Extra costs that come with living in the suburbs + MORE Apr 15th

TORONTO — Jess Morgan rents in the country’s hottest housing market and has been saving for the past six years for a down payment on her first home.
She and her husband plan to start house hunting within the next two years in nearby Oakville, likely while continuing to work in downtown Toronto, about 40 kilometres away. She believes she can get more square footage for less money in the suburbs and considers it a good place to raise a family.
“I think there’s more space, there’s more green and that’s something that we would very much want for our children,” says the 27-year-old, who has set a maximum budget of about $900,000 to $950,000.

City or suburbs: Where can you afford to live?

As prices in major cities move out of reach of many homebuyers, some are casting their search further to areas where they can afford bigger properties with smaller mortgages.
But suburban living can come with extra costs, like higher transportation and daycare fees, and may not add up to great savings over the long term…

The dream of owning a home is getting further and further out of reach for many people. Young people in particular are hit hard by rising prices for buyers and renters.

Pricing people out of homes is not good for our communities or our economy. This isn’t just about getting millennials out of their parents’ basement. It’s also making sure that people don’t become house rich and real life poor.

When people’s incomes are locked into making mortgage payments or rent, small businesses and local economies suffer. High mortgages mean little flexibility, and not much left over for other life purchases. The consequence: big chunks of cash flow to Bay Street instead of Main Street.

There is no question that the province needs to take action now to combat speculation, increase supply and decrease demand.

It’s unfair that speculators — who use the real estate market as a place to make money — are gaining while people and families trying to buy a home are getting priced out of the market.

The real estate market should be about supplying housing for people, not an ATM for speculators…