/https://www.thestar.com/content/dam/thestar/news/gta/2021/06/14/when-baby-boomers-in-toronto-finally-leave-their-current-homes-it-will-free-up-space-for-hundreds-of-thousands-of-young-homeowners-but-will-they-be-able-to-afford-them/nk_photo_changingneigh_2_.jpg)
When baby boomers in Toronto finally leave their current homes, it will free up space for hundreds of thousands of young homeowners. But will they be able to afford them?
In 2016, 24.3 per cent of Toronto households ranging from age 15 to 34 were overhoused, versus 66 per cent of households aged 70 or older. Amborski believes the extra capacity in Toronto’s existing homes likely won’t provide rightsized housing to those currently in too-small homes. In Toronto, 36.9 per cent of underhoused households already spend more than is considered affordable on their shelter costs. Neither Statistics Canada nor the city publicly report on overhousing, showing where in the city the issue is most prevalent. Existing homes located there are thought to have space for between 400 and 600 residents when they turn over.
Source: thestar June 14, 2021 09:00 UTC
