January 24, 2022, by The Editorial Board
According to the Canadian Real Estate Association, the cost of a typical Canadian home hit $811,700 in December, up an astounding 26.6% from a year earlier. That was the biggest increase yet in a two-year pandemic housing price boom, and it also far exceeds the pace of price rises in 2017 and 2006. And almost 667,000 existing properties changed hands last year â€“ 20% more than in 2020, itself a record sales year.
However tight and expensive the rental market is, there is one bit of good news: After decades of barely any construction of new, purpose-built rental housing, more apartments are finally being built, from coast to coast. Of course, itâ€™s not yet enough â€“ but the trajectory is at least moving in the right direction.
Facing an election this spring, Ontarioâ€™s Doug Ford government has struck a housing affordability task force whose primary goal is â€œincreasing the supply of market-rate rental and ownership housing.â€ Its report was due Jan. 31. Early suggestions point to the possibility of it proposing big changes, including forcing cities to accept looser density rules â€“ which will get more housing built, especially rentals, in existing neighbourhoods. However, it remains to be seen if that is what Ontario will deliver.
Canada Needs To Build More Rental Housing. A Lot More
What does this mean?
This article is fascinating, even enlightening, but you may have no idea what to do with the information it provides. Itâ€™s dangerous to load up on knowledge and move without the practical wisdom to act.
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