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

Caribou Rainforest book tour arrives in Revelstoke

The book is being released just when caribou have become extinct in the contiguous United States.

Columbia Kootenay Cultural Alliance accepting applications for art grants

Artists in all disciplines—as well as arts and culture organizations—are invited to… Continue reading

Soon-to-be-extinct caribou moved north of Revelstoke

The three caribou are currently being held in maternal pens on the westside of Lake Revelstoke

Syrian family soon to arrive in Revelstoke

Revelstoke for Refuges held an information session at the library on the soon-to-be Revelstokians

Revelstoke resident creates global sport training program

The 20 hour course teaches the science and application of interval training at the university level

VIDEO: Students in MAGA hats mock Native American at Indigenous Peoples March

Diocese in Kentucky says it is investigating the matter, caught on video by onlookers

CONSUMER REPORT: What to buy each month in 2019 to save money

Resolve to buy all of the things you want and need, but pay less money for them

Want to avoid the speculation tax on your vacant home? Rent it out, Horgan says

Premier John Horgan and Sheila Malcolmson say speculation and vacancy tax addresses homelessness

UPDATE: B.C. woman and boy, 6, found safe, RCMP confirm

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

PHOTOS: Women’s Marches take to the streets across B.C. and beyond

Women and allies marched worldwide protesting violence against women, calling for equality

Anxiety in Alaska as endless aftershocks rattle residents

Seismologists expect the temblors to continue for months, although the frequency has lessened

Women’s March returns across the U.S. amid shutdown and controversy

The original march in 2017, the day after President Donald Trump’s inauguration, drew hundreds of thousands of people

Federal Liberals announce former B.C. MLA as new candidate in byelection

Richard Lee will face off against federal NDP leader Jagmeet Singh

No winning ticket in $10 million Lotto Max jackpot

No win in Friday night’s draw means the next Lotto Max draw will be approximately $17 million

Most Read