[URBAN NOTE] "Two-thirds of millennials expect to afford a Toronto-area home, study suggests"

[rfmcdonald]

The expectation of parental subsidies makes sense of this article by the Toronto Star's Tess Kalinowski.

Toronto’s hot housing market hasn’t torched the home ownership dreams of first-time buyers.

About two-thirds of millennials in the Toronto area expect to own their own home, according to a survey by Pollara for Bank of Montreal being released Wednesday. That’s despite a higher average purchase price of $465,000 in Toronto, compared to the $350,000 national average.

But about 32 per cent say that home ownership will probably be unaffordable for them.

Those expecting to buy are relying on family to realize their dream.

Nearly half of Toronto first-timers anticipate making a withdrawal of about 12 per cent of the total price for a down payment, from the bank of mom and dad. That means their own contribution would be about 4 per cent or about $18,000.