Some Troubling Facts About Millennials and Homeownership in Brampton
If you're a millennial who is worried about being able to afford a house in the GTA, you're not alone.
According to a recent press release, the final set of Greater Toronto Area (GTA) Municipal Election Ipsos poll data released by the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB), revealed the concern amongst GTA millennials regarding being able to afford a home.
The affordability concern is shared by GTA parents who showed a lack of confidence about their children being able to stay in the communities they grew up in.
But there may be hope.
Housing availability is likely to increase.
"According to a recent Centre for Urban Research and Land Development study, there are about 730,000 millennials living in the Greater Toronto and Hamilton Area (GTHA) who may be planning to move on from living in their parents' homes and from sharing a dwelling with roommates in the next ten years, potentially creating 500,000 new households," Dave Wilkes, BILD President and CEO, said in a recent press release.
More notable results from the poll include:
- Regarding issues in the upcoming municipal elections, GTA residents said they are worried about the ability of today's youth being able to afford a home in the GTA, including:
- 94 per cent of respondents between the ages of 18 to 35.
- 84 per cent of respondents between the ages of 35 to 54.
- 80 per cent of respondents age 55 plus.
- 88 per cent of women and 82 per cent of men.
- Despite millennials being concerned about the ability to own a home, they are also the most optimistic group regarding housing availability, 41 per cent of them believe that the GTA is prepared to provide housing for the number of new residents that settle every year. That is higher than those age 35 to 54 (31 per cent) and those over 55 (27 per cent).
- When choosing on a new home, 60 per cent of GTA residents say they want a neighbourhood that is walkable and bikeable, and in close proximity to shopping, entertainment, and government services. This is closely followed by those who want access to convenient transit (56 per cent) and close proximity to school and work (54 per cent).
"The best public policy is proactive, not reactive. We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now," Garry Bhaura, President of the Toronto Real Estate Board, said in a recent press release.
"In the next decade, we are likely to be part of a significant housing shift in our region as a large wave of millennials start looking for a place to live of their own. Add the estimated 115,000 new residents that come to the GTA every year and the area will see itself in a housing crisis."
The Home Building Industry and REALTORS(r) have joined forces on this issue.
For this survey, 1,503 GTA residents from the Ipsos i-Say panel were interviewed from Aug. 20 to Aug. 23, 2018.
Quotas and weighting were used to assure the sample's composition displays the overall population according to census information.