Toronto looks to laneway housing to gently increase urban density
A growing cohort of rich, aging baby boomers will contribute to even tighter housing supply for younger generations in Toronto over the next decade, according to a new report.
Seniors have traditionally downsized or switched to rentals and retirement homes, which has freed up supply for younger homeowners. Rising employment and income among older generations along with growing social-support services has turned that trend on its head, the Canada Mortgage & Housing Corp. said in a report Thursday.
“Rising home-ownership rate among seniors may continue, which will translate into less supply being freed up for younger generations,” the country’s housing agency said.
A quarter of homes in Toronto were owned by seniors age 65 and over in 2016, up 4.5 percentage points from 2006, the CMHC said. The share of townhouses owned by seniors reached 17 per cent from 12 per cent over the same period.
Like other parts of the world, the ranks of seniors in Toronto is growing. Average yearly population growth for the segment will be about 4 per cent over the next decade, bringing the share of seniors in Toronto to 18 per cent by 2026 from 14 per cent in 2016, according to the Ontario Ministry of Finance.