As housing supply is inelastic and takes time to build — particularly with time lags surrounding planning permissions and supply chain snarls — new units will not come online overnight but would be part of a longer-term strategy.Article content
“TRREB is pleased to see measures that the federal budget includes funds to help municipalities modernize their zoning, planning and building approval processes, so that new ownership homes can be brought to the market quicker,” said TRREB president Kevin Crigger in a press release following the budget.
“The money they’re applying in various different buckets will help,” Soper said. “It is an ecosystem, it’s like a coral reef: you need entry-level housing to have healthy mid-level and entry-luxury, luxury . People circulate through the housing market through their lives as their wealth builds, as their careers develop — and part of that puzzle is rental accommodation, part of that puzzle is affordable housing. If it’s broken at the entry-level, the entire housing economy suffers.
Pasalis warned that the new supply-side policies would need more cross-government cohesion in order to be effective.