High real estate costs make having kids in B.C. a ‘luxury’

Home prices in British Columbia are growing rapidly, and more and more having kids is seen by many as a luxury.

Home prices in British Columbia are growing rapidly—particularly in Vancouver, where the average price is almost double that of the national average—and more and more, having kids is seen by many as a luxury rather than a given.

Almost two-thirds of families in this province—65%—say the cost of home ownership has had an impact on their ability to start or expand their families, according to the results of a RateSupermarket.ca poll.

The majority of families across Canada feel the same way, but the national average is nine percentage points lower at 56%.

“While it’s no surprise that kids are hard on the wallet…it is disheartening Canadians increasingly feel they must choose between home ownership and their desire to be parents,” said RateSupermarket.ca editor Penelope Graham.

“Rising home prices, especially in Canada’s urban centres, are making it tougher for millennials to follow their family dreams.”

Perhaps rightfully, almost three quarters of all B.C. families feel family life is harder here than in other parts of Canada, and 59% say they could not start or expand their families in their current homes.

A lack of affordable childcare is a huge problem for families. Only 8% of British Columbians say they feel these costs are affordable. This problem is nation-wide, the poll found.

Debt levels are also seen as a barrier.

“Existing debt also plays a role in respondents’ family decision-making, with 46.4% of millennials [across Canada] saying it prevents them from growing their family,” RateSupermarket.ca said in a release.

“Another 60.24% said they would rely more on credit to afford the day-to-day expenses of family life.”

In addition to buying new homes, most families here say they would need to make significant financial changes before they could have more kids. Some of these changes include increasing savings (38%) and getting new jobs (34%).

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