Housing market really tough for Millennia’ls to afford; Canadian household debt still near record highs
Millennial’s finding it near impossible to buy houses at current prices
Either the average price of houses would have to be cut in half or wages would have to double for millennials to afford a home. That is from a new report by Generation Squeeze. The group says the current housing market paints a troubling portrait of how expensive the country is for those aged 25 to 34.
Bank of Canada concerned households won’t be able to afford higher interest rates
Household debt was down over the first quarter of the year but still remains near the record high. Global news reported the Statistics Canada numbers and added the Bank of Canada has some concerns over them. It is afraid Canadians might not be able to cope when interest rates inevitably go up.
Device to regulate the time truck drivers spend behind wheel to come by 2021
Electronic logging devices will become mandatory for those driving federally regulated commercial trucks. The idea is to reduce fatigue and make the roads safer for everyone. The device will track how long the driver has been behind the wheel. They won’t become mandatory for another two years though.
Those who can’t afford lawyers may not be able to get bail thanks to new cuts
Ontario lawyers are warning cuts to the legal aid system will clog up the courts and prevent people from getting bail. Doug Ford’s government announced a $133 million cut to the agency’s budget. That means anyone who can’t afford a lawyer will no longer get funding to hire one. They will have to be represented by duty counsel.