Millennials may be delaying marriage and taking longer to move out of their parents’ homes, but when they do, their item in the housing market is expected to drive up home prices and increase congestion in the suburbs, according to a new report from Ryerson University.There are one million millennials still living with their parents in the Greater Toronto and Hamilton Area, and over the next decade, 700,000 of them will be looking to move into their own houses, according to a report released Tuesday.But while millennials — those aged 15 to 34 — are perceived as the generation stuck in apartments, the “bulk are expected to want home ownership and ground-related … housing with a backyard” when it comes time to buy, the report says.There are, however, many obstacles. A millennial’s ability to move through the housing cycle “is being stifled by high housing costs and precarious employment,” said Diana Petramala, a senior researcher at Ryerson University’s Centre for Urban Research and Land Development.“Affordability is out of reach for many millennials,” Petramala said. “The average income needed to buy a house in the GTHA requires six times more than what millennials make.” The report suggests there could be more than 50,000 new millennial households created per year, as they begin leaving their parents’ homes.Read more: GTA millennials look farther afield after new mortgage rulesMillennials rank affordable housing among top concerns for upcoming provincial election, real estate study saysOpinion | Teitel: Parents of millennials providing more than financial assistance on home buyingThat means demand for an already limited supply of homes in the GTHA will increase, “putting continued upward pressure on prices over the long term” and forcing millennials to take on high debt loads to become homeowners. Millennials will probably have to flee the urban core to find hou ...
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