The report, from Generation Squeeze, reveals that buying an average home will mean 12 years of saving for a downpayment nationally but in Toronto it takes 15 years, BC overall will take 16 years and in Vancouver it’s 23 years.
UBC professor Dr Paul Kershaw, who co-authored the report says: “Even at historically low interest rates it then takes the typical young Canadian an extra month of work per year to pay the mortgage. In Metro Toronto and all of BC it takes an extra 2.5 months.”
Generation Squeeze has been running its Code Red campaign over the past year and eventually aims to encourage all provincial and federal political parties to adopt bold policy adaptations that are capable of reining in housing markets. Over the next year, the campaign will focus primarily in BC in anticipation of the 2017 provincial election.
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Buying a home in Vancouver has never been more expensive and a new report shows that to save for a downpayment now takes almost a quarter of a century!