Millennials Literally Can’t Afford to Live in Vancouver Anymore

Buying a home anywhere in Canada is a major challenge for millennials.

In Vancouver, however, it’s essentially downright impossible.

A recent report by Vancity credit union took a look at how much money Vancouver millennials have left over after paying for housing and other necessities. Turns out they have nothing at all left over. Even worse – they have negative money left over.

Yes, millennials in Vancouver are going into debt just for the privilege of existing in the fifth-best city in the world.

This graph created by the Huffington Post using Vancity’s data illustrates just how insane the situation is:

That’s almost $3,000 of annual debt for purchasing a home at an average price – $1,403,200 last month (single-family home), a 30.1 per cent increase from last year.

Like this multi-million dollar pile of scraps, for example.

Vancity’s report is based on the assumption that a millennial household in Vancouver has an earning income of just over $72,000.

Condos, meanwhile, are another story. According to the data, the most significant financial strain for condo-buying millennials exists in Toronto:

The lesson here? Buy in Edmonton, obviously.