The Housing Affordability Crisis and Young Adults: A Case Study in Toronto

Join Zoom Meeting 

https://utoronto.zoom.us/j/88211413525 

Meeting ID: 882 1141 3525 

Passcode: housing

There has been extensive research, both within Canada and internationally, on the barriers faced by disadvantaged socioeconomic groups in accessing affordable housing. However, the young adult demographic has not been a primary focus of these studies, despite representing a critical life stage toward gaining housing independence. As one important measure of a country’s economic success and stability, Canada’s housing policy over the past few decades has fallen short, in part due to a failure to address important intersecting factors that expose the root causes of what is now widely viewed as a national crisis. Without a serious commitment to revitalize Toronto’s housing economy so that it works for the majority of residents, housing precarity will increase, and access to safe, affordable housing will continue to decline. As one of the disadvantaged demographics in this crisis, young adults have been significantly affected, and even more so today as a result of a year long global pandemic. This paper reviews the recent history of Canada’s housing market, the current housing situation in Toronto as it pertains to the age 18 to 30 demographic, and provides new insights into their housing experiences and perspectives. Through both webinar and survey methodology, qualitative and quantitative data were obtained from the local university student demographic that reveal significant concern for their future ability to secure adequate housing, based on current economic conditions. The financialization of the housing market in Canada that has occurred in tandem with the prevailing neoliberal policies, as well as important systemic issues perpetuated under this economic system, such as “racial capitalism”, are discussed. In order to better understand the complex political, economic, social, and environmental interconnections of the issue, each of these factors are examined through the lens of sustainability and recognition of ‘Housing as a Human Right’.