The recent survey by Royal LePage highlights a significant challenge faced by younger generations in Ontario when it comes to homeownership. Despite recognizing the long-term value of owning a home, less than half of Millennials and Gen Z in the province believe it’s an achievable goal. Specifically, only 47% of Ontario respondents aged 18 to 38 see homeownership as within reach, while 27% find it unattainable and 26% remain uncertain.
The survey also reveals that, on a national level, 54% of Canadians in this age group believe homeownership is possible, yet financial hurdles such as high property prices, rising interest rates, and overall living costs continue to pose significant barriers. However, the determination to own a home remains strong among these potential buyers, with many actively saving, reducing discretionary spending, and living with family to accumulate a down payment.
Phil Soper, CEO of Royal LePage, acknowledges the persistent challenges due to supply shortages and borrowing costs, yet notes the optimism among young buyers who remain committed to achieving their homeownership dreams.
In the Greater Toronto Area, a cooler real estate market over the summer led to some price reductions, with notable declines in areas like Mississauga and Brampton. However, affordability remains an issue, with some of the lowest median prices found in East York, Toronto, where the median price was $485,000 for the first half of the year.
The survey underscores the complex landscape of the Ontario housing market, where aspirations of homeownership are tempered by economic realities.