You Could Fit Every Young Homeowner In BC Into 2 Canadian Stadiums With Room To Spare

The info from StatCan does not bode well for this country's millennials. 😭

You Could Fit Every Young Homeowner In BC Into 2 Canadian Stadiums With Room To Spare

It's apparently so hard to own real estate in B.C. as someone aged 18 to 34 that less than 100,000 people are currently doing it.

According to a new report from RE/MAX, only 96,723 people aged 18-34 are homeowners in BC — almost 15,000 fewer people than the combined capacity limits of Edmonton's Commonwealth Stadium and Vancouver's BC Place!

The report is based on figures from Statistics Canada, and it's not easy viewing for millennials. While there are 833,303 people aged 18 to 34 that aren't homeowners, there are only 96,723 who are — a measly 10.4%.

Meanwhile, 37.5% of British Columbians aged 35 to 54 and 52.2% of those aged 55+ own their own homes. It's a very similar story in Ontario, too, where only 11.3% of 18- to 34-year-olds can call their house or apartment their own.

RE/MAX said that Canadians can expect it to be harder to purchase a home these days, due in part to low supply and rising prices.

"Conditions are easing and stabilizing, but the post-COVID housing market undoubtedly looks very different," Remax wrote.

Narcity Surveys 📋

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

An entire private island in B.C. is for sale, and it's actually cheaper than the typical detached home in Vancouver.

Why bother buying a house in the city, when you can get a whole island to enjoy, for less money!

Keep Reading Show less

A stunning, view-filled downtown Vancouver condo has hit the market — and it comes complete with a Hollywood backstory.

The five-bedroom, seven-bathroom condo at the One Sheraton Wall Centre (3603-938 Nelson Street) was once owned by Hollywood actor and marital arts legend Jean-Claude Van Damme (a fun fact sure to entertain guests).

Keep Reading Show less

Vancouver is known for its expensive cost of living, which gets especially tricky if you want to have kids. Some people have decided that it's not worth it to start a family here and are packing their bags.

Inevitably, kids require people to spend more money. In a city that already has super high rent and home prices, it makes sense that some people don't want — or financially can't afford — to have children there.

Keep Reading Show less

In the midst of all the defeating headlines that keep young would-be homebuyers up at night, there’s a glimmer of hope — well, depending how you look at it — on the housing price front in British Columbia (BC).

According to the BC Real Estate Association (BCREA), the province’s real estate sales could drop 25% after the Bank of Canada’s anticipated rate tightening — and prices could finally moderate too.

Keep Reading Show less