Vancouver millennials have the least purchasing power in Canada.
That according to the latest report from Vancity Credit Union.
Spokesperson William Azaroff says high shelter costs and lower incomes could mean going into debt for a basic lifestyle.
“Discretionary income is the money you might spend going on a trip. That’s the money you might save for a rainy day to give yourself a sense of security or you save for retirement. Or its the money you might use to invest in the community and being philanthropic in those areas that are meaningful to you. And so millennials in our area are going to have a harder time building that well-being than other generations.”
The report found a millennial couple that buys a property at an average price in Vancouver will go into debt by $2,745 per year.
The report says those aged 25-34 may need to reconsider home ownership.
It also recommends “dramatically increasing” support for rental housing.