Millennials who are saddled with debt such as costly mortgages might well bear the brunt of higher interest rates in the months to come, a new RBC report argues.

Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Can confirm we’re sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can’t imagine them being any lower than 300-350%.

  • GrindingGears@lemmy.ca
    1·
    1 year ago

    How does $1k CAD a month equate into 1.5 million euros though? $1k a month is $12k a year. $120k over 10 years. Hell if you stuck $120k CAD in a bank account making 6% for 10 years, you’d have like what, $220k? 1.5 million euros is $2.2million Canadian. Come on.

    • n2burns@lemmy.ca
      1·
      1 year ago

      How does $1k CAD a month equate into 1.5 million euros though?

      The first is the average owner’s annual costs, the second is the upper bound on the total cost to the owner and society at large over a lifetime (with €500k being the lower bound).