Vancouver’s housing market poses as a bit threat for millennials which Peter Aziz and Mike Bradley both in their 20s are well aware of. Bradley and Aziz who are both finding it very difficult just like other millennials in Vancouver are going through great challenges to settle to the high living cost in Vancouver most especially by students who want to live closer to school.
Recently, Bradley and Aziz who are also filmmakers made a short presentation centrally focused on the challenges faced by millennials in Metro Vancouver.
The presentation which is called Vancouver’s Millennial Crisis gives a brief but explicit description of the economic setbacks young adults go through.
According to Bradley, this economic challenge is not only faced by young adults in schools but also graduates who find it difficult to live in the city.
This problem was even evident in the data release by Statistic Canada which indicates that since 2008, there has been a shortage of young adults between the ages of 25 to 44 due to the high cost of living in the city.
Furthermore, many other millennials are having plans to move to other cities which are more affordable. But this situation does not come as a surprise for many as high debt ratios, low wages and high housing costs keeps young adults for reaching their full potentials. In years to comes, millennials would no longer be found in the city.
However, some millennials are finding alternative ways to survive in the city regardless of the obstacles they are faced with.
Bradley and Aziz are examples of this as they defy the odds and moving forward in their financial struggle. They have both been working in the filmmaking industry since their teens and were able to set aside some savings.
Aziz has been able to buy his first home and can’t wait to get involve again in the housing market to avoid getting a huge mortgage.
As the average home price in Vancouver above $500,000, young adults now have to pay a monthly mortgage of an additional $2,000. This is $30,000 of pre-tax.
On the other hand, Bradley had a different perspective of homeownership. He bought a 25% share in his parent’s property in Vancouver. According to his, one has to be very inventive to own a home in the city and since he has no plans to settle in the house forever, it was just a way for him to participate in the market.
But the fact still remains that many young people have move to other markets such as Fraser Valley where the cost of living is quite affordable. For those who decide to stay, they are faced with high debts. Millennials are now incurring more debts than young adults at the same age almost 20 years ago.
For many millennials, they believe that even though they can go on complaining about how the government is doing little to help the situation, the decision is in their hands to decide if they should stay or move to another less expensive area.