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

Surging Valley Huskers stun Okanagan Sun

The perenial doormat Huskers beat the perenial powerhouse Sun 22-18 in Chilliwack Saturday night.

Chilliwack soccer star helps UBC Thunderbirds get preseason hype

Coming off a stellar rookie season, Victory Shumbusho is one of UBC’s most dangerous scorers.

Documentary filmed in Chilliwack nominated in the ‘Wildlife Oscars’

Toad People is the only Canadian film to be nominated in this year’s Panda Wilderness Awards

Regional fire and police resources head up to B.C. wildfire fire zone

Both equipment and personnel are offering fire relief, traffic control, and more as needed

Chilliwack transit service expands this September

Among the service improvements includes expansion of the Fraser Valley Express, Route 66

VIDEO: Mud racing makes annual Chilliwack stop

Family-friendly North West Mud Racing Association event returns for fourth stop of circuit

B.C. team stays alive in Little League World Series after another nail-biter

Surrey-based squad scored a 6-4 win over Mexico reps in Williamsport on Monday

Kids, seniors at risk as smoke from distant fires hangs over parts of B.C.

B.C. Centre for Disease Control says children’s lungs don’t fully develop until about age 10

B.C. mother charged in 7-year-old daughter’s death appears in court

The 36-year-old mother, of Langley’s Aaliyah Rosa, has been charged with second-degree murder

VIDEO: Teen soccer phenomenon Alphonso Davies to visit B.C. kids camp

The 17-year-old Vancouver Whitecap player is one of the youngest players in MLS history

Local libraries offer interactive digital novel

Inanimate Alice uses virtual reality systems

New plan to lift more than two million people past the poverty line

Anti-poverty strategy will aim for 50 per cent cut in low-income rates: source

Liberals scrap lottery system for reuniting immigrants with their parents

Lottery for parent sponsorship to be replaced, more applications to be accepted

More bus trips coming to Metro Vancouver this fall

TransLink touts improvements when fall service changes take effect Sept. 34

Most Read