Are we in for a lifetime of debt? According to our Cost of the Future study, Canadians are staring down some of the longest debt repayment plans ever – and they’re kicked off by sky-high tuition costs.
As the price tag for our standard of living balloons, we wondered: should today’s post-secondary students despair over their financial milestones? By analyzing the average tuition costs, undergrads and starting salaries, we got to the bottom of tuition debt – and the effect it will have for years to come.
Key Highlights From Our Findings:
- 14 Years: The length of time the average Canadian faces university debt repayment.
- 12 Years: The length of time the average Canadian needs to save a 5% down payment on a home.
- 21 Years: The length of time the average Canadian needs to save a 10% down payment on a home.
- $553,008: The projected average price of a Canadian home in 2020.