The longstanding dream of millennials to become full-fledged homeowners is one that is quickly dwindling away, as the real estate situation in Toronto continues to worsen.
A report conducted by researchers at Ryerson University showed that millennials aged 15 to 34 in the Greater Toronto Area are living with their parents for a longer amount of time than average. Such trend is largely attributed to the lack of affordable housing in Toronto, which remains to be a continuing problem for the city.
"There are not enough starter homes in the marketplace and baby boomers are a very healthy generation that are holding onto family homes longer," said Tim Hudak, President of the Ontario Real Estate Association (OREA). "The big lesson on this today is we need to increase housing supply particularly around starter homes and the missing middle."
The report also showed that most millennials are still very much interested in owning households, with as many as 700,000 expected to be looking for their own homes next year. But, with the supply of cost-effective properties becoming even more limited in the city, it looks like many of them will have no choice but to stay beneath their parents' roofs for longer.
OREA sponsored the report as part of a campaign to address the scarcity of economical options for homebuyers across the GTA. Despite the fact that their efforts have upset the Toronto Real Estate Board (TREB), the largest real estate board in the province, the OREA continues to voice its concerns about the detrimental consequences of Toronto's current real estate situation for consumers.
"We want to make sure that great Canadian dream of homeownership doesn't slip away from the next generation," said Hudak.
The TREB responded to the OREA earlier this month, saying that it has "serious trepidations" about the campaign and the organization's localized focus on Toronto rather than the province as a whole. Tim Syrianos, the President of the TREB, said that it is deceiving to suggest that the dream of home-ownership is unrealizable.
"It's alive and well in every Canadian city and beyond. To state otherwise is misleading to the consumer," Syrianos adds.
So then, which one is it?