Young people paying 'astronomically living expenses': insolvency trustee

Following reports that younger Canadians are willing to make sacrifices to own a home, insolvency trustees say many should consider renting instead.

Rob Kilner, an insolvency trustee with Spergel, said in a news release on Wednesday that many younger Canadians should choose to rent. He said he sees a lot of “entitlement” among younger people as salaries have not kept pace with inflation and rising home prices amid higher interest rates. 

“Someone will say ‘I deserve a house by myself.’ Well, sometimes you can’t afford a home by yourself. You might need a roommate,” he said. 

“You now have a younger generation who are paying astronomically high living expenses. They are taking the beating the most. It’s almost like the older generation took up the ladder with them, and said ‘good luck climbing the wall.’”