Almost 20% Of Homeowners Under 35 In Toronto Own A Second Property
Yet many can't even afford one.
Are you 35 years old or younger and own more than one property in Toronto? If the answer is no, don't fret. Currently, 18% of homeowners under 35 years old in Toronto do.
According to a report released by Royal LePage, which surveyed 500 people in the GTA in June 2021, a larger percentage of homeowners under the age of 35 own multiple properties than those older than 35 years old.
Only 11% of homeowners over the age of 35 own more than one property, which is 7% less than those 35 years old or younger.
Regardless of age, the report found that, in total, 13% of Canadians in Toronto own more than one property and 64% of them rent it out.
Of those surveyed, 42% said that they used the equity from their main residence to buy their second property.