Mississauga is booming. The city is growing rapidly with new apartment buildings, houses, shops, schools, and entire communities being built at an unprecedented rate. As such, Mississauga is becoming a more enticing place to live and we see new people arriving in the city every week, looking for somewhere to live.

That might sound like a good thing but growth at that pace is quite unsustainable and something has got to give. With the city becoming more developed and a more popular destination for people from around the globe, house prices are continuing to escalate at a ridiculous rate. Just so we’re on the same page; it’s not even remotely normal for a home to cost between $400,000 and $1,000,000. That’s a very GTA-specific thing.

A standard three bedroom home with one bathroom and a moderate backyard in the GTA will cost at least half a million dollars. That same house in Calgary, Florida, Germany, or Scotland would cost you roughly $200,000. Point being, house prices in the GTA and Mississauga are exorbitant and it’s leading to a market crash in the not-too-distant future.

In the meantime however, it means that is has become all-but impossible for young couples to buy a home. Now, you’ll often hear that that’s a result of young people just not working hard enough, or that they don’t know how to save money, and so on. In reality, millennial’s are working more and earning less.

Today’s youth are told they absolutely have to go to college. It’s really not even an option anymore; in today’s world, a college degree is the equivalent of a high-school diploma twenty years ago. That means the average person isn’t really getting a chance to start working until they’re 21 or older, but now they’re starting out life some $50,000 in debt. And, best of all, they graduate expecting to find a job in their specialised field but it turns out there are no real jobs, and definitely none for new graduates; every employer wants experienced employees, with no time for training. Not to mention, those expensive colleges don’t do a very good job of training you for the real world, with no emphasis on interview skills, résumé building, or networking.

So the majority of college graduates are forced to get jobs outside of their specialised education; jobs that pay minimum wage or just above. And if you don’t come from a wealthy family where you parents just hand you a credit card or give you a car when you’re sixteen, then you’re going to have a really hard time getting out of that rut.

You’re going to be paying hundreds a month on public transport, living in an expensive city, paying huge rent for a bottom-rung apartment, and the bank is going to charge you fees if you have to dip into your overdraft to buy food that month. So now you’re a hundred dollars or more into the overdraft, and your next pay-cheque will earn a little less because of that, meaning you have to dip back into the overdraft to survive, and thus the cycle repeats until you’re deep in the hole. The system is built to keep you in debt and struggling to make ends meet, you’re not encouraged to prosper.

As such, it’s likely credit scores aren’t in good condition and that’s the least of the person’s concern if they’re struggling to put food on the table. However that, and an obvious inability to save due to low income and high prices, means owning a home is nigh on impossible. Ironically, the people saying millennial’s are destroying everything, lazy, and poor, are the same people who are paying them tuppence and expecting 50+ hour work weeks.

And that’s why it’s nearly impossible for young people to buy a home; the cost of homes is sky-rocketing, while their income is certainly not. Buying a home in the GTA is extremely unlikely for anyone who doesn’t come from a wealthy family, and that means they’re either going to rent their entire lives or leave the area. Neither is good for the economy and something has to change.

The Trudeau Government is aiming to make it easier for young people to own homes by increasing the maximum amortization period to 30 years for first-time buyers, by maximising the amount of RRSP funds first-time buyers can attain through the Home Buyers’ Plan from $25,000 to $35,000, or $70,000 for couples buying together. It also plans to help offset mortgage costs with the new First Time Home Buyers’ Incentive. So there is a small light on the horizon for those who want a home but simply can’t afford it.

So next time you wonder why it is that young people aren’t homeowners by the time they’re 20, maybe take some of this into account. Understand that they’ve been handed nothing in life, have no savings or family to fall back on, and work their butts off just to survive. It’s a hard life out there for millennial and maybe cut them a little slack.