Less than a quarter of Toronto millennials think they’ll ever own a home in the city: survey | CBC News

Nearly 3 in 4 millennials living in Toronto say owning a home is important to them, but less than a quarter believe they will ever be able to afford a place of their own in the city, according to a survey released Wednesday. 

The survey, conducted in June by polling firm Leger on behalf of Royal LePage, asked 2,003 millennials (defined as residents between 26 and 41 years old) Canadawide about their views on home ownership, the cost of living and remote work. Of those who responded, 403 were in Toronto. 

About 74 per cent of respondents in Toronto said owning a home is important to them, but only 22 per cent said they think they’ll ever purchase a property in the city. Roughly 37 per cent of Toronto millennials surveyed said they believe they will need to relocate to ever become homeowners.

The results suggest those views may be tied to respondents’ stagnant incomes. 

Fully four in five said that if the cost of living was not an issue, they would choose to continue living in Toronto. But nearly half said they do not think their salaries will increase at a rate that would allow them to buy a home in the city.

Answers from respondents in Toronto reflect similar feelings among millennials across the country. Canadawide, 68 per cent of respondents said owning a home is important to them, but only 29 per cent said they think it could happen in their current city or town. About 31 per cent said they would need to move to make home ownership a reality.

Despite recent drops due in part to higher interest rates, the average price to purchase a detached single-family home in Toronto remains well above $1.5 million, according to the most recent MLS Home Price index. The average price of an apartment in the city is nearly $780,000, while the average rent across all types of housing is more than $2,100 per month.

Buying a home still a sign ‘you’ve made it,’ broker says

Andrew Ipekian, a real estate broker in the city, says the survey results aren’t a surprise. He says many millennials were sold on the idea of owning a home, complete with the traditional white picket fence, as they were growing up.

“Everyone still wants that,” said Ipekian.

“And in today’s society — especially in Canada — that’s when you know you’ve made it.”

Ipekian says people who can work from home can also take advantage of opportunities to live outside of the city, which often comes with more space at a somewhat cheaper price tag.

The survey found that nearly half of Toronto millennials polled would consider changing employers to work remotely full-time, and that 23 per cent find living outside of the city with a remote work arrangement their ideal work and living scenario.

They cite long commute times, high commute costs, and the ability to manage their household as the three main motivators for wanting more remote work. 

“The reality is that a lot of people are realizing if they can work from home, why would they live in a shoebox condo?” Ipekian said.