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.
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.