A recent report by the Missing Middle Initiative highlights the growing challenges faced by young Canadians in achieving homeownership in the GTA. The report reveals a significant drop in homeownership rates among 30-34 year olds, falling from almost 60% in 2011 to just over 52% in 2021. Despite a strong desire to own, confidence is waning due to affordability issues, with rising rents hindering savings for down payments.
The initiative proposes a systemic approach, urging Ottawa to consider housing as an interconnected system rather than focusing on isolated first-time buyer incentives. Recommendations include increasing rental supply, incentivizing seniors to downsize, and shifting investor focus from existing homes to new purpose-built rentals. The plan also suggests measures like indexed HBP/FHSA limits, time-limited GST/HST rebates, and a seniors housing strategy. For more detailed insights, read the full article on mpamag.com.
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