Homes In Ontario Are So Expensive That Nearly 40% Of Young People Have Given Up On Buying

Renting is becoming the new norm.
Ontario House Prices Are So High 40% Of Young People Have Given Up

While becoming an Ontario homeowner used to be a typical milestone, spikes in real estate prices have now changed the way younger adults are thinking about homeownership. 

According to a recent RBC poll, a whopping 39% of non-homeowning Ontarians under 40 have given up on the idea of owning a home.

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The announcement comes as home prices in Ontario continue to rise. By next year, the price of a property is expected to grow by 21.2%, making the average home in the province around $900,000.

Meanwhile, many residents that are still planning to purchase a home in Canada are working with budgets that are nearly $200,000 below the average price.

On top of that, over 70% of Ontarians believe that Canadians will be priced out of the market in the next decade. 

Patrick John Gilson
Patrick John Gilson was a Creator with Narcity Media focused on Ontario gas prices and is based in Toronto, Ontario.