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
For the first time in report's history, Canada's air quality worse than U.S.
Thanks to wildfires, air quality in Canada is now worse than in the U.S., according to the 6th Annual World Air Quality Report.
A newspaper says video of Prince William and Kate should halt royal rumour mill. That's a tall order
Prince William and his wife Catherine have been filmed at a farm shop near their Windsor home, The Sun newspaper reported -- the first footage of Kate since she had abdominal surgery for an unspecified condition two months ago.
BREAKING Roy McMurtry, former Ontario attorney general, dies at 91
CTV News has confirmed that former Ontario attorney general Roy McMurtry has died.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
'You ask for your money, they disappear': Ontario man loses $17K to AI crypto scam
A Toronto man is spreading the word of a cryptocurrency scam that lures victims using AI-generated news sites after he lost $17,000 in investments.
DEVELOPING Canada's annual inflation rate ticked down to 2.8 per cent in February, defying expectations
Statistics Canada says the annual inflation rate edged down to 2.8 per cent in February.
High thoughts: The habits of Canadian cannabis users are revealed in a new StatCan report
Statistics Canada has conducted a series of surveys to measure the impacts of legalized cannabis since the Cannabis Act took effect in 2018. The latest one, the 2023 National Cannabis Survey, sheds light on users' preferences and habits last year.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Trump says Jews who vote for Democrats 'hate Israel' and their religion
Former U.S. president Donald Trump on Monday charged that Jews who vote for Democrats 'hate Israel' and hate 'their religion,' igniting a firestorm of criticism from the White House and Jewish leaders.