toronto housing

Seniors are making it harder for millennials to buy homes in Toronto

It's already exceedingly difficult for a young person to buy a house in Toronto, and it just keeps getting harder. 

According to a new report from the Canada Mortgage and Housing Corporation (CMHC), seniors are moving out of their homes less than they used to, which reduces the supply of homes available for other generations.

The report says the share of Toronto-area homes owned by senior households increased by 4.5 percentage points to 25 per cent between 2006 and 2016. 

It indicates that in 2006, 11.5 per cent of homes were owned by seniors compared to 17 per cent in 2016.

"Economic and demographic factors have caused seniors to decide, increasingly, to remain in their homes longer," CMHC says. 

Such factors include increases in seniors’ labour force participation, a wider income difference between renters and homeowners, the fact that stronger wealth growth provided senior households with access to a greater array of housing choices, and more.

Traditionally, seniors would often downsize, switch to renting or move to a senior's home in their retirement. 

"This trend of rising homeownership among seniors may well continue into the future," CMHC says. "If it does, it could put pressure on supply, since there may be fewer dwellings than expected available for younger households."

Lead photo by

blogTO


Latest Videos



Latest Videos


Join the conversation Load comments

Latest in Real Estate

This is the first time in 50 years this Toronto multiplex has been on the market

Airbnb hosts in Toronto are instructing guests to lie about stays

Toronto TikToker doesn't want to be 'privileged piece of s**t' but is being called just that

The average price of a home in Canada just jumped by almost $40k in two months

50-year-old ads for dirt-cheap Toronto houses show how far the city has fallen

Toronto home prices expected to soar past even Vancouver's this year

This $11.5 million Toronto home is like stepping back in time into another era

One of Toronto's most iconic mansions could be destined for redevelopment