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Nearly Half Of Young Ontario Home Buyers Consider Fleeing The Province For Cheaper Prices

Ontario's housing market is looking even less favourable after the pandemic.

Has Ontario homeownership reached the point of no return for millennials? One real estate poll seems to suggest that people are ready to pack up and leave.

According to a new poll by the Ontario Real Estate Association (OREA), 46% of prospective home buyers aged 45 and under are now considering or have considered leaving the province due to affordability issues.

Meanwhile, 33% under the age of 29 are "definitely or very likely" to purchase elsewhere.

"The lack of housing supply is leading many to look outside the province for their first homes and that will make it difficult to retain and attract talent in Ontario in the near future," said OREA CEO Tim Hudak.

On top of this, over 56% of future homeowners are under the belief that they won't be able to afford to live in their desired Ontario community if they stay.

"The affordability crisis continues to crush the dream of home ownership for many Ontarians and this has been intensified by the economic impact of the pandemic," he added.