A pedagogue at Fraser University articulated that the Greater Toronto Area is not besieged by a huge scarcity of housing supply, in the region. A document was, in his stead, penned by the assistant professor at Fraser University, John Gordon, which illustrated his ideals. This in particular, aroused huge contentions between him and the city’s real estate board. The board stood on the grounds that supply is indeed a pressing issue and the communique forwarded to them was a wrong representation of the true statistics on the ground, hence, those statements should be rescinded. The historic average of population increase is on the same level and therefore paralleled to the construction of homes in Toronto as Gordon stated. Conversely, high demand is being thrust forward by theoretical procurement caused by price augmentation.
The demand is both from native and foreign buyers but it does not reveal the basic supply problem, he stated. On the other hand, admits to low listings being linked with demand and that homeowners may not be willing to have their homes on the market as prices go up. Gordon warned that “as housing bubbles are permitted to expand, many are cautious not to be drawn into unsustainable financial situations.” The president for Toronto Real Estate Board, Larry Cerqua reached out to the provincial government and urged them not to implement a foreign buyer tax but rather deal with supply issues in the area.
Larry said; “The provincial government should work with municipalities and relevant industry stakeholders to come up with solutions in which the supply of housing could be increased. This will also include, possibly reexamining land use designations in built-up areas to allow for a comprehensive range of home types to be built, restructuring the development approvals process, the permit process and come up with new ways to encourage land owners to develop.”
J C Loum