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:
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.