Real Estate

Millennials are fleeing Canada's big cities as Big Government coddles boomers

  • Last Updated:
  • May 6th, 2021 6:41 pm
[OP]
Banned
Apr 29, 2021
91 posts
85 upvotes

Millennials are fleeing Canada's big cities as Big Government coddles boomers

https://nationalpost.com/opinion/sabrin ... es-boomers
In the wild, filial cannibalism is an evolutionary quirk that’s actually a form of tough love. When faced with infection or overpopulation, fish, insects, and birds have been known to kill and consume some of their children so the rest may live.

In Canada, filial cannibalism is economic policy. Baby boomers gorge themselves on millennials’ futures, growing fat on wealth and stolen opportunity. However, Canada didn’t become the Hannibal of nations because of tough love. No, our savagery is the result of generational gluttony and a misguided belief that we’re so spectacularly special, one would have to be an idiot to leave.

But younger people are leaving, in droves. Faced with delusional elders who want to eat them for sport, millennials are doing what any rational person would do: get the hell out of Dodge.

A brain drain is underway, which is unambiguously bad news for the country’s future economic and cultural prospects. The good news is stopping millennial brain drain doesn’t require big new government programs or massive spending. Contrary to popular opinion, younger people aren’t looking for handouts or entitlements. Millennials just want Canadian governments to stop actively working against their interests. Simply put: get out of their way.

In the third quarter of 2020, Canada saw net migration go negative for the first time since 1971. The pattern continued in the year’s fourth quarter, with more people leaving the country than entering it. Clearly this data is impacted by COVID border closures, but drilling down on provincial migration data shows evidence of millennial flight even prior to the pandemic. The number of residents leaving Toronto and the GTA doubled between 2017 and 2019. A February analysis of Statistics Canada data from Ryerson University attributed this dramatic spike to Gen Z and millennials. Data for Montreal and Vancouver tells a similar story. Meanwhile, a 2018 study by Brock University and the University of Toronto found a staggering 65 per cent of Canadian software engineering students leave the country after graduation, along with about 30 per cent of grads in other STEM fields.

There’s a reason most countries actively recruit young people rather than threaten to consume them whole until they flee for cover. Young professionals aren’t just crucial to the tax base; they’re the spenders we need to rebuild everything from restaurants to concert halls post-COVID. They’re the entrepreneurs we rely on to create new jobs, the innovators we tap for big new ideas, and the creatives that drive culture.

Yet no one can blame millennials for not seeing a future here. They’ve been patient, but quite frankly, they’re not so young anymore and need to get on with their lives. The supposedly once-in-a-life-time Great Recession struck just as they entered their adult years, but Canada never fully recovered. Boomer wealth rebounded, but stable employment and good wages didn’t return for many young professionals. The country’s prescribed remedy for this? In 2014, Bank of Canada Governor Stephen Poloz told unemployed youth living in their parents’ basements to look for unpaid work. He actually suggested, more than once, that millennials view illegal unpaid internships as “opportunities.”

Instead, millennials started their own companies in record numbers, reviving Canadian entrepreneurship for the first time since the early 1980s. This wasn’t easy. Healthy competition is crucial for innovation, but it’s something Canada lacks in many sectors in favour of state-sponsored monopolies. From the telecom industry to airlines and alcohol, we create policy that entrenches and enriches the status quo. This not only makes it more difficult for new ventures to grow, it results in wage stagnation so pervasive the concept of a “raise” is a myth among many young professionals.

When COVID hit, millennials’ small businesses went on life support. In response, many provincial governments unfairly shuttered them while leaving big businesses open for record profits. Monopolistic corporations received billions in government subsidies on top of their usual government subsidies while most support for entrepreneurs came in the form of loans that had to be paid back.

Throughout this entire period, Canadian home prices soared to such levels that even the IMF became concerned. At first, Canada denied there was a problem and lectured millennials to save more and stop buying avocado toast. Then, they conceded there might be a problem, but said anyone concerned with foreign influence in the market was xenophobic. Finally, this month, MP Adam Vaughan, parliamentary secretary for housing, admitted Canada built a housing market that’s better for foreign investors than local buyers. However, after a year that saw house prices skyrocket by 30 to 40 per cent, he wouldn’t tolerate a drop of even 10 per cent.

