Industry experts Tony Irwin, President and CEO, Federation of Rental-housing Providers of Ontario and Robert Byers, CEO, Namerind Housing Corporation, have some thoughts about the Fed's Housing Accelerator Fund.
But sheer supply in and of itself is not the panacea. Canada is far too vast, and the needs of its communities too varied; supply needs to be targeted, based on geography and community. Ontario, for example, has seen one of the highest drops in homeownership between 2011 and 2021, which should come as no surprise, given the average price of a house in the province is now close to $900,000.
Simply put, the HAF should come with an additional string attached, one that ensures municipalities consult with housing providers, and not simply assume they will, before handing over the cheque. In practice, in Ontario’s Greater Toronto Area, this means that if purpose-built rentals were made a priority for funding, then perhaps the rental gap would not be the staggering 50,000 that it is today and or will be the estimated 350,000 by 2030 as FRPO studies show.
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