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

Penticton Vees outshoot West Kelowna Warriors but don’t earn the win

The Penticton Vees (7-5-1) outshot the West Kelowna Warriors (7-7-1) by a… Continue reading

Poll: Who do you think will be the next mayor of Penticton?

We are asking Penticton residents to weigh in on who will win the mayor’s seat

Social issues the focus at Penticton mayoral forum

The luncheon provided an opportunity for WIB members and candidates to discuss election issues

Okanagan-Skaha trustee candidates weigh in on past decisions

Candidates gave us their answers at the Penticton and Wine Country Chamber of Commerce event

Area D: Candidates take jabs at past director’s decisions

All three candidates faced off in a forum held in Okanagan Falls

Tommy Chong says cannabis legalization makes him proud to be a Canadian

Legendary marijuana advocate and comedian celebrates cultural milestone at Kelowna event

VOTE: Nature in Focus reader’s choice photo contest

The Penticton Western News Reader’s Choice photo contest

Who’s running in Penticton’s election?

Candidates for the Penticton municipal and school board election

Payette invites critics to ‘come and spend a few days’ with her

Governor General Julie Payette made her first official to B.C. back in March

More pot stores expected in B.C. in coming ‘weeks and months’: attorney general

Attorney General David Eby and Public Safety Minister Mike Farnworth visited the new BC Cannabis Store in the province’s Interior

Telus launches charitable foundation to help vulnerable youth

The Telus Friendly Future Foundation complements other social initiatives by the company, including Mobility for Good

Police say suspicious death of B.C. artist ruled a homicide

Patrick Zube Aylward’s body was found in a residence on a rural road outside of Seton Portage, west of Lillooet, B.C.

Temporary roads being built in areas affected by landslide in northern B.C.

Emergency Management BC news release says Disaster Financial Assistance is available to eligible residents of the Peace River Regional District who may have been affected by the landslides

B.C. tickets win big in Lotto Max draw

Jackpot carried over; B.C. tickets share Max Millions prizes

Most Read