Money Everyone must work together to create supply of housing millennials can afford

18:29  11 june  2018
18:29  11 june  2018 Source:   thestar.com

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We will all need to work together to make sure those housing options are available, at prices buyers can afford . About 500,000 millennials could be (This is before we even consider the demand for housing created by the 115,000 new residents coming to live every year in the GTA alone.)

But this solution will work only if real estate developers and elected officials are willing to think outside the box and consider new and innovative ways to make housing affordable for millennials and others.

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Are you a parent with a millennial son or daughter who is living with you? Or are you a millennial living with your parents — or with roommates?

In the next decade, you are likely to be part of a significant shift in our region as a large wave of millennials starts looking for homes of their own. We will all need to work together to make sure those housing options are available, at prices buyers can afford.

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There's always going to be more demand than supply for affordable housing in a county as amazing as MoCo. It's in the county's interest to ensure that its workforce (not just Millennials , but everyone ) can live in the county, keeping their spending dollars (and tax dollars) in house .

Buying a House Together Before Marriage? Read This First. And while making that move first can work out well, as it did for Seattle couple Katy Klein and Charles You and your partner have probably already shared details about your income and savings when determining if you could afford to buy.

About 730,000 millennials in the Greater Toronto and Hamilton Area (GTHA) may be planning to move on from living in their parents’ homes and from sharing with roommates in the next 10 years. This will, potentially, create about 500,000 new households, according to a new report from the Centre for Urban Research and Land Development at Ryerson University, sponsored by the Ontario Real Estate Association. The report defines millennials as those born between 1981 and 2001.

About 500,000 millennials could be seeking affordable homes within the GTHA in the next decade, says a new report.© Provided by Toronto Star About 500,000 millennials could be seeking affordable homes within the GTHA in the next decade, says a new report.

The millennials leading these new households will probably be looking for much the same things in housing as did previous generations of people as they reached their peak income-earning and child-rearing years, according to the report. That means they will want to own their own homes and they will want those homes to be close to the ground —“singles, semis and townhouses.”

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For many, the only housing they can afford requires a long drive on clogged and winding mountain roads. Affordability It’s Time to Solve the Workforce Housing Supply Problem. Where Are Millennials Moving - 2018 Edition.

Put simply, demand outstrips supply , which has created tension and imbalance in the housing market. The company portrays itself as a community, a place that brings people together and where everybody is on the same page. Instead you must walk away from the noisy traffic artery, across a

This much-needed stock of ground-related housing is unlikely to come from downsizing baby boomers, the report points out, given that the older generation may not be ready to move into apartments until mid-2040 to 2050. So we will need to build new housing for the millennials, and we should be focusing on ground-related housing.

Currently, provincial policy requires intensification in key areas, which often translates into building tall condos. But these may not be the first choice for most millennials looking to buy a new home, as the report points out. At the municipal level, on the other hand, many areas are still zoned mostly for traditional detached single-family homes, making it challenging to build more affordable, ground-related housing — such as townhouses. This is just one example of how different levels of government are not speaking to each other, resulting in a shortfall in the housing supply our region needs.

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They don’t think of retirement as a phase of their life nor do they plan to work to afford it. How to create passive income through house hacking. The key that Corzo and many other millennials have uncovered is that you must make your money work for you.

80%). The market alone is not always able to meet that need, and, accordingly, governments at all levels must work together to help. Let’s rethink how to create new affordable housing , Let’s go from ‘public housing ’ to ‘social housing The housing problem is acute. ]

If current construction trends continue, there will be more apartments than ground-related housing built in the GTHA in the next decade, leading to a deficit of about 70,000 units of the ground-related homes that millennials want, according to the report. (This is before we even consider the demand for housing created by the 115,000 new residents coming to live every year in the GTA alone.) That could lead to rising home prices, more traffic congestion and longer commutes, and even the loss of young professionals to other provinces.

As the municipal elections approach, we are encouraging voters to talk to their candidates about ways we can bring to market the healthy supply of housing that new home buyers — including new millennial households — can afford.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA. For the latest industry news and new home data, follow BILD on Twitter, @bildgta, or visit bildgta.ca.

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Through negotiations, it instead worked with state and local officials and JCTC to create Metropolitan College, a higher education and training program for UPS. Already in short supply since the housing crisis, demand for affordable rental options could be exacerbated if more Millennials choose to act

Yet home builders, who could swoop in heroically and save cash-strapped millennials by creating a new wave of entry-level homes, aren't coming to the rescue any time soon. Much like home buyers themselves, builders are still struggling to recover from the housing crash of

Related gallery: 15 ways for millennials to buy a house [Provided by Credit.com]

15 Ways for Millennials to Buy a House: Not long ago, some poor soul suggested (and probably instantly regretted) the reason millennials can't afford to buy homes is because they spend too much money on avocado toast. While the digital outcry from millennials was instantly indignant, that indignance may have been justified.Home ownership is difficult to achieve if you belong to the generation with $1.4 trillion dollars in student loan debt. However, it isn't impossible for millennials to achieve the quintessential American dream of home ownership. While the median home price is roughly 1000 percent higher than it was when our grandparents bought their first homes right out of high school or trade school 50 years ago, there are many ways millennials can prepare themselves for home ownership, and none of them involve selling a kidney. 15 ways for millennials to buy a house

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