The average Canadian peak millennial’s purchasing power dropped by approximately 16.5% ($40,103) after the introduction of the OSFI stress test
Peak millennials can expect 12% less living space on average in Greater Vancouver compared to last year
The footprint of a typical peak millennial property grew in the Greater Toronto Area as properties affordable to this demographic continued to move away from the city centre
A peak millennial can purchase a home in Moncton, New Brunswick for the cost of the 20 per cent down payment on a home in the market segment accessible to them in the Greater Toronto Area or Greater Vancouver
According to Royal LePage, Canada’s leading real estate services provider, peak millennials are seeing significant disparities in the properties they can afford in the country’s largest cities. With a median salary of $38,148, this generation typically has a maximum home buying budget of $203,246. This factors in a 20 per cent down payment, and the impact of OSFI’s new stress test, which has reduced the average peak millennial’s purchasing power by approximately 16.5 per cent, or $40,103. However, given that the aggregate Canadian home value currently rests at $605,512, many must either bide their time or look for creative solutions to finance a home purchase.