The dream of home ownership that may have seemed attainable to some with record low interests rates has faded because of high house prices, according to a recent Bank of Montreal survey, and young people in the Metro Vancouver are feeling the pinch more than anywhere else.
According to the survey, Metro Vancouver residents expect to pay $506,500 on average for their first home and are looking to the bank of mom and dad to help - 40% compared to 30% elsewhere in Canada.
For those who can't depend on their parents' deep pockets, belt-tightening and lifestyle alterations (fewer lattes and cappuccinos) are being made by 60% of first-time home buyers in order to save for a down payment. A majority also said their home-buying timeline has been delayed.
This kind of information, though interesting, is really not news. Canada was built on the backs of young people leaving home to make better lives for themselves and we can expect to see more outward migration to other, less costly parts of Canada.
But this trend could make B.C. the land of retirees, while other provinces reap the benefits of having a younger, more mobile population.
