To own or to save?

PART 1 of the Board's latest series on on Young Professionals

insights on the regions housing market
At today's prices & rents, housing
comes at the expense of debt
re-payment & saving for retirement

Rent vs Own: The homes young

professionals are living in
42% OWN THEIR HOME 83%
say the cost of housing
is making it more difficult
65%
say the cost of housing is
making it more difficult
to save for retirement to pay off debt

DETACHED
SEMI-DETACHED,
DUPLEX, TRIPLEX
TOWNHOUSE
MID-RISE
CONDO/APT
HIGH-RISE
CONDO/APT
SECONDARY
SUITE
86% intend to
own a home;
Own 39% 15% 12% 8% 26% 0% 2years 30% WITHIN TWO YEARS
Rent 8% 17% 6% 24% 41% 6% HERES HOW

Why young professionals are renting REASON 1 REASON 2 REASON 3

$750k 20%
down

67%
8% 5% 7% 9% 4%
52% 14% 24% 12% 9% 7% 9% On average, 1 in 3 expect Those
YPs intend to receive seeking
Can't Allows 24% Can't Meets 18% Allows 15% Prefer 10% 12% have a budget to have a financial assistance
afford a them to live in afford the needs them the Have 20% down assistance are most
always less than
down a preferred housing of their to save flexibility $750K; payment. from likely aged
payment location carrying costs lifestyles money of renting rented $732K was the They only family/- 18-29 and
8% 75% 60% 46% 35% 31% 26% 25% average price
for all home
have 14% of
their target
friends to
finance their
looking at
purchasing
types in purchase purchase a condo
22% 14% price saved
15% August 2017

WHO # OF BETWEEN LIVING $ Ages This represents

our regions
TOOK INDIVIDUALS THE AGES OF IN THE
90% work full time, 44% have a graduate degree 21% earn > $150K, 8% 18-24 83% do not
top young earners
OUR 803 18-39 GTHA 2% part-time,
5% are students
43% have a university degree
12% have some
19% earn $100K-$150K
14% earn $80K-$100K;
17% earn $60K-$80K;
32% 25-29
35% 30-34
have children
at home, but
75% plan on
If they cant afford to buy a home
in Toronto, who can? And, what does

SURVEY (3% other) post-secondary education;

1% have high school or less
17% earn $40k-$60k;
6% earn < $40k;
5% preferred not to answer
25% 35-39 having children
in the future
this mean for our Regions ability to
attract & retain talent?

The Toronto Region Board of Trade acts as a catalyst for, and with, the Toronto region business Community. Torontos housing affordability
crisis stands to significantly impact our ability to attract and retain top talentin all industries and sectors. This is a supply issue. We need
to build more homes in Toronto; homes of the right size, in the right place, to ensure we have access to the talent our dynamic job market
requires. The Board is focused on the needs of young professionals, particularly those building families. This is the first of many initiatives
the Board is involved in. Stay connected by visiting bot.com and following us on Twitter (@TorontoRBOT) and LinkedIn.