Young Canadians will never Own a Home like their Parents. Why?
The reasoning is a little bit more than money...
It seems that the Canadians are experiencing the same housing hardships Americans are facing. Canadians are working but are not making enough money to buy housing. This would ultimately lead to urbanization without public housing. Almost every leader mentioned the apparent huge issue of young Ontario residents being unable to purchase a home.
This isn’t even a matter of rich or poor either. The term “crisis” seems to be a better descriptor for someone or a group of people who cannot afford to shelter themselves in general. The mismatch in supply and demand for houses is separate from the mismatch in supply and demand for affordable apartments. This is something many young Canadians would want more answers to.
Above we see statistical evidence that the developers of housing are opting to build apartment buildings over single-unit housing as time continues on. The simple answer as to why: Money and somewhat of a care for climate change.
"The footprint of one 200-unit apartment building, as opposed to 200 single-family homes - the approval process would probably just be that much easier... You look at a house starting construction 18 months ago, I guarantee you they've had like a 40% increase in price.”
Nick Ogden, a realtor for Press Realty
However, many are directing the blame solely from making money to making a change for the earth. Scientists estimate that single-unit homes produce much more carbon output than apartment buildings just by design alone.
"We need to have alternative ideas of what homeownership looks like. Unfortunately, there are going to have be some sacrifices made. Some of my client's expectations for first-time homes are not what our parents bought for their first time home."
Nick Ogden said.
According to Nick, the idea that many young Canadians have spent their entire lives growing up in these single-unit houses will cause anger later on when they themselves cannot necessarily afford to do so as soon as their grandparents and parents. All along, they fail to realize the price differential in the times.
“The 50s, with the nuclear family concept, where everyone kept up with the Joneses and the white picket fences. The expectation of homeownership after the Second World War was there.
We have a bit more of a gluttonous appetite for larger homes. People really need to hone in on their needs versus their wants.”
Nich Ogden concluded.