Why the Canadian dream is dead... and everyone is leaving.

About this video

• Video Title: Why the Canadian dream is dead... and everyone is leaving.
• Channel: brokethehabit
• Speakers: Narrator (implied), James
• Duration: 00:13:55

Overview

This video discusses the challenges of achieving the "Canadian dream," particularly in Vancouver, focusing on the high cost of living, housing affordability, and the difficulties faced by younger generations. It features a conversation with James, a 27-year-old mechanical engineer earning six figures, who shares his personal experiences with rent, savings, and his outlook on homeownership in Vancouver. The video also touches on social issues like homelessness and drug addiction, the quality of healthcare, and the importance of networking for career advancement.

Key takeaways

• High Cost of Living in Vancouver: Rent for a one-bedroom basement suite can be $1350, while a two-bedroom in a high-rise was previously $2400 plus utilities. Groceries can cost around $500 per month for someone mindful of their budget.
• Housing Affordability Crisis: Houses in Vancouver average $1.2 to $2 million, requiring an income of $250k-300k to qualify for a mortgage, not including the significant down payment needed. The dream of homeownership is out of reach for many young Canadians.
• Career and Networking: While hard work is important, knowing the right people and having connections can significantly impact career progression and opportunities. This is crucial for advancement beyond a scarcity mindset.
• Social Issues and Quality of Life: Vancouver faces challenges with homelessness and drug addiction, though residents can become desensitized. Healthcare is free but can involve long wait times. The city offers proximity to nature, which is a significant draw for many.
• Financial Realities for Young Canadians: Saving a significant amount for a down payment is extremely difficult, making it challenging to buy even a small apartment, let alone a house suitable for raising a family. Many consider leaving Canada for better financial prospects.