Most Metro Vancouver millennials have considered leaving due to affordability challenges
Posted May 16, 2016 11:58 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Have you thought about throwing in the towel and leaving Metro Vancouver, due to the high cost of living?
A new survey from VanCity indicates 68 per cent of millennials have toyed with that idea.
“It’s an uh-oh kind of stat,” says William Azaroff, Vancity’s vice-president of community investment. “But then, 83 per cent say that in five years they expect to still be living here. So, it means people are thinking about leaving, but ultimately do want to set down roots and find creative solutions to build a life here.”
The biggest cause of concern is housing, with 93 per cent of those surveyed saying home ownership is unaffordable.
Even renting is a drag, with two in three people involved describing it in similar terms.
“Shelter, whether you are paying a mortgage or paying rent, is becoming harder and harder to budget for,” says Azaroff. “It means you have to have trade-offs, and you have to have creative solutions.”
This comes as BMO releases its own survey of millennials, in which 44 per cent of those who participated say they believe home ownership here will always be out of reach.
