Kitchener woman, 35, with zero debt says she just wants a house ‘but it’s proving to be very difficult’

PAYCHEQUE PROJECT

Name, age: Courtney, 35

Annual income: $80,000

Debt: $0

Savings: $48,000 in savings account; $81,000 in TFSA; $50,000 in RRSP

What she does: sales representative for a consumer package goods company

Where she lives: Kitchener, Ont.

Top financial concern: “I want to buy a house but it’s proving to be very difficult. … Maybe I’ll rent for the rest of my life.”

Courtney’s achievements – $179,000 in savings, a secure, good-paying job – have been hard-won. A sales rep at a large consumer package goods firm, she worked her way up from the warehouse floor, where she started in her 20s.

Trained as a physiotherapy assistant, she jumped to retail seven years ago. Her industry is very competitive, she says, adding she feels she should be earning $20,000 more than her current $80,000 salary. She hopes to land a better-paying role within the next year.

She is well aware that she’ll need the extra income if she’s going to be able to afford a home in Kitchener’s overheated housing market. Several years ago, she tried to purchase a duplex with her friend. “We were bidding $800K and things were going for $875K to a million,” she says. Although purchasing a condo was an option a few years ago, Courtney was laid off for a brief period, setting her back. “Now a condo is $550K to $600K and I don’t qualify for that either.” She is still holding out hope for an income property.

Currently, she pays $1,500 in rent for a two-bedroom unit in her friend’s home. She tries to save as much as possible, although postpandemic she likes to socialize, spending $400 a month eating out and meeting up with friends. She also recently travelled to Banff, a short vacation that cost $700.

Courtney is also looking at investing more to grow her money. She currently has $6,000 invested in exchange-traded funds and Canadian bank stocks within her tax-free savings account – a foray she made recently after watching a video of female investors on

We were bidding $800K and things were going for $875K to a million ... Now a condo is $550K to $600K and I don’t qualify for that either.

COURTNEY PAYCHEQUE PROJECT PARTICIPANT

TikTok. She’s currently toying with investing another $1,000 rather than make a large contribution to her RRSP, which she did in 2021. Retirement is currently not a focus for her.

In the meantime, Courtney is watching as many of her friends are getting ahead, many with two incomes and lots of support. Other millennials she knows are in her situation, trying to find an affordable place to live.

“I just want a house. There’s a lot of societal pressure.”

Some details may be changed to protect the privacy of the person profiled. We want to thank her for sharing her story. Are you a millennial who would like to participate in a Paycheque Project? Send us an e-mail: RLuciw@globeandmail.com