A full 53% of British Columbian renters say they rent as opposed to owning a home because they struggle to save enough for a down payment, according to a new report from Zoocasa.
This is more than double the Canadian average of 26% and 24 percentage points higher than those in the Atlantic region (29%), which is in second place, followed by Alberta (24%), Ontario (22%) and both Saskatchewan and Manitoba (20%). Only 10% of those polled in Quebec cite this as their top reason for not moving into home ownership.
“In pricey cities like Vancouver, where the median price for one-bedroom rentals hit $2,000 in 2018 [per data from PadMapper], saving for a down payment can prove extra challenging for renters,” Zoocasa said in the report.
“These affordability challenges especially impact Millennials, who are the most likely to be renting their current home compared with older age groups.”
In Vancouver, the average home price was $1,022,523 in March, making the minimum down payment $51,126, on average. Across the country, the average Canadian home price was $491,065, meaning the minimum 5% down payment would be $24,553. Thirty eight per cent of respondents nationwide said they had saved less than $5,000 for a future down payment, and 24% said they have between $5,000 and $19,999.
@EmmaHampelBIV
