July 22, 2024  

Toronto seniors stay in homes longer, potential housing shortage for younger gens: study

TORONTO – A new study suggests seniors living in Toronto are more likely to stay longer in their family sized homes than they were a decade ago.

The Canada Mortgage and Housing Corporation has released a report tracking home ownership trends among Toronto residents 65 or older.

It says seniors accounted for 25 per cent of home owners in 2016, up five percentage points from levels recorded in 2006.

The corporation attributes the increase to the fact that seniors are working longer and enjoying better health, enabling them to hang on to homes longer before downsizing.

But they say the trend also points to a potential shortage for younger generations.

The report says defering downsizing plans limits the number of larger homes on the market available to prospective buyers, noting the trend is likely to continue as Toronto’s population continues to age.

The Canadian Press

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