Nearly Half of Prospective Home Buyers Under 45 Have Considered / are Considering Moving Out of Ontario Due to Housing Affordability

3

TORONTO, ON – New polling data released today by the Ontario Real Estate Association (OREA) shows Ontarians feel housing affordability in the province is getting worse and the future is not looking better for homeownership without greater government action. Conducted by Abacus Data for OREA, the Housing Affordability in Ontario: Perceptions, Impacts, And Solutions report found that 46% of prospective home buyers under the age of 45 have considered or are considering moving out of the province to afford a home, while 33% under the age of 29 are definitely (11%) or very likely (22%) to buy outside of Ontario.

More than half of these aspiring buyers (56%) are pessimistic about the possibility of buying a home in the community they want to live in. Not addressing the housing supply shortage could have a detrimental effect on Ontario’s competitiveness and ability to retain talent.

“The lack of housing supply is leading many to look outside the province for their first homes and that will make it difficult to retain and attract talent in Ontario in the near future,” said OREA CEO Tim Hudak. “The Government of Ontario’s More Homes, More Choice Act is an excellent first step but if we want to reverse this brain drain, municipalities also need to deliver by opening up more housing opportunities.”

There is widespread support for government actions to address housing affordability, with Ontarians saying that provincial political parties and local politicians would both benefit from including addressing housing affordability in their election platforms. A very strong majority of Ontarians feel that housing affordability should be a very high (31%) or a high (36%) priority for the Government of Ontario.

The majority (68%) agree that there are things the Ontario government could do to make the housing market more affordable. The ideas they support include:

  • Stopping money laundering in the Ontario real estate market with a publicly searchable registry of who owns the properties (91%)
  • Introducing tax credits and incentives for homeowners to make improvements in their homes or improve energy efficiency (90%)
  • Making it easier for first-time home buyers to get into the market by increasing first-time home buyer tax rebates (89%)
  • Redeveloping surplus commercial properties into housing (87%)

“The affordability crisis continues to crush the dream of home ownership for many Ontarians and this has been intensified by the economic impact of the pandemic,” said OREA CEO Tim Hudak. “Governments need to act if we want to create future generations of homeowners and that starts with pro-growth policies that could bring affordability closer to first-time home buyers and address the supply shortage.”

Consistent with past OREA research, the poll also shows Ontarians agree that the housing sector can be the engine for Ontario’s economic recovery. Almost half of Ontarians believe that residential construction will be key to economic growth and job creation when the pandemic is over.

3 COMMENTS

  1. Considering that the housing prices are two to three times the actual value of the houses that they are trying to sell, I pity all of those holding mortgages at these ridiculously inflated values when the market crashes, and it will happen. This can’t go on much longer.

  2. I agree the prices of everything is a rip off to all our young people. They will have an extremely hard time just to live & make ends meet let along buy a house or even live in the rip me off prices of apartments. They do not care about anybody children, they only care about filling their pockets and our government could care less as they are doing the same thing to us.

  3. You think the housing market is bad now!?
    Wait till the market flips!
    All these young families getting $400000-$600000 homes at 2.5-3.9% on a mortgage!
    After this pandemic crap is over, they better not hope the interest rate sky rockets like it did back in the early 80’s!
    There are going to be a lot of empty houses around!

Comments are closed.