Less than a quarter of Toronto millennials think they’ll ever own a home in the city: poll | Radio-Canada News

Nearly 3 in 4 millennials living in Toronto say owning a home is important to them, but less than a quarter believe they will ever be able to afford a home of their own in the city, according to a poll released Wednesday.

The poll, conducted in June by polling firm Leger on behalf of Royal LePage, asked 2,003 millennials (defined as residents aged 26 to 41) across Canada about their views on home ownership. property, cost of living and working remotely. Of those who responded, 403 were in Toronto.

About 74% of Toronto respondents said owning a home was important to them, but only 22% said they thought they would one day buy property in the city. About 37% of Toronto millennials surveyed said they believe they will have to move to become homeowners.

The results suggest that these opinions could be linked to respondents’ stagnant incomes.

“This overwhelming feeling that you can solve problems by moving is a consequence of the pandemic,” said Phil Soper, CEO of Royal LePage.

Soper says COVID-19 has caused a work-from-home movement with people choosing to move to other parts of the province — and even other parts of the country. But he says that for many others this is not a solution.

Four out of five respondents said that if the cost of living was not an issue, they would choose to continue living in Toronto. But almost half said they didn’t think their wages would rise at a rate that would allow them to buy a home in the city.

Responses from Toronto respondents reflect similar sentiments among millennials across the country. Across Canada, 68% of respondents said owning a home was important to them, but only 29% said they thought it could happen in their current city or town. About 31% said they would need to move to become homeowners.

Despite recent declines due in part to higher interest rates, the average purchase price of a detached single-family home in Toronto remains well above $1.5 million, according to the latest price index. MLS homes. The average price of an apartment in the city is nearly $780,000, while the average rent for all housing types is over $2,100 per month.

Buying a home is always a sign that ‘you’ve made it,’ broker says

Andrew Ipekian, a realtor in the city, says the poll results come as no surprise. He says many millennials were sold on the idea of ​​owning a home, complete with the traditional white picket fence, as they got older.

“Everybody always wants that,” Ipekian said.

“And in today’s society, especially in Canada, that’s where you know you’ve made it.”

Toronto real estate broker Andrew Ipekian says people looking to buy a home in today’s market are asking their parents for help or joining other people, even if they’re not married. (Talia Ricci/CBC)

Ipekian says people who can work from home can also take advantage of opportunities to live outside the city, which often offers more space at a slightly cheaper price.

The survey found that nearly half of Toronto millennials surveyed would consider changing employers to work remotely full-time, and 23% consider living out of town with a remote work mode is their ideal work and life scenario.

They cite long commute times, high travel costs, and the ability to manage their household as the top three motivators for wanting to work remotely.

“The reality is that a lot of people are realizing that if they can work from home, why would they live in a shoebox condo?” said Ipekian.

House hunters share their struggles

Last year, Fiona Lacey lived in a 500 square foot house. condo in Toronto with her boyfriend. After the pandemic hit and she started working mostly from home, she realized things could be better elsewhere.

“I’ve always dreamed of having a garden and having more space for our hobbies and interests,” Lacey said.

Today, Lacey lives with her boyfriend in Hamilton and says she doesn’t regret the move. She has her own office for work, a backyard for gardening, and loves being able to work on home projects – all things out of reach in Toronto.

“We knew Toronto wasn’t going to happen for us,” Lacey said.

Meanwhile, Bennett Jull moved to Toronto near the start of the COVID-19 pandemic and has since been saving up to buy his own home in the city.

But each time he’s come across a property he likes, he says bidding wars to the tune of hundreds of thousands of dollars on demand have left it overpriced.

Bennett Jull is a renter in Toronto hoping to buy property in the city. Even though some of his friends have moved out of town for housing, he hopes he won’t have to resort to that. (Talia Ricci/CBC)

“It’s $4-500,000 more and pretty quickly I’m like, yeah, I gotta get out of this one,” Jull said.

For him, buying his own house means he can stop paying rent.

“It doesn’t make much sense to keep throwing money away every month if you can put it on a mortgage,” Jull said.

“I hope the market allows young people to have this opportunity, and I hope it happens sooner rather than later for me.”

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