A recent study and report claims a majority of young people in Canada's most expensive urban centres, including Brampton and Mississauga, have unrealistic expectations about saving for home ownership and how long it will take.

According to the report last week from Point2 Homes, a Saskatoon-based real estate search portal, 71 per cent of Millennials in Mississauga and 70 per cent in Brampton are planning on buying a home within the following year.

Only problem is, most prospective homebuyers between the ages of 25 and 38 in those two cities have nowhere near the kind of savings required to do so.

The nationwide survey of more than 9,000 prospective homebuyers on Point2 Homes’ platform found 66 per cent of Canadian Millennials (or Gen Y) interested in buying a home would like to do so over the next year.

“However, almost half (49 per cent) of the survey-takers aged between 25 and 38 years old have savings significantly under the national average down payment amount, which is $25,000. Moreover, some of the Millennials in the survey state that they haven’t managed to set aside anything at all, meaning that the desire to buy a home might be in conflict with Gen Y’s budgetary realities,” read the report.

Things are actually worse for Peel Millennials. According to the report, the average down payment for home comes in at about $47,621 in Mississauga, and $44,590 in Brampton.

“Millennials in Mississauga tend to underestimate the amount of money needed for the down payment — a surprising 60 per cent of them expect it to be below $40K,” says Point2 Homes.

For Brampton, 43 per cent assumed less than $40,000.

Based on a median household income for a Millennial couple/family of $67,880 in both cities, it would take 3.3 years in Brampton and four in Mississauga to save up for that — and that’s assuming the ability to sock away 20 per cent of household income each month.

Only Vancouver (20 years) and Toronto (five years) topped Mississauga and Brampton for average number of years to save up for a down payment among Canada’s 10 biggest cities.