From a Studio Apartment to a Large Detached Home: What the Average Peak Millennial Can Afford Across Canada

Posted by Michael La Prairie on Monday, May 14th, 2018 at 10:29am.

What the Average Peak Millennial Can Afford Across Canada

  • 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[1] are seeing significant disparities in
the properties they can afford in the country’s largest cities. With a median salary of $38,148[2], this generation typically has a
maximum home buying budget of $203,246[3]. 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[4], many must either bide their time or look for creative solutions to
finance a home purchase.


Continue reading From a Studio Apartment to a Large Detached Home: What the Average Peak Millennial Can Afford Across Canada on Royal LePage website

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Sign-up Here for Real Estate Updates!