Canada's Condominium Magazine
Affordable housing may not top the list, but it’s certainly one of the top five political issues for millennials, with 60 per cent of prospective first-time buyers “likely to support a political party” that moves the agenda of “housing affordability.”
According to a new poll for the Ontario Real Estate Association (OREA), 37 per cent of Ontarians believe housing affordability belongs on the next election agenda. The only issues rated higher in terms of the next elections were jobs, healthcare, taxes and hydro rates.
OREA’s CEO Tim Hudak —former leader of the Ontario Progressive Conservative party — offered a solution: “The best long-term solution — let’s increase housing supply and housing choice. That way we can ensure millennials will be able to get a place of their own.”
Supply from new condominiums
Increasingly, the supply is arriving in the form of new condominiums. Vertical communities are in-demand for both first-time home buyers and first-child families — which previously might have sought a small single-family home. Urban preferences are contributing almost as much to the demand for high-rise residences as scarcity of supply and affordability. [Refer to this story on “Condo’s as a preference”>>]
Affordability remains the top issue, however. CMHC reports that the average mortgage payment in Toronto rose to $1826 at the end of last year, which is significantly higher than the year before.