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More Than Half Of Ontario Millennials Hate Where They Live Right Now

Millennials really want to buy houses in 2021, but the odds do not look good.

Not everyone has been able to live out their dreams in 2020 and Ontario millennials are no exception.

According to a study done by Properly, most millennials in the province aren't happy with where they live.

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52% report being unhappy with their current living situation

This number has also increased significantly.

Before the pandemic, 67% of Ontarians in this age group reported being satisfied with their living situations and did not want to move.

Now, Ontarians between 24 and 39 years of age are three times more likely to want a new house than everyone else. Around 45% of them are dreaming of a detached house.

While millennials may be pining for a new home, buying one might prove to be exceptionally difficult.

The report points out that detached home prices have increased by 14.8% this year, while listings have decreased by 30.4%.

Detached homes are also on the market for only 16 days on average now, compared to 26 days in 2019. 

In October, a survey done by the Bank of Montreal showed that, while Canadian millennials are keen to buy a home, a quarter of them expect $100,000 from their parents to do so.