93 per cent of millennials say Vancouver homes are unaffordable

More than two thirds of millennials in Vancouver have considered leaving the city but most expect to still be there in 5 years. A survey by Vancity found that, although 68 per cent have thought about giving up on Vancouver, 83 per cent say they will still be in the metro in 5 years. Jobs, lifestyle, family and friends are major factors in the expectation to remain.

Of the issues that drive thoughts of leaving, 93 per cent say that buying a home is unaffordable in the metro and 66 per cent say the same of rents. Most respondents expect to buy a home in the future although that may be 10 years away.

Such is the strength of desire to stay in Metro Vancouver that respondents say that they are willing to make trade-offs such as spending less or eating out less, living in a smaller home or starting a family later. Twenty-none per cent say they will stay in the city even if that means giving up on the dream of homeownership.

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