Every generation has had its share of struggles, but when it comes to homeownership, there’s no contest — millennials have it harder than the previous generation.
A new report by Ryerson University’s Centre for Urban Research and Land Development, sponsored by the Ontario Real Estate Association (OREA), found that the demand for home ownership will grow as millennials enter the housing market.
Here’s what OREA is posing the government do to keep the dream of home ownership alive:
- Ensure the right type of housing. Building more lower-density housing that meets the current generation’s needs should be a priority. Specifically, missing middle housing like townhomes, mid-rises, and semi-detached homes are where young people and families can get their start.
- Make home ownership more affordable for first-time buyers. First-time buyers are still paying a portion of the land transfer tax, especially in Toronto where buyers pay a second, municipal LTT. To help make it more affordable to get into the market, the First-Time Home Buyer Land Transfer Tax rebate should be increased to $6,000 and indexed with inflation.
- Increase supply to fill demand as it grows. Ontario needs to address the lack of new housing and increase supply to meet demand. Layers upon layers of approvals, lack of serviced land, and zoning challenges are just a few examples of some policies that limit new building supply.
Ontario’s aspiring home buyers are counting on governments at all levels to keep the dream of home ownership alive. To ensure affordable home ownership remains a top priority for policymakers, OREA has launched the Keep the Dream Alive campaign. Find more information at www.keepthedreamalive.ca.
