Vancouver millennials risk debt while pursuing home ownership dreams: report
VANCOUVER — A new report says soaring property prices and lower incomes in Vancouver are leaving many young homeowners in debt compared to millennials in 10 other Canadian cities.
Vancity Credit Union finds that a typical couple aged 25 to 34, with a combined annual income of about $72,000, faces a monthly debt of $2,745 after property costs and other essentials such as taxes, food, utilities and transportation.
The report says the lack of purchasing power is greatest in Vancouver, but that so-called millennials in Toronto are close behind with just over $3,300 remaining after housing and other basic costs are paid.
That compares with home-owning millennials in Edmonton, who hang onto more than $47,000 in discretionary funds, the highest in Canada.