Young adults in the Greater Toronto Area are greatly concerned about housing affordability but many believe that housing supply will be enough for new residents.
The final set of data from a recent poll by the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) shows that millennials are concerned about the ability to own a home but are also the most optimistic group regarding housing supply.
More than 4 in 10 millennials believe that the GTA is well prepared to provide housing for the number of new residents that settle here every year - substantially higher than those age 35 to 54 (31%) and those over 55 (27%).
And providing enough homes in a market where supply is already tight will be a challenge due to the potential growth in new households.
"According to a recent Centre for Urban Research and Land Development study, there are about 730,000 millennials living in the Greater Toronto and Hamilton Area (GTHA) who may be planning to move on from living in their parents' homes and from sharing a dwelling with roommates in the next ten years, potentially creating 500,000 new households," said Dave Wilkes, BILD President and CEO.
Across the wider age range polled, nearly 7 out of 10 feel that their children will be unable to afford a home in the community where they grew up. This group of respondents agrees that it is important for young families to be able to afford to live and work within the GTA without having to deal with long commutes.
What GTA residents want from a home
The study also reveals preferences of GTA residents.
Sixty percent say they value a neighbourhood that is walkable and bikeable, in addition to being close to shopping, entertainment and government services. This is closely followed by those who prefer access to convenient transit (56%) and being close to work and school (54%).
The industry leaders are urging policymakers to make decisions that reflect the housing wishes of GTA residents.
"The best public policy is proactive, not reactive. We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now," said Garry Bhaura, President of the Toronto Real Estate Board.
"In the next decade, we are likely to be part of a significant housing shift in our region as a large wave of millennials start looking for a place to live of their own," added Wilkes. "Add the estimated 115,000 new residents that come to the GTA every year and the area will see itself in a housing crisis. I urge voters and candidates to learn more about BILD's recommendations at www.buildforgrowth.ca."