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

Woman speaks out after alleged sexual assault at Duncan Walmart

Allegations launched against man with ties to Ladysmith community

BC local elections: CVRD Area G voters ask questions about water, community centre

Saltair voters gathered under the roof of the community centre, a building… Continue reading

Ladysmith Public Art strategy holding back alleys and forgotten corners walk

Thanks to those who attended our Public Arts 101 Talk at the… Continue reading

BC local elections: Ladysmith town council candidate Amanda Jacobson

Current occupation: I am a mortgage broker; I have been helping people… Continue reading

Fashion Fridays: You can never have enough shoes

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

Feds dead set against ‘ridiculous’ quotas to replace steel, aluminum tariffs

Donald Trump imposed the so-called Section 232 tariffs — 25 per cent on steel and 10 per cent on aluminum — back in June on national security grounds.

Campus brawl leads to charge against B.C. football player

Takudzwa Timothy Brandon Gandire, a 21-year-old defensive back from Vancouver, is charged with assault causing bodily harm.

Stadium vendor seen in pizza spitting video pleads guilty

The 21-year-old’s sentencing is Nov. 15. His lawyer has said he understood what he did was wrong and was remorseful.

5 to start your day

Man killed in shooting at Abbotsford bank, ex-Surrey cop to appear in court after Creep Catchers sting and more

Jury finds Calgary couple guilty in 2013 death of toddler son

Jeromie and Jennifer Clark were found guilty of criminal negligence causing death

Fed report to show $19-billion deficit in 2017-18

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget

Jets score 3 late goals to beat Canucks 4-1

Winnipeg ends three-game Vancouver win streak

San Group announces plans to build new sawmill in Port Alberni

San Group has purchased 25 acres of Catalyst Paper land for expansion

Most Read