How Toronto’s housing costs are hampering the city’s ability to attract talent

November 1, 2017

They are the young professionals the Toronto region covets — highly educated and already earning good incomes in their 20s and 30s.

They are also the canaries in the coal mine when it comes to the region’s challenging housing market. If they can’t afford to live here, who can?

New research from the Toronto Region Board of Trade shows the high cost of housing may be crushing the financial goals of high-achieving millennials.

A survey for the business group shows 83 per cent of young professionals believe high rents and home prices are impeding their ability to save for retirement.

Sixty-five per cent say their shelter costs are preventing them from paying down debts.

The findings come a week after new census data highlighted the Toronto region as the country’s least affordable housing market, trailing even Vancouver.

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