A majority of Toronto's Generation Z have given up on the dream of owning a single-family home: report
As Toronto’s real estate market remains hot with prices rising and home sales hitting new highs, a new report is claiming that more than half of the city’s ‘Generation Z’ residents have given up on the dream of ever owning a single-family home.
The report, released Wednesday by Sotheby’s International Realty Canada and Mustel Group, surveyed 1,502 Canadians between the ages of 18 and 28 living in Vancouver, Calgary, Toronto and Montreal.
According to the report, 52 per cent of the Toronto residents surveyed do not believe they will ever buy a single-family home.
This is higher than in Montreal and Calgary, where 48 and 39 per cent, respectively, of young residents share the same sentiment, but lower than in Vancouver where 56 per cent of respondents reported having given up on the idea of single-family home ownership.
HIGHER DENSITY HOUSING MORE LIKELY
In Toronto, 82 per cent of respondents who had never before purchased a home reported feeling worried that they will not be able to do so because of rising house prices, with 38 per cent indicating they are “very worried.”
However, 75 per cent of Torontonians within this age group said that they are still likely to buy and own a primary residence within their lifetime — whether that be a condominium, apartment, townhouse or single-family home.
In fact, approximately half of those surveyed stated that their first home will most likely be a higher-density housing type.
Twenty-five per cent of respondents reported that their first home purchase will likely be a condominium, while 18 per cent said that their first home will be an attached home/townhouse and seven per cent said that their first home purchase will be a duplex/triplex.
Despite high prices and a red-hot market, the report indicates that Toronto’s Generation Z is still remaining optimistic when it comes to ownership. Seventy-three per cent said they are likely to buy a primary residence in their lifetime — in Toronto or elsewhere — and 46 per cent claimed they are “very likely” to do so.
According to the report, 11 per cent of those surveyed already own a primary residence.
TORONTO PRICES HIT ALL-TIME HIGH
In November, the GTA’s real estate market continued to rise as home sales topped a November record and average selling prices reached an all-time high.
The Toronto Regional Real Estate Board (TRREB) reported last week that 9,017 homes changed hands during the month of November, up three per cent from 8,728 during the prior November.
In addition, the average home price in the region increased to $1,163,323, an almost 22 per cent jump from $955,889 in November 2020.
According to the board, demand for all types of Toronto housing continues to outpace supply. However, the condo market, in particular, is tightening and prices are accelerating more rapidly in suburban areas.
"This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year," said TRREB's chief market analyst Jason Mercer, in a release.
"The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years."
With files from The Canadian Press.
CTVNews.ca Top Stories
Most Canadians have heard about Freeland's resignation from Trudeau cabinet, new poll finds
The majority of Canadians heard about Chrystia Freeland's surprise resignation from Prime Minister Justin Trudeau's cabinet, according to a new poll from Abacus Data released Tuesday.
BREAKING 2 B.C. police officers charged with sexual assault
Two officers with a Vancouver Island police department have been charged with sexual assault, authorities announced Tuesday.
Canadian government announces new border security plan amid Donald Trump tariff threats
The federal government has laid out a five-pillared approach to boosting border security, though it doesn't include specifics about where and how the $1.3-billion funding package earmarked in the fall economic statement will be allocated.
B.C. teacher disciplined for refusing to let student use bathroom
A teacher who refused to let a student use the bathroom in a B.C. school has been disciplined by the province's professional regulator.
Wine may be good for the heart, new study says, but experts aren’t convinced
Drinking a small amount of wine each day may protect the heart, according to a new study of Spanish people following the plant-based Mediterranean diet, which typically includes drinking a small glass of wine with dinner.
Police chief says motive for Wisconsin school shooting was a 'combination of factors'
Investigators on Tuesday are focused on trying to determine a motive in a Wisconsin school shooting that left a teacher and a student dead and two other children in critical condition.
After investigating Jan. 6, House GOP sides with Trump and goes after Liz Cheney
Wrapping up their own investigation on the Jan. 6 2021 Capitol attack, House Republicans have concluded it's former GOP Rep. Liz Cheney who should be prosecuted for probing what happened when then-President Donald Trump sent his mob of supporters as Congress was certifying the 2020 election.
Fall sitting bookended by Liberal byelection losses ends with Trudeau government in tumult
The House of Commons adjourned on Tuesday, bringing an end to an unstable fall sitting that has been bookended by Liberal byelection losses. The conclusion of the fall sitting comes as Prime Minister Justin Trudeau's minority government is in turmoil.
The world's busiest flight routes for 2024 revealed
If you think planes have got fuller and the skies busier over the past year, you’d be right — especially if you live in either Hong Kong or Taipei.