It’s Key’s mission to make this dream possible and accessible for millennials years sooner.

For decades, we were taught to believe anyone willing to work hard and be a disciplined saver could build wealth by owning a home and enjoy the growth, comforts and security it provides. As housing prices and rents skyrocket in the Toronto housing market and global cities, this has quickly become an impossible dream for millennials and every aspiring first time home buyer.

Each week, new reports come out declaring how home ownership is becoming more challenging for a first time home buyer.

Breaking into Toronto’s housing market is increasingly challenging for aspiring first-time buyers

Today, it takes an average of 21 years for a typical first time home buyer in Toronto to save enough for a down payment. Becoming an owner in the Toronto housing market is only available to the top 20% of income earners, creating a vicious circle for renters, current owners and communities.

It’s easy to see why today only 71% of millennials think home ownership is achievable for them. Struggling to save enough for a down payment prevents 56% from being able to buy. 35% are excluded because of rising home prices.

We’re passionate about changing the current reality for aspiring first time home buyers. That’s why Key was created. Instead of wasting 21 years making their landlord richer, they can move in and start building real estate wealth for themselves with only $15,000, a fraction of the typical down payment.

The challenge of owning a home goes far beyond millennials being delayed (or missing out completely) from the opportunity to build wealth from real estate. It’s also contributing to feelings of isolation, loneliness and not feeling like they’re part of a neighbourhood and community.

Loneliness is becoming an epidemic in global cities.

Today, 1 in 5 Canadians experience some level of loneliness, which negatively impacts their health.

Despite being surrounded by millions of people every day, 66% of Toronto residents report not knowing any or only a few of their neighbours. 35% feel more at home in a place outside their home.

The personal and societal implications of this trend are significant and worrisome. Creating communities where people can live and thrive is core to our purpose at Key.

That’s why we’re building communities where everyone is welcomed but no one is obliged.

It’s why we’re creating vertical neighbourhoods where everyone in the building is an owner and shares the pride that comes with it. And it’s why we’re investing in amenities like rooftop patios, lounges and world-class gyms where neighbours can come together.

We’re also developing personalized technologies to streamline home ownership, create curated communities and a truly elevated lifestyle.

Creating a new way for more people to have their own “home sweet home” inspires us. We’re excited to be launching in the Toronto housing market and then expanding globally. We’d love you to share our journey and we look forward to welcoming our new neighbours.

 

Sources: Generation Squeeze 2019 Housing Report; 2019 Trulia Canadian Study.