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Millennial pens open letter, says Toronto real estate prices too high

Click to play video: 'Millennial writes letter about her generation leaving Toronto due to real estate prices'
Millennial writes letter about her generation leaving Toronto due to real estate prices
WATCH ABOVE: Millennial writes letter about her generation leaving Toronto due to real estate prices – Jul 11, 2017

Emily Wilchesky grew up in Toronto, but as a millennial, she says housing affordability in the city for her generation is becoming more and more out of reach.

“When I was 10 years old and I saw my life, it was here,” Wilchesky said. “And now it’s just impossible to get that.”

The 23-year-old wrote an open letter on TorontoStoreys.com which talks about how living in Toronto is becoming harder and it’s pushing millennials to live outside of the city.

READ MORE: Modest rate hikes will have little impact on sales of high-end homes: Sotheby’s

“It’s an ongoing joke with millennials,” Wilchesky said.

“I’m still living at home and all my friends are as well and it’s hard. The market isn’t letting us become independent people that we thought 10 years ago we would be at this age.”

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In April, the average transaction price for homes in the Greater Toronto Area (GTA) was $921,000.

READ MORE: Numbers show it’s harder for millennials to buy a home than it was for their parents

Wilchesky said in the letter that if real estate prices continue to soar, millennials will be no longer be able to invest in real estate.

“Whenever I picture my life and my future, I pictured it with a house and a backyard,” she said.

“It’s a frustrating feeling when it’s so out of reach.”

VIDEO: Toronto housing prices are hotter than anybody could have predicted

Click to play video: 'Huge housing boom hits Toronto & suburbs'
Huge housing boom hits Toronto & suburbs

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