High property prices are pushing millennials out of Vancouver. (Wikimedia Commons)

Millennials in Vancouver get least value for their real estate dollar: report

A 20% down payment in Greater Vancouver will you a home in Moncton

What kind of house can the average millennial afford to buy, depending on where they want to live in Canada?

People aged 25 to 31 years old earn an average salary of about $38,000 a year, according to a report Thursday by Royal LePage, which translates into a typical maximum homebuying budget of about $203,000.

That won’t go very far. The aggregate Canadian home value sits at about $605,500, Royal LePage says.

“A growing number of peak millennials will save, pool their money with a partner and/or borrow funds from their parents, many of whom are downsizing in retirement and can financially contribute to their child’s first home purchase,” the real estate company said in a release.

“While peak millennials are largely able to afford their monthly mortgage expenses, coming up with an adequate down payment often proves to be the greatest hurdle to homeownership among the demographic.”

A 20-per-cent down payment for a home in Greater Vancouver or the Greater Toronto Area – about $160,000 – is about the same price as a home in Moncton.

READ MORE: Strict mortgage rules slow B.C. home sales

The average Canadian home was listed for $325,000 to 425,000 in the first quarter of the year, and got you 1,269 sq. ft. spread out over 2.7 bedrooms and 1.8 bathrooms.

In Greater Vancouver, that cash would only buy you 788 sq. ft. with 1.5 bedrooms and 1.2 bathrooms.

That’s if you can even get them. There were only five active listings in Vancouver itself between $325,000 and $425,000.

Millennials are already buying the least expensive homes at the bottom of the housing market, said Royal LePage advisor Adil Dinani.

But with housing prices continuing to rise, he said, they’re starting to compete with homebuyers who wouldn’t usually be buying cheaper homes.

“From what we are observing, the majority of purchasers within this age range are getting assistance from their families to find enough money for a down payment on a starter home,” said Dinani.


Like us on Facebook and follow us on Twitter.

Just Posted

Bradner hosts 100th annual May Day celebration

Parade and country fair take place in Abbotsford on Monday, May 20

United voice calls for more senior services in Aldergrove

‘The people here deserve more’ says founder of the local Seniors Resource Fair

Aldergrove’s water park opens to public at discounted rates

Though the pool remains closed, the Township has decided to charge a toonie for admission

Fraser Valley pup trained in Aldergrove co-stars in A Dog’s Journey

Film premiers this weekend, starting Friday in Canadian theatres

Homeless woman unsuccessful in lawsuit against government

A Langley homeless woman tried to sue Victoria and Ottawa

QUIZ: Test your knowledge of Victoria Day

How much do you know about the monarch whose day we celebrate each May?

UPDATE: Multi-vehicle crash on Highway 1 east of Chilliwack

First responders on scene with multiple patients from four vehicles involved in westbound lanes

Police watchdog investigating motorcycle crash in Kamloops

A Kamloops Mountie had stopped the driver for speeding, but they raced off from the 0fficer

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

The father and two youngesters fell down a steep and treachorous cliff while hiking on Burke Mountain

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Rescue crews suspend search for Okanagan kayaker missing for three days

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Most Read