With housing market prices surging throughout southern Ontario, future generations of adults have raised concerns about their future. Many young adults face the dilemma of establishing stable lives and settling down with family during a time of high expenses. To gain more insight regarding the opinions of new and emerging adults, we conducted interviews around Humber College and Guelph-Humber University campuses. The main question was, “Do you have any concerns about your future regarding housing prices in southern Ontario?”
it’s just so weird to me that not too long ago someone with a regular old job could buy a house like an entire house with just their job money
— danielle weisberg for hire (@danielleweisber) December 29, 2021
How Much More Money Do We Have To Save?
Our first interviewee was Justin Rivera, a third-year sports management major attending Humber College. “I might have to leave Toronto to be able to afford an apartment in Ontario, and even then, it’s going to require me to have a good job and all that. A factor like that would make me want to leave Toronto,” said Justin. Our interviews revealed common feelings of anxiety and uncertainty among Gen Z, with many of them feeling the weight of student loan debt and the pressure of saving for a down payment. As expressed by first-year student Dimple Bhattoa, “housing prices are rising rapidly. I can’t buy a house in Ontario and I’d have to save a lot of money. That could take 10 years, 20 years, even 25 years and then I’d still have to worry about the mortgage. I’m not planning to do that.”
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The White-Picket Fence Dream Is No More
Seeing others around them in similar situations, dreams that many young adults have are getting crushed. “Honestly, I’ve always thought of living by myself, but now since the cost of living is so expensive, I can’t really imagine living that dream anymore,” said Ashley Melgar. Alicia Snow is yet another young adult attending Humber College who has always dreamed of having a nice property with enough room to host family gatherings, just like she has seen other family members do. “I’m scared that I’m not going to be able to afford the type of house that I really want like my parents and my grandparents have.”
Generation Rigged
Isabella Cristini was one of our last interviewees who had a lot to say about her concerns for the future. “Right now I work on campus and I have a few other jobs, yet I’m still concerned about how I’m going to be able to afford to move out of my house within the next few years,” said Isabella. “Just in general, right now I think the cost of living is absolutely insane and I feel like our generation’s setup for the future is rigged in a way. I don’t know how we’re going to start our lives, how we’re going to end, how we’re going to get there…”
As discussion about the complex and uncertain future ahead is gaining popularity, young adults hope that their cries for help will reach politicians and other officials who are able to make a positive change. The journey towards home ownership in southern Ontario has become a pivotal societal issue, and as Gen Z continues to navigate these challenges, their voices are increasingly becoming a powerful force in shaping the discourse around housing affordability and the future landscape of real estate.
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