Toronto had the next most expensive housing market at $33,405 annually for a property at an average price purchased in 2016. It also had the next lowest discretionary income at $3,379 annually for millennial couples who purchased property. By comparison, the average millennial in Edmonton has more than $47,000 in annual discretionary income —the highest in Canada.
Vancity’s research shows that millennials in Vancouver would fare better if they bought a townhouse or condo with discretionary income of $9,549 and $16,442 respectively.
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Even a basic lifestyle could mean millennials in Vancouver going into debt. A study by Vancity found that a typical millennial couple buying an average-priced property in the city would have no discretionary income and would in fact be in debt by $2,745 per year based the cost of homeownership in Vancouver of $44,354.