Why Are Young People Giving Up on Toronto?

Over 50% of Generation "Z" have given up on ever being able to afford a home in Toronto.

With Toronto's home prices continuing to rise exponentially - most recently, over 20% compared to a year ago - many young professionals are losing hope.

As the goal of saving up a down payment and making enough to cover mortgage costs gets more elusive, a new study shows that many in their mid-20s are already resigning themselves to having to rent permanently or move to more affordable cities outside of the Toronto area.

Realosophy Realty Sales Representative Gus Papaioannou talks to CTV News what's happening in the market and what needs to be done to help this important generation today. 

Sydney Wilson is a social coordinator at Realosophy Realty, an innovative Toronto real estate brokerage which uses data analysis to advise residential real estate buyers, sellers, owners and renters, and educates consumers at the Move Smartly website.

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