Okay sooo, like, guess what? Young Canadians under 30 are literally drowning in mortgage drama, and it’s not even a cute struggle. Like, according to this super serious credit agency TransUnion (which, btw, sounds like a futuristic robot), younger homeowners are falling behind on their mortgage payments seven times more than the rest of the population. SEVEN. TIMES. Girl, what?
So here’s the sitch: if you’re 29 or 30, there’s, like, a 1% chance you’re already missing mortgage payments. And that doesn’t sound huge until you realize the national average is, like, 0.12%. Translation? Everyone else is kinda holding it together, and young buyers are, well, kinda not.
And it’s not even people with bad credit! We’re talking about super-prime borrowers here—people with 800+ credit scores, which is basically, like, an A++ in adulting. Even they are struggling. Yikes.
The financial gossip guy at TransUnion spilled the tea that younger buyers just don’t have the emergency cash to cover, like, all the “surprise!” expenses that come with buying a house. Like, who knew a hot water tank could cost more than your trip to Coachella?
Also? Interest rates are sooo high right now. What was once a “cute lil mortgage” is now, like, a monster payment.
So many first-time buyers got help from mom and dad for their down payments (because obvi), but then they’re like, “Wait, I need to also pay for furniture and gas and food?” Um, yeah. Welcome to adulthood, sweetie.
Credit Canada, which is basically a fairy godmother for people in money messes, said it’s super concerning that around 1% of late-20s people are already behind. Also, like, job stuff is making things worse—because unemployment is, like, totally higher for the under-30 crowd. Add to that the fact that condo values are flopping harder than a failed influencer collab, and now selling your place isn’t even a cute way out anymore.
Meanwhile in Calgary, mortgage brokers say they are doing more financial therapy than, like, actual mortgage work. People are extending amortization periods (whatever that means—sounds exhausting), or just, like, combining all their debts to make things feel less scary.
They say even a $400 jump in monthly payments can be a total meltdown moment. And with groceries, gas, and literally everything else costing more than it did last week, that’s, like, understandable.
And then there’s Farber, which helps people who are financially freaking out. They say young people aren’t coming to them yet because they’re clinging to bad loans and payday lenders like a toxic ex. Plus, there’s, like, this whole vibe of shame around asking for help, which is soooo 2008.
Some advice? Don’t wait until you’re in a full-on debt disaster. Call someone. Ask questions. Be proactive. (But like, also, take a deep breath and grab an oat milk latte—self-care matters.)
So yeah, if you’re young, cute, and totally overwhelmed by your mortgage… you’re not alone. And maybe next time, don’t let your real estate FOMO lead you into a 25-year panic attack. Kisses!
XOXO,
Valley Girl News