This commitment to preserve overinflated boomer assets to the detriment of everyone else was followed by a federal budget that all but ignored the housing crisis. You know what the federal budget did include though? Huge increases for spending on boomers, already the wealthiest generation in history. By 2025, the price tag to support seniors’ retirements will be almost triple that of the proposed new child care plan. This new money isn’t even aimed at low-income boomers; it’s a blanket generational handout.

It’s clear Canadian millennials are in a toxic relationship with their own country. Sure, sometimes things don’t work out. The best laid plans can fail. However, the dismal state of millennial life in Canada isn’t because “things just didn’t work out.” They’re victims of predatory policy, not circumstance.

Stop artificially propping up house prices. Stop pushing policies that favour foreign investors over young Canadian workers. Stop giving giant subsidies to monopolistic corporations that stymie innovation, entrepreneurial spirit, and wage growth (then turn around and lay young workers off). Stop reckless spending that’s tantamount to intergenerational theft, committing millennials and Gen Z to paying off debt for decades to come.

Millennials may get a bad rep for not “adulting,” but it’s boomers who are being coddled by government overreach. If Canada wants a bright future, it needs to stop feasting on its young and give them the freedom to succeed.
91 replies
Sr. Member
Jul 18, 2020
615 posts
948 upvotes
My boomers parents leave me a 2.5M house and I don't even need to touch a dime of it, it is going to my kids as inheritance. Yeah OP, feel free to blame the boomers and others for your own incompetent.
Penalty Box
Apr 19, 2017
1070 posts
878 upvotes
"Millennials (Canadians) just want Canadian governments to stop actively working against their interests. Simply put: get out of their way."

Soon...
Jr. Member
Mar 23, 2015
104 posts
185 upvotes
Toronto, ON
lechan wrote: My boomers parents leave me a 2.5M house and I don't even need to touch a dime of it, it is going to my kids as inheritance. Yeah OP, feel free to blame the boomers and others for your own incompetent.
Man that constantly claims he is self-made in every way wants to hand his snowflake ass Gen-Z kids millions they haven't worked for
Deal Addict
Sep 30, 2011
1945 posts
587 upvotes
MISSISSAUGA
Stop artificially propping up house prices. Stop pushing policies that favour foreign investors over young Canadian workers.
--------------
Nobody prop house price, nor particularly favor one group over another.
But eventually, but all Canadian government and society ever did so far was to kill jobs, and increase cost of living.
It is a combination of mismatched policies driven by political agenda rather than mission and vision, like immigration mixed up with fake refugee program, then mandate population increase vs. greenbelt around GTA,
<No Anti-Liberal political content in signatures>
Member
Sep 25, 2009
449 posts
351 upvotes
Damn them BOOMERS!!!!

As an early 30s millennial with my entire social group also being millennial, no one is leaving. Most of us own RE, have successful and high paying jobs, and plan to stay in GTA until retirement.

The term millennial is such a broad term, why don't we drill down on the types of millennials? Or is that not clickbait enough?
Deal Addict
Sep 30, 2011
1945 posts
587 upvotes
MISSISSAUGA
lechan wrote: My boomers parents leave me a 2.5M house and I don't even need to touch a dime of it, it is going to my kids as inheritance. Yeah OP, feel free to blame the boomers and others for your own incompetent.
better cash out for something else yourself and kid will be better off than continue hoarding it.
<No Anti-Liberal political content in signatures>
Sr. Member
Jul 18, 2020
615 posts
948 upvotes
napoleonbot wrote: better cash out for something else yourself and kid will be better off than continue hoarding it.
I need my parents to hang on to it as long as possible to maximize the TAX FREE benefit of their primary residence.
Member
Nov 3, 2006
234 posts
216 upvotes
light2 wrote: As an early 30s millennial with my entire social group also being millennial, no one is leaving. Most of us own RE, have successful and high paying jobs, and plan to stay in GTA until retirement.
Were you and most of your friends gifted/loaned a portion (or all) of your downpayment to own real estate? Or live at home longer in order to save for a downpayment? Some are worried that soon home ownership will only be available to those who benefit from generational wealth. Despite the fact they themselves have successful and high paying jobs, perhaps they don't come from family able or willing to provide help in that way.

