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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
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.