Millennials and the GTA Home Market
A new report by Ryerson University finds that over the next decade, 700,000 millennials in the Greater Toronto and Hamilton Area (GTHA) will move out of their parent’s home in search of their own.
Policymakers seem to be focused on the demand side of the equation, when the issue appears to be housing. We need more starter homes such as duplexes, row houses and stacked townhouses in the GTHA. This could help relieve some of price pressure from the increased millennial housing demand.
To give millennials a voice at the upcoming provincial elections, Ontario Real Estate Association (OREA) has launched the Keep the Dream Alive campaign. The campaign is aimed at helping ensure that affordable homeownership remains a top priority in the provincial election. Millennials don’t just need affordable housing; they need housing that they can afford. By joining the campaign, you can do your part to ensure homeownership remains within reach for future generations.
Sign up for the Keep the Dream Alive campaign and send a strong message to your local candidates that housing affordability for millennials truly matters.
Watch our video interview with Jon-Carlos Tsilfidis, President at Fairside Homes, Board of Director at http://www.bildgta.ca, Chair at http://www.chba.ca/. In this Q&A, he will answer your questions such as:
“Why are millennials finding it so difficult to get into the GTA housing market?”
Housing affordability is a complex subject. What is common to all three definitions is lack of supply. Not enough new housing is being built for sale or rent, and there is not enough not-for-profit rental housing to meet the need. This results in higher prices, higher rents and long wait lists.