A new report warns that 26 per cent of homeowners in Ontario are struggling to keep on top of their home costs. Monthly mortgage repayments and other regular expenses are challenging for around 840,000 in the province and more than half of those are under 45. The figures have been revealed by a study from the Canadian Centre for Economic Analysis which shows that housing affordability have increased by 13.5 per cent in the last decade.
The study was commissioned by the Residential Construction Council of Ontario (RESCON) and will be followed by a second report focusing on the Greater Toronto Area, which is likely to show a higher percentage of under pressure homeowners. Richard Lyall, president of RESCON told thestar.com: “It used to be we had a social housing problem — people who didn’t have a lot of money couldn’t find housing. But now, that line has moved and we have families, two-income earners, who can’t find affordable housing within striking distance of work.”
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