Ontario’s First-Time Homebuyers Now Average 40 Years Old

Ontario’s first-time homebuyers are entering the market at ever-later ages, according to Teranet’s 2024 report. The median age climbed from 36 in 2014 to 40 in 2024. Rising home prices and persistent affordability pressures are the primary drivers of this shift.

Home values in Ontario have almost doubled over the past decade. Markets such as Hamilton and London have seen even steeper increases. Despite four consecutive quarters of lower borrowing costs, the typical Ontario household now allocates more of its income to housing than at any time since 1990.

In Toronto, for example, mortgage payments, property taxes and utilities now consume 71 per cent of median before-tax income—up from roughly 50 per cent ten years ago.

This trend forces buyers to choose between stretching budgets for a purchase or extending their time in the rental market. Each option carries risks: higher interest expenses for buyers and rising rents for renters. Understanding these trade-offs is essential for effective housing decisions.

Royal York Property Management offers expert guidance for both prospects and investors. Contact Royal York Property Management to discuss strategies tailored to your circumstances and explore current listings.

Source: The Globe and Mail