Over A Quarter Of Young Ontarians Went Out & Somehow Bought A Home During The Pandemic

If you can believe it or not, a good amount of Ontarian young adults actually went out and bought a home during the pandemic.

According to a report from Royal LePage from February 2021, 44% of Ontarians aged 25 to 35 own their own home, and 26% of those people have bought that home since mid-March last year at the start of the pandemic. It was also recently revealed that nearly 20% of Toronto's homeowners under 35 own a second property, too.

Just over 40% of Ontarians in this age group have reportedly seen an increase in their savings since the pandemic started, and over 90% see homeownership as a good investment to partake in.

For those who don't presently own their own home, nearly 70% say they do plan on buying their own place sometime within the next five years.

A poll orchestrated by the Ontario Real Estate Association (OREA) earlier this month revealed over 56% of prospective homeowners feel like they won't be able to live where they would like to in Ontario.

Compared to a national scale, nearly half of Canadians within this age demographic own their own home with exactly 25% of homeowners purchasing their property during the pandemic, so the ratios are about the same from Ontario to Canadawide.