Advertisement

Realtor says millennials can break into Vancouver’s housing market

WATCH: Is home ownership truly out of reach for British Columbia’s millennials? According to some people, it doesn’t have to be, if you’re disciplined with your money. Aaron McArthur explains.

For the last year, the narrative on Vancouver real estate has been fairly consistent: home prices are out of reach for all but the very wealthy, and for millennials, the thought of ever buying into the market is nothing more than an absurd pipe dream.

According to new data by Vancity, 61 per cent of local respondents between 18 and 24 said they are still living at home, and Vancouver millennials have the lowest discretionary income in Canada.

READ MORE: It takes 23 years to save for a down payment in Metro Van, says study

But that isn’t the story Kenny Hole is telling. The 25-year-old just purchased his first home, a North Vancouver condo he purchased with 20 per cent down.

It didn’t take him anywhere near two decades to do it, and unlike a lot of first time home buyers, he didn’t get any help from his parents.

Story continues below advertisement

It required working two jobs, sometimes 60 hours a week and a specific dedication to saving money. Hole says saving wasn’t as hard as some people might think.

“I didn’t go out as much with my friends, I made my own lunches, I didn’t go travelling. I made this a priority,” he said.

Hole’s story isn’t unique, according to real estate agent Dylan Mccansh,  herself a millennial. She says half of her last 16 sales were to people under the age of 35. Her clients have made tough decisions in order to save for that first down payment, she says, knowing full well how much it takes to get into the market.

“I don’t call it sacrificing, I call it prioritizing,” says Mccansh.