Supply Needs To Be Increased For Homes To Be Available

The head of the Ontario Real Estate Association said that trying to purchase a home or rent one in Ontario will not be a possibility with the population on the rise, this problem can only be tackled if more homes are constructed in the province. The main focus and concentration by the lawmakers should be the issue of supply with record-low levels of inventory as Tim Hudak noted.

He further said, “Realtors and builders in this province have been saying that new homes and resale listings cannot keep up with the demand in the market. Population growth is not the problem here – the lack of housing availability is the problem; and if it is not fixed soon, we could have a severe affordability crisis on our hands.”

The spillover effect of the surging prices into nearby cities around Toronto was also highlighted by Tim, he also condemned the policies set in place by the government which bans builders from having supply increased. Hudak called upon policymakers to work as a team to have the restrictions removed and have approvals speed up. He said, “If first-time buyers, young families, newcomers to our province, are going to have any chance at home ownership, provincial and municipal governments must focus on increasing housing supply.”