Toronto’s Millennials are calling for this kind of housing, fast

-


Demand outpacing supply is the main reasons for Toronto’s sky-hig real estate prices. Now, according to a new survey, Millennials are calling for greater density in the GTA.
According to the survey by Toronto Region Board of Trade, 83 percent of GTA Millennials says that the cost of housing is making it hard to save up for retirement. On the other hand, 65 per cent reported that it is difficult to payoff debt with the current housing price
The solution? A whopping 79 per cent of Millennials surveyed said that there weren’t enough two- and three-bedroom condos and apartments available in the GTA. Interestingly, 62 per cent surveyed said that there were already too many one-bedroom condos on the market.
“I think that particularly finding comes from the fact that a lot of Millennials will eventually want to start families, and they’re looking for an affordable option to do that,” TRBOT CEO Janet De Silva tells BuzzBuzzNews.
According to Urbanation, Toronto’s purpose-built vacancy rate currently sits at a nationwide low of 1 per cent.
“The trouble for the market, we’re learning, is that condos are unable to close the gap between today’s level of rental demand and the amount of new purpose-built supply, despite representing 94 per cent of the net increase in rental units over the past decade in the GTA,” wrote Urbanation senior VP Shaun Hildebrand, in a report released earlier this year.
De Silva says that pulling back recent rent control legislation could help with the lack of supply.
“We’re not suggesting that it should eliminated entirely, but we are saying the metrics should be changed, so there’s more potential for investors to make a profit, and it becomes a more attractive investment,” says De Silva.
According to a report from the Federation of Rental-housing Providers of Ontario, more than 1,000 planned purpose-built rental units were converted into condos last year, after the new rent control legislation came into effect in April.
Urbanation also found that unsold new condo inventory remained below 8,000 units for all of 2017, the lowest level since 1999.
All of that is bad news for Millennials looking to enter the housing market, according to De Silva.“Right now, a lack of affordable homes and long commutes are pushing newcomers and young professionals outside of the region,” says De Silva. “The Board is calling for more homes — of the right size and the right place — to be built.”

 Source:http://news.buzzbuzzhome.com/2018/02/torontos-millennials-calling-kind-housing-fast.htmlSarah Neidoba

Comments

  1. Lewis Wheeler13 September 2018 at 05:41

    I have thousands of options to choose from and can provide the best house at best price so anyone who is searching for Toronto Real Estate then he can have a look to our site

    ReplyDelete

Post a Comment

ad 2

Popular posts from this blog

5 Things you need to know about Canadian Real Estate in 2018

-
Image
With the new mortgage rule at hand, Canada’s Real Estate Market will bring new challenges and opportunities for the year 2018. Here are 5 Key Facts that you need to know. 1) More local than ever To begin with, there's no such thing as a Canadian real estate market. What happens in Toronto and Vancouver’s booming housing market is quite different from that in, say, recovering areas such as Calgary and Edmonton. The momentum for each month in national home sales activity gained strength late last year, and further expected economic and job growth will boost sales activity this year despite the rising interest rate.  According to  Canadian Real Estate Association  President Andrew Peck said, "Even so, momentum for home sales differs depending on location and type." "While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizable year-over-year gains in the Lower Mainland of British Columbia, Vancouver Is
Read more

What are the Forces Affecting the Real Estate Market?

-
There are several opinions on which direction the real estate market will go in 2017. Whether you are planning to buy or sell in the near future it is important to look at 5 forces that will affect the Canadian real estate industry in 2017.   1. U.S. Federal Reserve’s Interest Rates Although technically Canadian and American central banks set their interest rates autonomously from each other, changes in the U.S. rates generally has a huge impact on Canadian mortgages rates. U.S. Federal Reserve Chair Janet Yellen raised rates by a quarter of a percentage point at the end of 2016, and has implied three more rate hikes will occur in 2017. Although it is doubtfully Yellen will take action so quickly, Canadians should expect mortgage rates to increase throughout the year. 2. Canadian Economy By and large the Canadian economy will not nose-dive if interest rates increase and the demand for homes decrease. But rising interest rates accompanied with an already weakening economy c
Read more

Five Ontario cities that are poised for huge housing boom in future years

-
Image
Toronto’s real estate market has plenty of talks regarding the expected boom of housing market over the past few months. But according to a new report, five other Ontario cities’ housing markets are going to explode in the next few years. According to the real estate research organization Real Estate Investment Network (REIN), Ottawa, Kitchener-Waterloo, Hamilton, Barrie and Brampton all have the potential to become leading housing markets in the next five years. To back up their prediction REIN measured several economic factors that might affect the growth of each market such as GDP, employment and population growth. “On January 25, an agreement was signed to redevelop LeBreton Flats, prime land close to the downtown core of Ottawa,” reads the report. “The plan includes a new LRT station and will move Ottawa’s hockey team to a new home. It is expected that the plan will have a strong positive effect on demand and values.” Other factors driving the Ottawa housing market? Ho
Read more