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

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fraser Health has announced another COVID exposure at Brookswood Secondary. (Google Maps)
UPDATE: Two elementaries added to Brookswood in latest Langley schools with COVID exposure

Three school alerts Monday follow on the heels of five issued this past weekend

Fort Langley’s proposed new truck route is outlined in red. It would move most truck traffic around the village of Fort Langley. (Langley Township Engineering/Special to the Langley Advance Times)
Fort Langley truck route plans to be decided in 2021

Township council will decide on the project during the budget process next year

(Black Press Media files)
A call for Aldergrove Christmas lights

Send in pictures and addresses so others can see your holiday display

Langley Township and City provide garbage receptacles where people can deposit their bags of dog poop instead of tossing the bags into bushes. (Langley Advance Times)
LETTER: Langley letter writer dumps on irresponsible dog owners

People who don’t clean up their dogs poop or who toss the bags in the bushes irk local resident

People wearing face masks to help curb the spread of COVID-19 cross a street in downtown Vancouver, on Sunday, November 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. reports 17 COVID deaths, 1,933 new cases as hospitalizations surge over the weekend

There are 277 people in hospital, of whom 59 are in ICU or critical care

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers at the project site in Kitimat. This is where several employees are isolating after a COVID-19 outbreak was declared last Thursday (Nov. 19). (Photo courtesy of LNG Canada)
Forty-one positive COVID-19 cases associated with the LNG Canada site outbreak in Kitimat

Thirty-four of the 41 cases remain active, according to Northern Health

Workers arrive at the Lynn Valley Care Centre seniors home, in North Vancouver, B.C., on Saturday, March 14, 2020. It was the site of Canada’s first COVID-19 outbreak in a long-term care facility. THE CANADIAN PRESS/Darryl Dyck
Rapid tests ‘not a panacea’ for care homes, Dr. Bonnie Henry says

B.C. lacks capacity for daily tests of thousands of workers

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

(Delta Police Department photo)
Cannabis edibles found in Halloween bag lead B.C. police to illegal lab

Delta police arrested a man and a woman while executing a warrant at a residential property Nov. 20

A woman being arrested at a Kelowna Value Village after refusing to wear a mask on Nov. 22.(@Jules50278750/Twitter)
VIDEO: Woman arrested for refusing to wear mask at Kelowna Value Village

RCMP claims the woman was uncooperative with officers, striking them a number of times and screaming

B.C. Liberal MLA Shirley Bond questions NDP government ministers in the B.C. legislature, Feb. 19, 2020. (Hansard TV)
Cabinet veteran Shirley Bond chosen interim leader of B.C. Liberals

28-member opposition prepares for December legislature session

Motorists wait to enter a Fraser Health COVID-19 testing facility, in Surrey, B.C., on Monday, November 9, 2020. THE CANADIAN PRESS/Darryl Dyck
COVID-19: What do rising positivity rates mean for B.C.? It’s not entirely clear

Coronavirus cases are on the rise but the province has not unveiled clear thresholds for further measures

Most Read