What to know
- Many young Torontonians still aspire to homeownership, but most see it as increasingly out of reach due to soaring costs and stagnant wages.
- Several mayoral candidates are focused on boosting homeownership, but young residents say more support for renters is also crucial.
- Even those who are saving for a home admit it will take years, and that new government incentives haven’t closed the affordability gap.
- Renters value the stability of rent control, but worry about the long-term sustainability of staying in Toronto without pathways to ownership.
Do young Torontonians still care about homeownership? As mayoral candidates focus on housing affordability, Now Toronto asked locals whether buying a home is still the dream or if renting is the new reality.
For many, simply living in Toronto is a struggle. Vividata’s Study of the Canadian Consumer Winter 2026 shows 49 per cent of Canadians are living paycheque to paycheque.
As Toronto’s mayoral election campaign trail is in full swing, many candidates have raised the topic of homeownership — but what about renters?
For many, it raises the question: do Torontonians even wish to own homes, or have they given up on that costly dream? Now Toronto asked locals for their housing aspirations.
Read More
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- Toronto minimum-wage workers need nearly an entire month’s pay just to cover rent, report finds
- Buying a home in Ontario? These hidden costs can add thousands before you even move in
- ‘It’s the norm,’ Nearly half of Canadians are living paycheque to paycheque, and Torontonians aren’t surprised
‘It’s really hard here’: This Albertan says Toronto’s too expensive
Toronto resident Saba G., originally from Alberta, says her move was expensive.
“It’s really hard here, and so I enjoy renting for now… For me on my own, [homeownership] is not possible, and I feel like it’s only going to get harder,” Saba told Now Toronto.
Saba mentioned rent control in Toronto does make it a bit easier — compared to Alberta, which does not have that aid. However, she still finds the city too expensive.
“I do think it’s still very expensive… I live with my husband, so it’s just the two of us and a dog. I can’t imagine having kids and wanting to own a home. In this economy, it’s almost impossible,” she said.
‘Out of reach for a lot of people’: This Toronto resident says it’s becoming harder, but isn’t impossible
Toronto resident Alec C. says homeownership isn’t an achievable dream for many.
“On average income, it’s definitely not in reach, in Toronto or any high cost of living area. I think it is out of reach for a lot of people,” he told Now Toronto.
Despite the hurdles, Alec isn’t giving up on being a homeowner himself.
“It’ll probably take a couple more years. I’m not terrible with my money; I am saving, I’m putting it in the right vehicles for it, like your First Home Savings Account (FHSA),” Alec said.
But admittedly, he’s currently happy as a renter in Toronto.
“There’s been a lot of government incentives that have come out recently at all levels of government, and if you look around, the only type of housing development that’s happening in the city are rental developments, with the idea of having a lot of supply to bring that downward pressure for rental prices,” Alec explained.
‘The housing market makes it seem unattainable’: This local hopes to buy a home, but isn’t sure if the future will allow it
Toronto resident Kaya S. says he hopes to buy a home — but doesn’t know how possible that dream is.
“Young people still care to own a home, but the housing market makes it seem unattainable,” Kaya told Now Toronto. “I think it’s an important part of establishing your future, building stability, especially if you want to grow a family and grow in Toronto.”
He hopes the government will help reduce costs and make it more sustainable for those who wish to stay in the city.
