[URBAN NOTE] "New mortgage rules mean raising babies in apartments, financial planner says"
CBC News' Muriel Draaisma shares a warning from a financial planner that, to be honest, does not sound like much of a warning. What's wrong with raising children in apartments, so long as their neighbourhoods are adequately developed to support them?
New mortgage rules that took effect on Monday will likely mean many millennials will have to raise infants in apartments, says a Toronto financial planner.
Shannon Lee Simmons, a certified financial planner at the New School of Finance in Toronto, told CBC's Metro Morning on Monday that many millennials hoping to buy their first homes may have to rent for a little longer, maybe even three to five years.
"We are all going to be raising babies in apartments. That's what it's going to come down to," Simmons said.
Her advice to millennials, of which she is one, is accept their plight, don't overdo it on rent, stay in an apartment with affordable rent for three to five years, start your family, pay for day care and come out the other side with savings.
"Accept your fate a little bit," she said.
New mortgage rules that took effect on Monday will likely mean many millennials will have to raise infants in apartments, says a Toronto financial planner.
Shannon Lee Simmons, a certified financial planner at the New School of Finance in Toronto, told CBC's Metro Morning on Monday that many millennials hoping to buy their first homes may have to rent for a little longer, maybe even three to five years.
"We are all going to be raising babies in apartments. That's what it's going to come down to," Simmons said.
Her advice to millennials, of which she is one, is accept their plight, don't overdo it on rent, stay in an apartment with affordable rent for three to five years, start your family, pay for day care and come out the other side with savings.
"Accept your fate a little bit," she said.