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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.