Average millennial could wait 150+ years to buy home in one B.C. city: report

A new report suggests the average Canadian saves just 4.4 per cent of their income

The average millennial, saving the average amount, could be stuck waiting 160 years before being able to afford a down payment on a West Vancouver home.

That’s according to real estate firm Point2Homes, which in a report released Monday found that the average Canadian saved just 4.4 per cent of their income every month.

Combined with the median income for a millennial family in West Vancouver, it would take that family 160 years to put down a $508,000 down payment on an average home worth $2.54 million.

READ MORE: Greater Vancouver condo prices jump 18% in second quarter: report

READ MORE: $500K can buy you a lot or a little space in Canada: report

It gets a bit better for the number two spot: in Vancouver, the average millennial family earning a median income of $72,390 would take 89 years to save for a $283,346 down payment on a $1.41-million home.

In short, if you’re a millennial, looking to buy a home within your lifetime in B.C., you might want to skip West Vancouver, Vancouver, North Vancouver and Richmond.

The average millennial family saving 4.4 per cent of their income wouldn’t be able to purchase a home in any of those cities for at least 65 years.

In a list of Canada’s 40 most affordable cities, nowhere in B.C. makes the list until number 36 with Prince George.

According to the statistics, it would take the average millennial family just four years to save up a $17,824 down payment for a $356,478 home.

How long will it take you to buy a home? by Kat Slepian on Scribd


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Dry weather leads to historic low water levels in local rivers

The prolonged cold, coupled with the lack of precipitation, has contributed to the situation

Bella Coola businesses still eligible for Wildfire Business Transition Training Program

Small businesses are eligible to apply for reimbursement of training expenses up to $10,000

Bill passes to make Sept. 30 National Day for Truth and Reconciliation statutory holiday

Residential school survivor Phyllis Webstad and CRD Area F director Joan Sorley were in Ottawa for the vote

Wally Webber elected to fourth term as Nuxalk Chief Councilor

Webber took the win with 174 votes out of a total of 389

Bella Coola expected to be hottest spot in B.C. today

Temperatures are predicted to rise to 18 C

Edmonton judge rules Omar Khadr’s sentence has expired

Eight-year sentence imposed in 2010 would have ended last October had Khadr remained in custody

Sources say Trudeau rejected Wilson-Raybould’s conservative pick for high court

Wilson-Raybould said Monday “there was no conflict between the PM and myself”

First Nations public art piece stolen in Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Father-son duo at B.C. Children’s Hospital helps new dads fight depression

The pair teamed up to introduce the only known research-based mindfulness workshop for new dads

Mexican restaurant in B.C. told to take down Mexican flag

General manager of Primo’s Mexican Grill in White Rock: ‘I’ve never heard of anything like this’

B.C. NDP moves to provide tax credits, tax cut for LNG Canada

Provincial sales tax break of $596 million repayable after construction

COLUMN: Smart phone too powerful a tool to yank from students’ hands

Rather than ban them from schools, let’s teach kids to harness their phone’s power and use it properly

B.C. river cleanup crew finds bag of discarded sex toys

Chilliwack volunteers stumble on unexpected find while removing 600 lbs of trash from riverway

Trudeau sells housing plan in visit to hot real estate market in B.C.

Trudeau said the budget contains measures to help first-time buyers

Most Read