Vancouver millennials should lower their home-ownership expectations
A new report says home ownership amongst Vancouver Millennials (those born between 1982 and the early 2000s) may be quickly becoming unrealistic. According to Vancity, in Metro Vancouver, the average property now requires more than 48% of the average household’s monthly income — dramatically higher than the debt-load of 32% recommended by the Canada Mortgage and Housing Corporation. If pricing trends continue, a forecast for Metro Vancouver sees the average home price in Vancouver exceeding $2.1 million by 2030—requiring more than 100% of household income to maintain.
Not good news for youngsters who still view home-ownership as a major life goal.
Outside of Vancouver, prices continue to soar, with the report indicating that by 2030 the only affordable suburb in the Metro Vancouver region will be Langley.