Seniors staying in their homes longer putting pressure on housing market for younger generation

Welcome Home

A new report from the Canada Mortgage and Housing Corporation is predicting a new source of pressure for young people in the city's real estate market.

The report says seniors are more likely to be homeowners today than they were a decade ago thanks in part to higher incomes resulting from staying in the workforce longer.

The report says 25 per cent of Toronto-area homes were owned by people 65 or older in 2016 compared to 20 per cent in 2006.

The Corporation says the trend is good news for seniors, but could further limit housing supplies for younger generations.