A survey done by the Ontario Real Estate Association (OREA) indicated that 37% of its inhabitants, were of the strongly believe that housing affordability was to be determined by the upcoming provincial elections agenda. 30% of the people believed they would be more likely to vote for a party that shows interest in the issue.
Approximately 60% of the populace who are first-time buyers, many of whom might fall within the category of the millennial age group, fervently settled that they would concentrate their votes to the political party who supports housing affordability.
28% of millennials identified housing as the fifth most important issue. According to an Ipsos poll of 2,003 residents, presented with OREA’s Ontario Housing Summit in Toronto on Tuesday, only jobs, healthcare, taxes and hydro rates come ahead of housing.
Tim Hudak, the CEO of OREA said, the most important topic in the province now is “An affordable place to call home. The best long-term solution to the issue is housing supply and housing choice to be increased. In that vein we can make sure millennials are able to get a place of their own.”
A convergence of nearly 120 government officials and academics, scheduled a tryst where they dedicated an entire panel to the millennials’ fight to afford a down payment and mortgage. The discussion centered on disconnect between the kind of houses buyers want to buy in Toronto and the purchase and choices available to entry-level consumers.
Initially, millennials are usually excited by the opportunity to live in skyscrapers in the downtown areas. As soon as they make children, the desire for more space is need to adjust to their needs, said Ben Myers, senior vice-president of Fortress Real Developments.
“This is a major inflictor of stress,” he said. “They have lived in their parent’s house, who bought in a very different market, nothing like the one present nowadays. Several of them crave that 2,000 sq. ft. single-family home and it is just not available. It is $1 million, $1.5 million and they’re kind of stuck.”