Shomporko Online News Desk: According to polling data supplied by the Ontario Real Estate Association, nearly half of Ontario residents under 45 are considering leaving the province in order to purchase a home.
According to a research issued on Tuesday, 46% of individuals interested in buying a home in Ontario have investigated or are exploring residences outside of the province.
It also indicated that 33% of persons under the age of 29 are either “definitely” contemplating or “very likely” to buy out of province, with 11% and 22%, respectively.
“The lack of housing supply is leading many to look outside the province for their first homes and that will make it difficult to retain and attract talent in Ontario in the near future,” OREA CEO Tim Hudak said.
About 65 per cent of those who do not own a home want to own a residential property, that percentage goes up to 80 per cent for people between 18 and 29 years old.
However, when it comes to buying a home in a neighbourhood people want to live in, 56 per cent are either “pretty pessimistic” or have “given up believing [they’ll] be able to buy a home.” Meanwhile, one in four respondents said they are still optimistic but are becoming worried while 18 per cent of those surveyed said they are feeling optimistic overall.
For those who are looking to buy a house, there was a strong demand for single-detached homes (56 per cent of respondents indicated this was their preference).
Non-homeowners generally said they view all types of housing as not affordable. Townhouses and condos were viewed as only slightly more affordable than detached or semi-detached properties by non-homeowners.
Seven in ten of those polled feel that housing affordability should be a high priority for the Ontario government.
Some suggested, according to the data, that the government could stop money laundering in the province’s real estate market with a publicly searchable registry of who owns the properties, increase first-time home buyer tax rebates, redevelop surplus commercial properties into housing, and introducing tax credits and incentives for homeowners to make improvements such as energy efficiency in homes.
“For many Ontarians, the affordability crisis continues to shatter their dream of home ownership, and this has been exacerbated by the pandemic’s economic impact,” Hudak said.
“Governments must act if we are to generate future generations of homeowners, and this begins with pro-growth policies that can bring affordability to first-time home purchasers while also addressing the supply shortage.”