Real Estate News

Younger gens have fewer housing options as Toronto seniors stay in homes longer according to study

Image by Rudy and Peter Skitterians from Pixabay

A growing trend among Toronto-area seniors to delay downsizing efforts and remain in their homes for longer could indicate future housing pressures for younger generations, a new report said Thursday.

The Canada Mortgage and Housing Corporation analyzed 10 years worth of housing data among residents of the Greater Toronto Area aged 65 or over, evaluating how many opted to remain in the real estate market.

The report found that seniors were more likely to be home owners in 2016 than they were in 2006, noting they made up 25 per cent of local homeowners compared to 20 per cent a decade before.

Report author Inna Breidburg said the shift bucks long-standing demographic trends that typically see seniors exiting the real estate market as they age, freeing up homes for young people to take over.

Continue to read on: CTV News

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