Current generation of young Canadians wealthiest ever: federal study

[laundry_queen]

5. Probably less renters overall too

Most people I know buy the second they get their 5% down payment together. Where I live, it's WAY cheaper to own than rent. That means you are going to have a higher net worth, especially when that real estate goes up - even if it doesn't and stays flat, you are going to have a higher net worth than a renter unless that renter puts aside extra money to save...but when rent is higher than a mortgage, where will that money come from?

The ones who are doing better? They got money from their parents for their down payments. Their parents paid for university. They work for their parent's company...and inherit it when mommy and daddy retire. At least that's how it works in my relatively wealthy area (I'm only here because I grew up here before it was a wealthy area and my parents still lived here when I got divorced so I moved 'back home' so the kids could be closer to the grandparents. Of course now my parents are retiring and leaving. Great. Oh, wait, wrong thread for this...lol.)