Introducing Ashley of My Mortgage Diary
“What do you do for a living?” a question that many university graduates like Ashley dread hearing. Despite holding multiple university degrees, years of volunteer work and maintaining steady part-time employment – Ashley has not been able to find employment beyond odd jobs.
The painful statistic is that while the Canadian economy is gaining more jobs, driving the overall unemployment rate down to 7.0%, the rate remains 14.0% for youth.
Many refer to Ashley’s generation as NINJA: No Income, No Job, and No Assets. But whose fault is it really? When tuition rates are double what they were in 1996, and the average job pays less than $15 per hour, how is one supposed pay down their student debt but also get ready for the next steps in life.
Like Ashley, many adults in their mid-twenties to thirties are considering settling down and buying a house.
The first step recommended by many mortgage professionals is to start saving for your down payment.
Yes, money is tight. We get it. But we are challenging our friend Ashley to put the money she would normally spend on magazines every month (approximately $30) towards saving for her down payment.
The first step you take doesn’t have to be a leap – you just need to start. We will be following Ashley, with weekly posts entitled My Mortgage Diary, on her journey from being a university NINJA to potentially buying her own home.
Catch up with us next week for more ideas on saving for your down payment!