(We’ve followed Canada’s housing crisis closely and have written a good deal about how the situation fits in with the rest of the world.)
When you are one of a generation of young people who have begun to experience a struggle to find jobs, end up in debt and become saddled with ever-increasing house prices, it can feel like there is no end in sight. And often, you are right. But you could start by taking advice from Dursun Shirinian, a 27-year-old law school graduate who recently graduated from the University of Toronto and moved into a smaller apartment close to a pub in Toronto’s campus district.
His advice to his fellow students is simple: downsize. Mr. Shirinian believes that lower rent and fewer responsibilities are the reason his own living situation has a degree of stability.
“There is a strong argument to say that the secret to building a sturdy financial safety net is to lower your commitments,” Mr. Shirinian said. “And the most important one is that you get your living space into a more manageable space.”