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.