Friday, October 21, 2016

New mortgage rules mean raising babies in apartments, financial planner says

By Muriel Draaisma, CBC News Posted: Oct 17, 2016 3:24 PM ET Last Updated: Oct 17, 2016 3:43 PM ET

Shannon Lee Simmons says millennials may have to put off dreams of home ownership for now

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.
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