How Much Do Millennials Really Need to Afford a House in Vancouver?

It’s indisputable that Vancouver is a wonderful place to live. There’s a little bit of something for everyone there. It is conveniently situated between the mountains and the Pacific coast, giving residents plenty of opportunities for recreation. It’s also one of Canada’s warmest cities, which means residents flock to it for its mild winters and pleasant summers. And since there is such an emphasis on environmentally friendly practices, there is a booming ecotourism industry that’s hard to find in other metropolitan areas. These are just a few of the reasons why Vancouver real estate is in high demand.


Plus, Vancouver is also known for its outstanding restaurants, friendly people, and interesting neighbourhoods. With such an ethnically diverse background, there is room for everyone who wishes to live in this beautiful Canadian city. However, with more young people moving to metropolitan areas, many millennials wonder how much money they need to purchase a house in the city.


Vancouver real estate is known for being somewhat expensive compared to other cities in Canada, but it is possible for millennials to live there. Many young people choose to rent in Vancouver, as housing prices can be prohibitive for those looking to buy. The average price of a condo unit in Vancouver is around $500,000, so you need to make a lot of money if you want to purchase your housing.


But for those who have some extra cash to spend, buying Vancouver real estate is an excellent investment. As one of the most popular and prosperous cities in Canada, it doesn’t seem like the popularity of this metro area is going to decline anytime soon. For those who can’t afford to buy, renting is a viable option.


For most millennials in the area to live comfortably and enjoy an apartment of their own, they are going to have to make about $60,000 per year. However, that figure can vary depending on what kind of housing you’re looking at, if you are interested in sharing housing with a partner or spouse, or if you are open to having a roommate.


While Vancouver might be one of the most expensive cities in Canada to live in, that doesn’t mean that Vancouver real estate is completely out of the question for some buyers and renters. Young people will do best to have a relatively high salary and an open mind about their living situation if they want to have their own place in this city.

If you are interested in purchasing Vancouver real estate, it’s important to start your research early, so you have plenty of options to choose from. Whether you are interested in renting or buying, Vancouver residents have a wealth of options to choose from when it comes to the neighbourhood they want to live in, and the quality of life they want to enjoy.