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RSS FeedsYoung families scrimp to own homes in Canada´s big cities, report finds
(The Star Toronto Raptors)

 
 

13 february 2019 15:32:26

 
Young families scrimp to own homes in Canada´s big cities, report finds
(The Star Toronto Raptors)
 


Young families in Canada’s big cities believe houses and condos will be a good investment over the next five years, and they are sacrificing their privacy, time and small pleasures to buy them, according to a report by Sotheby’s International Realty Canada.The study is based on a survey of 1,743 families headed by adults aged 20 to 45. It found that millennials and generation Xers are delaying both retirement savings and paying off credit card and student debt in order to afford homes, with 78 per cent expecting homes to match or outperform other financial investments over the next five years. In Toronto, that number rises to 83 per cent. But the biggest barrier to buying, cited by 33 per cent of families, is the expense of day-to-day living — groceries, rent and utilities. That’s a “concerning” trend, said Sotheby’s CEO Brad Henderson.“Increasingly, it is the essentials in life that are absorbing most of everyone’s income,” Henderson said. “It speaks to trying to find more higher-paying jobs, more knowledge worker jobs that are able to afford, not just the necessities of life, but some of the things that make life even that much more pleasurable, like a home with multiple bedrooms for a growing family.”The report is the second in a series of three based on a survey of families in which the adults were aged 20 to 45. Market research firm Mustel Group found 57 per cent of those households in Toronto, Vancouver, Calgary and Montreal were couples with at least one child, 35 per cent had no children, and 8 per cent were single-parent families.Mississauga’s Aaditya Thakar, 23, doesn’t have a partner or children, but he does have a government job and is already saving in the hopes of buying a home later.Read more: U.S. online broker Redfin dives into GTA’s real estate market Couple shares a 335-sq.-ft. micro condo on Queen St. W. — and loves itToronto new-build home sales p ...


 
20 viewsCategory: Sports > Ball Sports > Basketball > NBA > Toronto Raptors
 
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