First time home buyers will not be charged GST (5%) when buying a home, as long as the place they’re buying costs less than $1M. This means that people buying a home for the first time will save up to $50k on their purchase.
Edit: Note, GST is mostly only charged when buying newly built homes, so this won’t have any effect for people buying used homes.
Older millennial here. Boomers bought their homes in their 20s.
Guess how long it took me to afford my tiny condo?
I bought mine… In my 20s. Without help and with a middle class background.
So yeah, experiences vary but things are really getting bad since the end of the Y generation, but most of the Ys will have had it pretty great in comparison.
Bought mine at 39. In 2019. And was only able to afford it because I have a partner with whom I bought it, who suddenly received a huge amount in backpay.
As I said, experiences vary, but looking at statistics millennials are on average very well off and catching up on previous generations.
Yeah… but much, much later in life. And only because now they have years of experience on the job can only now request better salaries. In their 40’s! Half their life has gone by and only now are they getting slightly more comfortable financially.
But they’re not as well off as you’d expect. Many have abandoned having kids and raising a family. Many are still priced out of the housing market. Many are still making sacrifices.
Those that are better off are most likely from more privileged families.