{"id":9230,"date":"2018-05-28T15:15:52","date_gmt":"2018-05-28T22:15:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9230"},"modified":"2018-05-22T10:26:25","modified_gmt":"2018-05-22T17:26:25","slug":"millennials-are-still-clinging-to-the-home-ownership-dreams","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/millennials-are-still-clinging-to-the-home-ownership-dreams\/","title":{"rendered":"Millennials are Still Clinging to the Home Ownership Dreams"},"content":{"rendered":"<p style=\"text-align: justify;\">A new report released Tuesday by Ryerson University&#8217;s Centre for Urban Research and Land Development finds that millennials are not that different from their parents when it comes to their dreams of owning a home.<\/p>\n<p style=\"text-align: justify;\">Based on extensive demographic research and statistical analysis, the report finds millennials in the Greater Toronto and Hamilton Area are on track to follow in their parents&#8217; footsteps and become homeowners, but they&#8217;re going to face steep prices and a potential housing shortage.<\/p>\n<p style=\"text-align: justify;\">&#8220;What we found is their needs and wants seem to be not that much different than generations before, particularly the baby boomers,&#8221; Frank Clayton, a senior fellow at the centre and the main author of the report, said<\/p>\n<p style=\"text-align: justify;\">&#8220;Millennials want and desire low-density housing much more than high-rise apartments, and unless we provide those units, the prices will continue to escalate.&#8221;<\/p>\n<p style=\"text-align: justify;\">The report finds home ownership rates are the same among millennials as previous generations, suggesting they are likely to continue to want to own their own homes.<\/p>\n<p style=\"text-align: justify;\">The current rate of home ownership among millennials is 40%, and that is expected to grow to 60% by 2026, according to the report.<\/p>\n<p style=\"text-align: justify;\">A total of 500,000 new millennial households will be formed over the next decade, the report says, and of that number, 350,000 are expected to become homeowners.<\/p>\n<p style=\"text-align: justify;\"><strong>Like baby boomer, like millennial<\/strong><\/p>\n<p style=\"text-align: justify;\">The report also states that the differences between millennials and past generations tend to be most pronounced while millennials are in their 20s.<\/p>\n<p style=\"text-align: justify;\">&#8220;The conventional wisdom right now seems to be that millennials are excited about being downtown where the action is,&#8221; Clayton said.<\/p>\n<p style=\"text-align: justify;\">&#8220;But these are all things that people in their 20s want to do, and that&#8217;s where the thrust of the millennials are.&#8221;<\/p>\n<p style=\"text-align: justify;\">The report, which defines millennials as anyone born between 1981 and 2001, finds the average age of millennials in the region is 26 \u2014 at which it&#8217;s become normal to be in school, living with parents or not making much money.<\/p>\n<p style=\"text-align: justify;\">But as millennials age into their early 30s, the report predicts they will start to catch up on many of the family goals they&#8217;ve been putting off.<\/p>\n<p style=\"text-align: justify;\">&#8220;As they age and move up the income ladder, they seem to be getting married, or living common-law &#8230;.. starting to have children,&#8221; Clayton said.<\/p>\n<p style=\"text-align: justify;\">When it comes to their living situation, millennials tend to aspire to home ownership rather than renting, and they prefer buying &#8220;ground-related homes&#8221; \u2014 single homes, semi-detached homes or townhomes \u2014 rather than living in high-rise units.<\/p>\n<p style=\"text-align: justify;\">The report predicts a reversal of the recent trend of millennials moving downtown and living in condos, toward a move to the suburbs.<\/p>\n<p style=\"text-align: justify;\">&#8220;The appeal of the City of Toronto to millennials is likely to fade as they age and begin to prioritize affordable housing and space over proximity to work and amenities,&#8221; reads the report.<\/p>\n<p style=\"text-align: justify;\"><strong>Housing shortage anticipated<\/strong><\/p>\n<p style=\"text-align: justify;\">However, the government of Ontario&#8217;s growth plan for the region places much more emphasis on building high-rise apartment buildings than it does on low-density housing, according to Clayton, and current construction trends are producing more condos and apartment units than standalone housing.<\/p>\n<p style=\"text-align: justify;\">The report predicts the region will be short 70,000 ground-related housing units over the next 10 years. According to the report, this will cause &#8220;continued upward pressure on prices over the long-term.&#8221;<\/p>\n<p style=\"text-align: justify;\">As a result, millennials can expect to take on heavy debt to help pay for their homes.<\/p>\n<p style=\"text-align: justify;\">Clayton will present the report&#8217;s findings at an event hosted by the Ontario Real Estate Association, an industry group that funded the report, in Toronto on Tuesday.<\/p>\n<p><a href=\"http:\/\/www.cbc.ca\/news\/canada\/toronto\/millennial-housing-report-1.4672232\" target=\"_blank\" rel=\"noopener\">New Report Finds Millennials are Still Clinging to Their Home Ownership Dreams<\/a> by Ryan Patrick Jones | CBC News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report released Tuesday by Ryerson University&#8217;s Centre for Urban Research and Land Development finds that millennials are not that different from their parents when it comes to their &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/millennials-are-still-clinging-to-the-home-ownership-dreams\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9230","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials are Still Clinging to the Home Ownership Dreams &#8226; 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