CANADIAN DREAM OF HOME OWNERSHIP NOT WITHIN REACH, SAY 7-IN-10 YOUNG ONTARIANS

OREA LAUNCHES MAJOR MEDIA CAMPAIGN FOR 2018 PROVINCIAL AND MUNICIPAL ELECTIONS

A year ago, the provincial government released a plan to help make home ownership more affordable, yet nearly 7-in-10 (68.5%) young Ontarians agree or somewhat agree that home ownership is unaffordable in their neighbourhood, shows new research from Nanos Research Corporation for the Ontario Real Estate Association (OREA). The research underscores the importance that affordable home ownership will play in the provincial election this June, with 7-in-10 young Ontarians agreeing or somewhat agreeing they are more likely to vote for a political party that is committed to helping them own a home.

“The dream of home ownership is slipping away for an entire generation of young people,” said Tim Hudak, CEO of OREA. “Nearly half of Ontarians between the ages of 25 and 34 are still living at home with their parents. These are people who’ve done everything right – gone to school, worked hard, paid down their student loans – yet they’re struggling to take that next step in life to own a home. We need action to address this problem.”

It is not just millennials who feel home ownership is unaffordable. Nearly 6-in-10 (58.7%) older Ontarians – non-millennials – agree or somewhat agree that home ownership is unaffordable in their neighbourhood. Nearly 8-in-10 (78%) of Ontario’s millennials agree or somewhat agree that the government needs to do more to help young people afford a home. Saving enough of a down payment is the most important barrier to owning a home for 41% of young Ontarians, followed by getting a mortgage approved at 22%.

“To date, most government action has been around higher taxes or making a mortgage more expensive - none of this is helping people get into the housing market,” said Hudak. “It is time to take a different path. Keeping home ownership within reach comes down to increasing housing supply in Ontario, particularly ‘missing middle’ housing, like townhomes and mid-rises, and providing first time home buyers with some relief like increasing the first-home buyer tax rebate and helping with down payments. Young Ontarians need a government that can make these ideas a reality.”

With the provincial election less than two months away, OREA has launched a Keep the Dream Alive campaign to ensure home affordability remains a priority for party candidates in all 124 Ontario ridings and the new government. Ontarians are being encouraged, through digital advertising, to visit www.KeepTheDreamAlive.ca to send a letter to their riding’s candidates asking them for a commitment to keep home ownership within reach for future generations.


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