Most ‘peak millennials’ in B.C. say they can’t afford a home: survey

New research suggests four-fifths of those ages 25-30 don’t think they can buy in the next five years

Four out of five ‘peak millennials’ in B.C. don’t think they can afford a home, a new Royal LePage survey suggests.

The province has the highest percentage of 25- to 30-year-olds who believe they won’t be able to buy a home within the next five years, at a rate of 20-30 per cent higher than anywhere else in Canada.

With the number of ‘peak millennials’ set to increase by 17 per cent by 2021, the survey suggests the age group is set to be the driving force in the Canadian real estate market, whethey they choose to buy or rent.

Most millennials across the country yearned for a traditional standalone home, the survey said, but high housing prices in B.C. are pushing them towards lower-cost options, with 43 per cent looking to buy a condo or townhome.

It might be for good reason. When the survey compared how many square feet that $350,000 would buy across Canada, B.C. came out at the bottom of the list, with an average of 1,187 sq. ft.

That compares to the Canadian average of 1,272 sq. ft. Ontario came in second to last with 1,338 sq. ft., while those looking for the most value should head to Atlantic Canada where they can get 1,934 sq. ft.

City-wise, B.C. had the worst deals again, with $350,000 in the Greater Vancouver area only buying a two-bedroom 879-sq.-ft. condo.

The Greater Toronto area came close with a two-bedroom 910-sq.-ft. condo. The two best places to buy were Fredericton and Charlottetown, with a four-bedroom 2,568-sq.-ft. house and a four-bedroom 2,379-sq.-ft. house, respectively.

Just Posted

Pair of Rockets added to NHL team’s prospect showcase

Kelowna’s Kyle Topping and Lief Mattson were added to the Carolina Hurricanes prospect roster

B.C. Culture Days hits Kelowna next month

The event will offer a variety of free activities in Kelowna, West Kelowna and Lake Country

Vernon man facing drug trafficking charges in Kelowna

The man was found with suspected cocaine, heroin and fentanyl and thousands of dollars in cash

Lawyers to hold pro bono ‘advice-a-thon’ in Kelowna’s City Park

Free legal advice will be given to low-income Kelowna residents from 10am-2pm on Sept. 10

Hell’s Angel prospect back in custody after being charged with assault

The 30-year-old man now faces several additional charges

Grass fire breaks out on highway south of Vernon

Highway 97 traffic slowed as firefighters snuff grass fire

Wildfire sparks beside Highway 3 west of Keremeos

A wildfire on the side of Highway 3 just west of Keremeos… Continue reading

Summerland relaunches net metering program

Event open house will be held Aug. 27 from 3 to 6 p.m in Arena Banquet Room

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Jaws of Life used to rescue driver in North Okanagan crash

Single-vehicle MVI causes traffic delays on Highway 6

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

Preliminary inquiry set for accused Penticton killer

John Brittain, 68, will be back in Penticton court from Jan. 27 to 31

Most Read