Most Toronto millennials think they will be able to afford a home in the future
Greater Toronto Area housing prices skyrocketed to record levels in 2022, but the majority of millennials who do not own a home are pretty convinced that they'll be able to buy property.
At least one day.
Royal LePage's 2022 Demographic Survey reveals that 59 per cent of millennials living in Canada's hottest real estate market think they will own a home in the future.
But there's a bit of a catch; Of that majority, 63 per cent — likely more connected to the reality of the housing affordability crisis than their fellow millennials — admit they would probably have to relocate out of the GTA to achieve the goal of home ownership.
60% of Canadian millennials who do not own their own home believe they one day will... but more than half say they would need to relocate. Read our latest blog post for more insights from the Royal LePage Millennial Demographic Survey. https://t.co/3GLIXyGiZe pic.twitter.com/59orzlVs2s— Royal LePage Canada (@Royal_LePage) August 24, 2022
A surprising share of non-homeowner millennials residing in the region are not optimistic that they'll ever move beyond the rental market, with a shocking 28 per cent saying they don't see home ownership in the cards for their future.
"This generation of Torontonians overwhelmingly desires to be homeowners, and many of them are willing to make concessions in order to get on the real estate ladder," said Tom Storey, sales representative and head of The Storey Team, Royal LePage Signature Realty.
"Ideally, they would be able to work fully remotely and have the option to purchase wherever necessary to find a property within their price range. For those who have to be close to their place of work in the city, settling for a small condo is a common alternative."
In an unfortunate sign of the times we're living in, Storey recommends in a press release that first-time buyers pitch in with a friend or partner on a home purchase.
That's right, experts now recommend you go splitsies with a pal or significant other to scratch your way into the housing market.
And the soaring costs of housing — the average GTA home sold for $1,074,754 in July 2022 — have non-homeowners eyeing the exits.
An astonishing 80 per cent of millennials residing in the GTA would choose to stay in the region if not for the unbelievably high cost of living. Twenty three per cent of respondents say that, ideally, they'd prefer to live outside of the GTA and work remotely to get more of their hard-earned money.
The data shows much more confidence among millennials than the GenZ demographic now entering the home ownership landscape.
A June generational trends report by Mustel Group and Sotheby's International Realty Canada, revealed that 37 per cent of Toronto Generation Z adults were planning to buy their first home in Toronto.
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