The economy in British Columbia may be benefitting those who are working in areas like real estate and home constructions, but it’s not doing anything to help young people. According to a report released by Generation Squeeze, an organization that advocates for young people.
Rather than look at common economic health factors such as the unemployment rate or gross domestic product, the report looked at the incomes, costs of living and personal debt levels in BC.
It found that on average, people aged 25 to 44 years old earn $8,000 to $10,000 less today than they did in the late 1970s.
“It took five years of full-time work to save a 20-per-cent down payment on an average home in 1976 to 80. It took eight years when the BC Liberals came to power in 2001,” the report said. “Now it takes 19 years.”