If you’re a millennial and you’re wondering how long it will likely take you to save up a down payment to buy an average place in Vancouver, you don’t need to do much math. The time it takes is close to the number of years you’ve been alive: 29 years.
That’s the harsh reality in Canada’s major urban centres, according to a recent report by Generation Squeeze, a non-profit that advocates on behalf of young Canadians. The average time it takes to save up for a home in Toronto is 21 years. And it’s not just Toronto and Vancouver’s housing markets that are increasingly tough to get into—unaffordability extends to places such as Victoria (17 years), Kelowna, B.C. (13), and Kitchener, ON (12).
According to lead author Paul Kershaw, the data shows an urgent need for action from politicians, and a need to fight collective complacency. “We’ve normalized the idea that it’s OK that our housing market is so much worse for younger Canadians today, whether it’s owners or renters facing higher rents.”
It wasn’t always like this though. Back in 1976, it took the average person aged 25 to 34, working full-time, five years to save up 20 percent of the average home price for a down payment. Today, across Canada, it takes 13 years.
Continue to read on: VICE