Young Canadians, the largest demographic in the country, are facing a disappointing federal budget delivered by Finance Minister Chrystia Freeland. The budget has done little to address their concerns, especially regarding the housing crisis.
Real estate prices in big cities like Vancouver and Toronto are overpriced, and the cost of renting is increasing steadily. Buying a house has become even more difficult with the rise of interest rates, forcing many young people to delay their dreams of homeownership. This crisis is having negative consequences, including smaller family sizes, delayed retirement savings, and people being pushed out of the city towards more affordable markets. Young people are being priced out of Canada’s biggest cities, as recent net migration data shows.
Climate change is another area where young Canadians are being let down. The federal government has done more than any other government before it, but it’s still not enough to address the threat of a rapidly warming planet. The Intergovernmental Panel on Climate Change (IPCC) has warned that we’re not moving fast enough to prevent the worst possible outcomes of climate change, and it’s the younger generation that will be affected the most.
Seniors are receiving more help than they need, while young Canadians are being let down. Old Age Security benefits are generous, with the full amount available to those with incomes as high as $81,000, and partial payouts made to those making $130,000 a year. The federal government even gave a one-time $500 bonus to anyone over 75 who was eligible for OAS in the last budget. This is funded by today’s taxpayers, who are already facing higher costs for education and housing compared to today’s retirees.
The federal budget has failed to address these issues, which will only hurt young Canadians further. Instead, it focuses on other areas that may not benefit young people directly, such as clean energy initiatives.
Young Canadians are also facing other challenges, such as student debt and job insecurity. The budget could have addressed these issues by providing tax credits for debt consolidation and incentivizing employers to create more stable jobs, but it has failed to do so. Consequently, it’s time for the government to prioritize the needs of young people in Canada and address the housing crisis, climate change, student debt, job insecurity, and government prioritization. Otherwise, Canada’s younger generation will continue to be left behind.