While a majority of Millennials may think a detached home is an excellent investment, many will have to revise their goals in Metro Vancouver. A new report from Vancity states that the average property—with values having increased by more than 126% since 2005—requires over 48% of the average household’s monthly income. If trends continue, the report notes, the average home price in Vancouver could exceed $2.1M by 2030, requiring more than 100% of household income to maintain. (Wait, isn’t that impossible?)
Why Millennials Should Forget About House Ownership
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Related Topics:
Affordability
, Housing
, Metro Vancouver
, Millennials
, Vancity
, Vancouver City Savings Credit Union
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