The vast majority of Torontonians, 89 per cent, believe housing is unaffordable in the city. But 20 per cent of those who rent still plan to put a foot on the property ladder this year.
The findings of a new Forum Research poll suggest that many of those buyers will be looking at new construction and bidding wars, because only 7 per cent of the city’s homeowners plan to sell.
“Everyone says it’s unaffordable, but they’re affording it,” said Forum president Lorne Bozinoff.
A full 41 per cent of survey respondents said Toronto housing is “not at all affordable.” The average selling price for a Toronto area home in March was $688,181, and detached home prices averaged $910,375.
Despite high housing prices, people are “going to scrimp and save and do what they have to do to buy a house.
They’re saying, ‘The prices are too high but I’m planning on paying it anyway,’ ” Bozinoff said.
About 60 per cent of Torontonians own their homes, with the highest rate of ownership concentrated among older, wealthier residents.
Half of those owners believe their homes are worth between $500,000 and $1 million, and a third consider their homes their retirement savings. That attitude is particularly prevalent among those 45 years and older.
Sixty-four per cent of homeowners are still making mortgage payments, according to the poll.
Forum Research surveyed 858 residents in an interactive telephone poll on Tuesday. The results are considered accurate within 3 per cent 19 times out of 20.
Home ownership by the numbers
56% Those aged 18 to 34 who consider Toronto homes “not at all affordable”
36% Torontonians aged 18 to 34 who own a home
60% Torontonians aged 35 to 44 who own a home
12% Homeowners who estimated their property’s value at between $1 million and $1.5 million
35% Homeowners in Etobicoke who estimate their property’s value at $500,000 or less
24% Homeowners aged 65 or older who have a mortgage
56% Homeowners aged 65 or older who consider their home to be a retirement savings
60% Homeowners aged 18 to 44 who consider their home to be retirement savings.