That being said, I also think a lot of people aren't willing to compromise to reach their goals.
[OP]
Banned
Apr 29, 2021
91 posts
85 upvotes
lechan wrote: My boomers parents leave me a 2.5M house and I don't even need to touch a dime of it, it is going to my kids as inheritance. Yeah OP, feel free to blame the boomers and others for your own incompetent.
Incompetence.
Member
Sep 25, 2009
449 posts
351 upvotes
dinostars wrote: Were you and most of your friends gifted/loaned a portion (or all) of your downpayment to own real estate? Or live at home longer in order to save for a downpayment? Some are worried that soon home ownership will only be available to those who benefit from generational wealth. Despite the fact they themselves have successful and high paying jobs, perhaps they don't come from family able or willing to provide help in that way.

That being said, I also think a lot of people aren't willing to compromise to reach their goals.
I can't speak for my peers, but I purchased after I got married, lived at home, saved my own downpayment, making household income of $250k. Not everyone needs 2 car garage detaches 60ft lots.
[OP]
Banned
Apr 29, 2021
91 posts
85 upvotes
light2 wrote: I can't speak for my peers, but I purchased after I got married, making household income of $250k. Not everyone needs 2 car garage detaches 60ft lots.
Face With Tears Of Joy

Hard to understand how people can be so unaware but I guess that's what living an insular life leads to.
Last edited by Swisha on May 5th, 2021 10:51 am, edited 1 time in total.
Sr. Member
Jul 18, 2020
615 posts
948 upvotes
Swisha wrote: Incompetence.
And thanks I will keep that in mind. Any suggestion where I should buy the first condo for my kids?
Member
Dec 25, 2019
271 posts
328 upvotes
light2 wrote: Damn them BOOMERS!!!!

As an early 30s millennial with my entire social group also being millennial, no one is leaving. Most of us own RE, have successful and high paying jobs, and plan to stay in GTA until retirement.

The term millennial is such a broad term, why don't we drill down on the types of millennials? Or is that not clickbait enough?
Smart , hardworking millennials getting good education or valuable trades skill and getting into RE when they save enough , also understand how market works and use it in their favour to accumulate wealth , the lazy ones who are still playing video games in their parents basements and complain about avocado prices and everything else pretty much ...
[OP]
Banned
Apr 29, 2021
91 posts
85 upvotes
Easy401rider wrote: Smart , hardworking millennials getting good education or valuable trades skill and getting into RE when they save enough , also understand how market works and use it in their favour to accumulate wealth , the lazy ones who are still playing video games in their parents basements and complain about avocado prices and everything else pretty much ...
The smartest and most skilled move to the U.S. Canada gets the leftovers.
Sr. Member
Jul 18, 2020
615 posts
948 upvotes
Easy401rider wrote: Smart , hardworking millennials getting good education or valuable trades skill and getting into RE when they save enough , also understand how market works and use it in their favour to accumulate wealth , the lazy ones who are still playing video games in their parents basements and complain about avocado prices and everything else pretty much ...
And their left and right hand are their girl friend.
[OP]
Banned
Apr 29, 2021
91 posts
85 upvotes
lechan wrote: And thanks I will keep that in mind. Any suggestion where I should buy the first condo for my kids?
A community that can teach their children social skills they won't learn from their parents.
Sr. Member
Jul 18, 2020
615 posts
948 upvotes
Swisha wrote: A community that can teach their children social skills they won't learn from their parents.
Unfortunately that is not happening in real life, those who are incompetent but have the bank of mom and dad are staying. So you better get use to it, the biggest wealth transfer in this century.
Last edited by lechan on May 5th, 2021 11:01 am, edited 1 time in total.
Deal Addict
Mar 2, 2017
2203 posts
3906 upvotes
Toronto/Markham
Off to a great start boys, let's keep it going.
Realtor, Investor, CPA - Collaborate with like minded people
Member
Dec 25, 2019
271 posts
328 upvotes
Swisha wrote: The smartest and most skilled move to the U.S. Canada gets the leftovers.
not really non of my IT skilled friends move to use , one of them was invited to HQ in silicon valley, He went to visit the HQ and area looked at houses etc . but when he saw he house prices there (way more expensive than GTA) , he decided to stay in Canada . the social class is much more visible in US than Canada , he is a social liberal and he likes Canadian society more than south one.

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