An open letter to Toronto, from millennials
Cottage country is looking pretty sweet right now to us millennials, with the average price for a cottage pegged at $413,000, approximately half of the average price of a home in the Greater Toronto Area.
It was fun while it lasted Toronto, but it’s time for us to leave.
Why does it seem to us millennials that you don’t want us here? We are trying to give you the benefit of the doubt, and we are purchasing properties we can’t afford just to stay in the city we love. But you just keep making it harder and harder for us to stay.
Today’s exorbitant home and condo prices coupled with the city’s supply challenges contribute to a nearly impenetrable market, and, well, it’s just too expensive to live here now. That first family home we always dreamed of owning in North York, or off Eglinton, and now, the hot areas of Roncesvalles and the Leslieville … we are slowly accepting it just may not happen for us in the foreseeable future.
There may be a movement starting. The millennials are heading north — and we mean really north. It’s pretty much all we can afford. Vaughan would be nice, but those prices are also rising fast. So, cottage country it is (we can think of worse things).
Reports suggest that you’ve pushed us so far, we’re never buying that first house in Toronto. So we’ll just have to buy a cottage instead, and perhaps rent in Toronto (if we can even afford that). We do want to own something, right?
The average price for a cottage today is $413,000, according to a recent Toronto Star report. This is compared to the average price of a home in the Greater Toronto Area over the last few months, which has hovered between approximately $800,000 and $1 million, a Toronto Real Estate Board forecast says.
Maybe it will be better for us. To own land far away from this busy city, where we focus too much on our screens and less on what the great outdoors has to offer.
Could a brighter future for our children be on the horizon? Our kids will experience a much different upbringing — they’ll be outdoors-y, adventurous, they’ll love the lake. And they’ll love their cottage.
But you can’t get rid of us for good. Our careers are still largely here in the city. Maybe soon our bosses won’t be able to afford their rent either, and we will all move up north.
And then you’ll have no one. You’ll be forced to lower your absurd home prices. And you’ll be asking us all to come back.
We’ll see you soon, Toronto.