Completely unattainable: Homeownership elusive for most young Ontarians, report finds [Video]

A new report suggests homeownership is slipping further out of reach for young people in Ontario, with more than 40 per cent of their monthly income now going toward housing in many areas.

The report, led by economist Mike Moffat at the Missing Middle Initiative and commissioned by the Ontario Home Builder’s Association (OHBA), found that 11 of 26 municipalities analyzed in Ontario were “completely unattainable” for middle-class households.

“Young people are out of options when it comes to housing in our province,” said Scott Andison, CEO of OHBA. “Unfortunately, unless you earn far above the average salary or can get assistance from family members, your hopes of buying a home in Ontario are slim.”

The report shows how affordability has eroded over the last 20 years.

While house prices have more than doubled since 2005, wages after inflation in Ontario have only grown by 16 per cent.

In major markets like Toronto, Hamilton, Kitchener, Waterloo, Guelph and Barrie, the price-to-income …