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


Join the conversation Load comments

Latest in Real Estate

Sold! This is what a $5.5 million house looks like

Massive condo development creating new public spaces under the Gardiner in Toronto

8 neighbourhoods in Toronto have seen home prices double in the past 5 years

Condo of the week: 34 Shank Street

Rental of the week: 47 Blake Street

Toronto is getting an office building that will be the tallest in Canada

Millennials are buying more houses than usual in Toronto right now

Two new boutique hotels could be coming to Toronto's Chinatown