After more reports of rising housing prices in Vancouver, a new survey has found that roughly half of Canadians are struggling to start a family due to the high costs of real estate.
There’s no doubt that a 500 square-foot apartment isn’t the easiest place to raise a family, and Canadians are expressing their struggle in Ratesupermarket.ca’s “Terrible Money Twos” survey, which found 55.6% of people, and 72.11% of Millennials, say real estate prices directly impact their ability to start a family.
Even more interesting, especially for Vancouver’s expanding condo-market, is the 52.8% of Canadians who say they could not start a family in their current home.
“While it’s no surprise that kids are hard on the wallet – at a quarter of a million dollars to raise a baby to college-age – it is disheartening Canadians increasingly feel they must choose between home ownership and their desire to be parents,” says Penelope Graham, Editor at RateSupermarket.ca.
“Rising home prices, especially in Canada’s urban centres, are making it tougher for millennials to follow their family dreams.”
A study issued in January 2015 found that a family would need to make at least $147,023 a year in order to afford an average home in Vancouver, priced at $819,336, considering mortgage and taxes. If combining incomes, this would require a $73,500 income for each spouse, just above the average local salary of $66,400.