Real Estate and Building Industry Poll Reveals Concern that GTA Millennials will be Unable to Afford a Home or Stay in their Communities, but also Finds Some Optimism
October 2, 2018
Greater Toronto, October 2, 2018 – In the final set of Greater Toronto Area (GTA) Municipal Election Ipsos poll data released by the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB), there is great concern among GTA millennials that they will be unable to afford a home in the GTA; however, there is some optimism from this group regarding their views on housing supply for new residents.
The concern about affordability is shared by GTA residents who also expressed a lack of confidence about the likelihood their children will be able to remain in the communities where they grew up. However, the results also reveal some optimism among millennials where housing supply for new residents is concerned.
“According to a recent Centre for Urban Research and Land Development study, there are about 730,000 millennials living in the Greater Toronto and Hamilton Area (GTHA) who may be planning to move on from living in their parents’ homes and from sharing a dwelling with roommates in the next ten years, potentially creating 500,000 new households,” said Dave Wilkes, BILD President and CEO.
Key results from the poll are as follows:
- When considering the issues in the upcoming municipal elections, Greater Toronto Area (GTA) residents said that they are concerned with the ability of today’s youth to afford a home in the GTA, including:
- 94% of respondents between the ages of 18 to 35.
- 84% of respondents between the ages of 35 to 54.
- 80% of respondents age 55 plus.
- 88% of women and 82% of men.
- Interestingly, although millennials are concerned about the ability to own a home, they are also the most optimistic group regarding housing supply, with 41% of them believing that the GTA is well prepared to provide housing for the number of new residents that settle here every year. That is substantially higher than those age 35 to 54 (31%) and those over 55 (27%).
- When picking a new home, 60% of GTA residents say they value a neighbourhood that is walkable and bikeable, in addition to being within close proximity to shopping, entertainment and government services. This is closely followed by those who prefer access to convenient transit (56%) and close proximity to work and school (54%).
- Nearly 7 out of 10 respondents feel that their children will be unable to afford a home in the community where they grew up. This group of respondents agrees that it is important for young families to be able to afford to live and work within the GTA without having to deal with long commutes.
- When asked, “To what extent do you strongly or somewhat agree or disagree with the following”:
- 92% agree that the dream of home ownership is becoming more difficult to achieve for young people living in my city.
- 86% agree that it is important that young families can afford to live and work within the GTA without having to commute over an hour to get to work.
- 39% agree that there are enough homes being built in my city to help keep housing affordable.
- 33% agree that the GTA is well prepared to provide housing for roughly 115,000 new residents that settle here each year.
- 33% agree that my children (or my friends’ children) will be able to afford a home in my community when they grow up.
“The best public policy is proactive, not reactive. We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now,” said Garry Bhaura, President of the Toronto Real Estate Board.
“In the next decade, we are likely to be part of a significant housing shift in our region as a large wave of millennials start looking for a place to live of their own,” added Wilkes. “Add the estimated 115,000 new residents that come to the GTA every year and the area will see itself in a housing crisis. I urge voters and candidates to learn more about BILD’s recommendations at www.buildforgrowth.ca.”
“With a municipal election just a few short weeks away, the public has an opportunity to ask candidates to commit to policies that will make it easier to fill their housing needs. GTA home buyers do not have adequate choice in housing available for sale or rent and municipal government policy is one of the key reasons,” said John DiMichele, Chief Executive Officer of TREB. “They can visit UnlockMyHousingOptions.ca for a quick and easy way to send a short message to candidates, and the site does all the work for you,” continued DiMichele.
It is noteworthy that the Home Building Industry and REALTORS® have joined forces on this issue.
About the GTA Municipal Elections Poll
For this survey, a sample of 1,503 GTA residents from the Ipsos i-Say panel was interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2.9 percentage points, 19 times out of 20, of what the results would have been had all adults in the GTA been polled. Credibility intervals are wider among subsets of the population.
About the Building Industry and Land Development Association (BILD)
With 1,500 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides $33 billion in investment value and employs 271,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.
About the Toronto Real Estate Board (TREB)
The Toronto Real Estate Board is a not-for-profit corporation founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 50,000 licensed real estate Brokers and Salespersons in and about the Greater Toronto Area. TREB is the collective voice for both its commercial and residential REALTOR® Members and operates under the direction of an elected voluntary Board of 16 Directors.