Housing Affordability Becoming More Difficult For Younger Home Buyers

A new survey of Ontario homeowners commissioned by the Residential Constriction Council of Ontario has found that approximately 26 per cent of Ontario home owners consider themselves under “significant pressure” to cover their home costs.

Of the 840,000 home owners who are being “squeezed”, just over half were under the age of 45, the same ones who have had the most difficult time entering the real estate market at all.

Since 2006, housing affordability pressures have increased by 13.5 per cent on average according to the Canadian Centre for Economic Analysis.

It’s also estimated that number is higher in areas like Toronto, where home price growth is skyrocketing.

For more, check out this article in the Toronto Star here.

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