It is a phrase we haven’t heard in a long time: Vancouver is now one of six cities in the country considered a buyer’s market for residential real estate. Regina and Saskatoon are also on the list.
This comes from a report from BMO Bank of Montreal on how younger people or first-time home owners are looking at things. The survey shows about four out of 10 believe their marketplace is affordable. That means more than half don’t.
And, just like in the TV series Friends, they are looking for ways to share the cost of property. Some are counting on a major financial gift from friends or family – ranging to as much as $100,000. Some 10 per cent of prospective first-time buyers are in that category, but a quarter have more modest dreams – a gift of $5,000 to $50,000. And Millennials are more likely to fall into these categories than Gen Xers.
Most Millennials are living at home rent-free while they save up a down payment, which is more challenging these days with the implementation of stress tests.
