Change is constant in the financial world these days, except with housing affordability.
There are some smaller cities where this might happen. But in expensive locations such as Vancouver, Toronto and Montreal, demand for housing is on the rise because of immigration and demand from millennial and Gen Z buyers. Building more homes is the popular choice of measures for addressing affordability because it sounds both practical and relatively inoffensive to people who already own homes. It’s easier to sell existing owners on housing intensification in their neighbourhood than a policy of curbing demand by taxing the capital gains from selling a home.
As an example, he cited one particular development in Oakville, Ont., east of Toronto. “The housing being built is a combination of a few singles and semis and a few townhouses, but then we have stacked townhouses and low-rise apartments,” he said.