Kerisdale all used be affordable 5 yrs ago. All nice neighborhoods, all in close proximity to downtown and beaches. Maybe my problem is I'm still living in the past. 5 years ago, you could buy a lot in Point Grey for $450k - now that same lot is fetching $1.2m and upwards!

 

[GQgeek]

Originally Posted by micbain

Cost of living my friend. Buying a place takes a lot of loot now considering how low paying the jobs are in Vancouver. Seriously, its sad. Average houshold income = $60k, Average home cost = $800k.

The average houshold now spends 70% of its pretax income to maintain a mortgage when in fact the ideal amount should be 35%. Vancouver is routinely in the top 10 least affordable cities when comparing income to housing and I would say factoring in cost of everything else (food, clothing, etc) compared to the US, its even more expensive.

I did a quick MLS search in vancouver for detached homes and here are the hits.

Here's what $500k buys
- Nothing

Here's what $600k buys
- Nothing

Here's what $700k buys
http://www.mls.ca/PropertyDetails.as...ertyID=7387378

Holy crap. That sucks.

salmon, you're a finance guy, right? Ya, you can get by and have a place to live if you rent, but it's a lot harder to build any real wealth if you never own your home. Now if i had just finished school in vancouver and home prices were really that bad, i'd probably move somewhere else, but i can understand why someone would stay in their parents' place for a couple years if it wasn't uncomfortable. Of course, if i were doing that, i'd save every penny for a down-payment.

 

[leftover_salmon]

Originally Posted by GQgeek

Holy crap. That sucks. salmon, you're a finance guy, right? Ya, you can get by and have a place to live if you rent, but it's a lot harder to build any real wealth if you never own your home. Now if i had just finished school in vancouver and home prices were really that bad, i'd probably move somewhere else, but i can understand why someone would stay in their parents' place for a couple years if it wasn't uncomfortable. Of course, if i were doing that, i'd save every penny for a down-payment.
I'm all for owning (don't think I'd ever lease a car, for example), but I'd much rather rent and not live with my parents than live with my parents. Hopefully my income will outpace my rent enough that I can buy something by the time I'm 30.

 

[Pennglock]

Living with your parents into your twienties is pretty pathetic, I dont care where you're located.

 

[Geoff Gander]

It depends on cultural background (as other have said), geography, and how one gets on with one's folks. My parents pulled up stakes and left town after they retired, so I was forced to find some roomies and rent an apartment during my undergrad. Not a big deal, and I learned how to budget pretty damned quickly. Still, if my parents had stayed in town, I would have stayed home and saved up the extra money. By that time I was doing my own thing, anyhow.

However, after graduating I would have left home - no questions asked.

 

[Mustapha]

It's a slippery slope - living with your parents in your late 20s/30s. Next thing you know you are 40 and waiting for them to die so you can inherit the house.

 

[Ace Rimmer]

Wants are not needs. However, people often justify the former by claiming the latter.

Further, I'd be interested to see pricing (including rentals) on NON-detached housing.

 

[Geoff Gander]

Ask and you shall receive...here are some results I pulled for my neighbourhood - I specified condos or houses, semi-detached or row housing, with 2+ bedrooms or 1+ bathrooms. This should give you an idea of how much house you can buy at certain price points in an average neighbourhood.

$189,900 (this is on a busy street): http://orebweb2.oreb.ca/mlssearch/fr...mls_num=695871

$259,900 (this neighbourhood is near an industrial park): http://orebweb2.oreb.ca/mlssearch/fr...mls_num=703248

$349,900: http://orebweb2.oreb.ca/mlssearch/fr...mls_num=700764

$407,000: http://orebweb2.oreb.ca/mlssearch/fr...mls_num=703373

I should note that it *is* possible to buy row housing for less, but the cheaper neighbourhoods are usually, shall we say, a little downmarket (prostitutes, drugs, etc.) - here are some examples:

http://orebweb2.oreb.ca/mlssearch/fr...mls_num=703340

http://orebweb2.oreb.ca/mlssearch/fr...mls_num=697780

 

[TRINI]

Originally Posted by GQgeek

Are they indian or asian? I've got a korean friend making over 100k a year and he lives with his uncle to save on rent. He told me a lot of asians do this. Indian people always live with their parents too, or so it seems. They will do this even after they get married (girl moves in with husband's family).

This is true.