Mike Moffatt is the senior director of policy and innovation at Smart Prosperity Institute
COVID fluctuations aside, rental pricing tends to be proportional to population growth. Since 2015, Canada’s population has swelled by three million people, thanks in part to expanded federal immigration targets. We effectively added another Toronto. And yet the country hasn’t accelerated the rate at which it builds rental units. Ontario went from 670,000 units in 2015 to 710,000 in 2021—that’s not much of a change in six years.
In Canada, we’re pretty good at building high-rise condo units, but that’s not where our largest bottlenecks are. We’re missing a middle density in the form of duplexes, triplexes and purpose-built rentals, and that’s because of zoning rules that make it illegal to build them in many neighbourhoods. Earlier this year, the Ontario government convened a task force on the lack of housing supply and came up with 55 recommendations for how to address it.
SP_Inst MikePMoffatt MANY more condominium building's being build instead of rental buildings. More rental apartment buildings need to be built. And doug ford removing rent control sure hasn't been good for renter's.
MikePMoffatt SP_Inst The Bank of Canada is crushing new supply of rental (and other) housing with higher interest rates. Eventually the effects of rate hikes on the labour market will crush demand, too. Five years from now the housing shortage will be much, much worse.
MikePMoffatt SP_Inst Arbnb.
MikePMoffatt SP_Inst Banning STRs in big cities would be more effective.
MikePMoffatt SP_Inst The taxes should be 50% and punitive
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CBCOttawa - 🏆 68. / 51 Read more »