Although looking at the housing market in Toronto might make you cry, there are some hopeful Gen Z ‘ers who think that they’ll be able to buy a home in one of the most unaffordable cities on the continent.
In a survey published by Sotheby’s International Realty Canada, Gen Z adults in Toronto — and across Canada — were surveyed on how they felt about homeownership despite the rising housing prices.
It was found that the youngsters in the 6ix were pretty geared towards getting ready to purchase their own houses.
“[..] Toronto’s Generation Z adults are not only primed for homeownership, they are also deploying diverse strategies to overcome rising housing prices and affordability concerns to save up a down payment for their first home,” the report reads.
Despite the benchmark price of residential properties rising 33% to an eyewatering $1,259,900 by January of this year, the survey noted that at least 36% of Gen Z’s in the city are anticipating buying their first house within the next five years.
Sounds unlikely? Well, that’s not the only thing they’re looking forward to.
Some young Torontonians truly believe in being able to afford a house for cheap, as 13% said they expected to pay less than $350,000 for a home. Approx 30% of surveyors are prepared to spend anywhere between $500,000 to $749,999 for their first house.
A majority of Toronto’s Gen Z said they’ll be relying on their own personal savings as their main funding source for their down payment, while some pointed to the bank of mom and dad or bank loans for help on costs.
If you’re wondering how the heck else these Toronto hopefuls will pull it off, here are five strategies survey takers are planning to use in order to save some extra cash:
- Have a stable full-time job with a high salary (55%)
- Limit or get rid of personal spending (47%)
- Live with the fam to save some cash (35%)
- Hold back on having kids (29%)
- Limit or get rid of expenses related to fitness, health, and entertainment (29%)
Owning a home can be expensive, but 84% of these young adults surveyed said that having one plays a big part in their plans to be financially stable in their retirement.
Fingers crossed that they’ll snag something affordable.
All Credit To Original Posting: https://www.narcity.com/toronto/over-third-of-torontos-gen-z-plan-to-buy-home-in-next-5-years-heres-how
