No wonder 86% of British Columbians aged 18-44 who aren't already homeowners have given up on the dream of homeownership.
Home prices are stratospheric, downpayment requirements insurmountable and paycheques are low.
"It's pretty rare that I see anyone in their 20s applying for a mortgage, because they know they won't qualify," said Kelowna mortgage broker Aaron Marsh of Rampone-Marsh Mortgages.
"The only young people really able to buy a home are professional couples making a good wage and even then they're probably getting money from their parents, or even their grandparents, for the downpayment."
A survey done by Canadian company Easy Renovations found that young people in BC and Ontario are the most despondent when it comes to home ownership.
Of non-homeowners age 18-44 in BC, only 14% feel buying a home is achievable in their lifetime.
The flip side of that, of course, is 86% believe they will never be able to buy a home.
This survey is of young people who currently aren't homeowners.
So, we assume a chunk of those age 18-44 already own a home -- likely because they have a good job and can afford a mortgage, they are part of a couple sharing expenses or they've had financial help from family.
For those that don't own, we're not even talking about not being able to afford a nice, big house on a leafy street in the suburbs.
We're talking about not even being able to swing the purchase of an entry-level condominium in one of Kelowna's modestly priced neighbourhoods.
In other words, these youngsters aren't sitting on the fence about homeownership, they are off the fence entirely.
For instance, Marsh ran the numbers for us.
He used the example of a pretty standard $450,000 condo in the city, probably a one-bedroom, possibly a two-bedroom.
The minimum downpayment on such a condo would be 5% or $22,500.
That $22,500 is the first barrier for a Millennial or Gen Zer.
They haven't had enough time to save that much, especially when wages are low and stagnant compared to home prices.
The monthly mortgage payment on that $450,000 condo with $22,500 down is $2,162, taking into account the benefit of first-time homebuyers qualifying for a 30-year amortization (instead of the typical 25 years to pay off a mortgage).
The monthly outgoing actually balloons up to around $2,600 a month when you take strata fees, utilities and property taxes into consideration.
To carry that kind of monthly commitment, a household income of $75,000 to $80,000 is needed.
A single young person usually doesn't make that kind of money yet.
But a young couple, each of them with a half-decent job and income, might be able to handle it.
Even so, the $2,600 a month needed to own even a basic condo is much more than the average monthly rent of $1,800 for an apartment.
Kelowna's apartment rents are considered high -- the 7th most expensive in the country.
But, rent is cheaper than a mortgage, keeping many young people stuck in an apartment, seemingly unable to ever make the jump to homeownership.
On top of this, 27% of young Canadians blame the housing crunch for their decision to delay having kids or not having kids at all.
Thus said, Marsh said: "The dream of homeownership isn't dead."
"Young people have to be strategic -- work hard, save and get help from family, if they can."
The Easy Renovations survey also found that young people want governments to help create more affordable housing, institute policies that make homeownership easier and create a business environment where people are paid more.
