Most Millennials Still Want to Own Homes in Toronto | 2026 Survey

New Survey: Most Millennials Still Want to Own Homes in Toronto and the GTA By Modern Solution Realty – 1% Listing Commission | Buyer Cashback Program 🔗 https://modernsolution.ca

Key Takeaways

  • Nearly 3 out of 4 millennials in Toronto say homeownership is important to them.
  • Only about 22% believe they will actually be able to buy a home in Toronto.
  • Many millennials say they may need to move outside the city to afford a property.
  • Remote work and rising housing costs are reshaping where younger buyers are choosing to live.

Millennials Still View Homeownership as a Major Life Goal

Despite rising housing prices and affordability challenges, most millennials in Toronto and across Canada still want to own a home.

A recent national survey of Canadians aged 26 to 41 found that the majority of millennials continue to see homeownership as an important milestone and long-term financial goal.

In Toronto, roughly 74% of millennials said owning a home is important to them. However, only about 22% believe they will ever be able to afford to purchase a home in the city.

This growing gap between homeownership aspirations and affordability highlights the challenges many younger buyers face in the Toronto real estate market.

Many Millennials May Need to Move to Become Homeowners

For many millennials, the path to homeownership may involve relocating outside of Toronto.

Survey results suggest that about 37% of Toronto millennials believe they may need to move elsewhere in order to afford a home.

This trend has become more common in recent years as buyers look toward more affordable markets across the Greater Toronto Area (GTA) and surrounding regions.

Cities such as:

  • Hamilton
  • Burlington
  • Oshawa
  • Barrie
  • Niagara Region

have seen increased interest from first-time buyers searching for larger homes, more space, and better affordability compared to downtown Toronto.

Rising Housing Costs Continue to Impact First-Time Buyers

Housing affordability remains one of the biggest obstacles for millennials hoping to enter the market.

Recent data shows that:

  • The average price of a detached home in Toronto remains above $1.5 million.
  • The average condo price is around $780,000.
  • Average rent in the city has surpassed $2,100 per month across many housing types.

While interest rates and market conditions fluctuate, these price levels continue to make it difficult for many younger buyers to save for a down payment while managing everyday living expenses.

As a result, many millennials are choosing to rent longer or look for opportunities outside the city.

Remote Work Is Changing Where People Choose to Live

The rise of remote and hybrid work arrangements has significantly influenced housing decisions for millennials.

Many professionals no longer need to commute into downtown offices daily, which has opened up opportunities to live farther away from major urban centers.

According to the survey:

  • Nearly half of Toronto millennials would consider switching jobs to secure full-time remote work.
  • 23% said their ideal lifestyle involves living outside the city while working remotely.

Some of the biggest motivators for remote work include:

  • Long commute times
  • High transportation costs
  • Greater flexibility in managing work and family life

With remote work becoming more common, many buyers are reconsidering whether living in a small urban condo still makes sense when larger homes may be available outside the city.

Why Homeownership Still Matters to Millennials

Even with affordability challenges, homeownership continues to represent financial stability and long-term success for many Canadians.

Owning a home allows individuals and families to:

  • Build long-term equity
  • Stabilize housing costs
  • Gain financial security
  • Invest in their future

For many millennials, purchasing a home is still seen as a major milestone that signals personal and financial progress.

Opportunities Still Exist for First-Time Buyers

Although the Toronto housing market remains competitive, opportunities still exist for millennials looking to buy their first home.

Some strategies buyers are exploring include:

  • Purchasing homes in emerging GTA markets
  • Considering townhomes or condos as entry-level options
  • Taking advantage of first-time homebuyer incentives and programs
  • Working with experienced real estate professionals to identify value opportunities

With the right guidance and planning, many first-time buyers are still successfully entering the Ontario real estate market.

How Modern Solution Realty Helps First-Time Buyers in the GTA

At Modern Solution Realty, we help buyers navigate the complex Ontario housing market and identify opportunities that align with their budget and long-term goals.

Our team provides:

  • Expert guidance for first-time homebuyers
  • Access to homes across the Greater Toronto Area
  • Buyer cashback programs
  • Professional negotiation support

Our goal is to help buyers find the right home while maximizing value in today’s market.

Frequently Asked Questions

Why do so many millennials want to own a home?

Homeownership offers long-term financial benefits such as building equity, stabilizing housing costs, and creating a long-term investment.

Why is buying a home in Toronto difficult for millennials?

High housing prices, rising living costs, and slower wage growth make it challenging for many millennials to save for down payments while managing daily expenses.

Are millennials moving outside Toronto to buy homes?

Yes. Many buyers are exploring more affordable markets across the GTA and surrounding regions where housing prices may be lower and larger homes are available.

Thinking about buying or selling a home in the GTA?

Visit Modern Solution Realty to learn how our 1% listing commission and buyer cashback programs can help you save thousands on your next real estate transaction.