A new study by the Ontario Real Estate Association (OREA) has found that Ontarians who don’t already own a home are skeptical that they’ll ever be able to, at least in their home province.
The survey says that 46 percent of prospective home buyers under the age of 45 are considering moving out of Ontario to own a home. Over half (56 percent) want to own a home someday but don’t really believe that they can afford one in the areas where they want to live.
NEW RESEARCH shows that almost half of Ontarians under 45 are looking to move to another province in search of more affordable homes. This is bad news for the future prosperity of our Province. Find out what the government can do to help at https://t.co/wAOIInxvGX @abacusdataca pic.twitter.com/9qhDDc2uW7
— OREA (@OREAinfo) July 13, 2021
In Toronto specifically, only 42 percent of people who don’t already have a home are considering moving out of the city to afford a house. 69 percent of these people also plan to own a detached home someday. In all of Ontario, a slightly smaller chunk of 65 percent is fine owning a townhouse, condo or house.
Most of the positivity comes from the 18-29-year-old cohort, with 85 percent of them wanting to own some form of residential property someday.
Possibly the most surprising statistic is that 27 percent of people who live in downtown Toronto are content to just rent forever. Another 19 percent of these people said that “owning a home isn’t that important.”
Other sections of the report suggest that Ontarians are hoping for the government to step up and help with the red hot housing market with things like increasing the first-time home buyers’ tax credits and increasing taxes on foreign homebuyers.
To gather this data, the OREA surveyed 2,000 adults in Ontario and matched that cohort to the province’s age/gender/region/educational levels.