Supply Is The Key To The Home Ownership Dream Of Many Canadians
It is no longer a concealed fact that the prospect for many Canadians especially those in Ontario, are very thin in recent times. Nonetheless, it seems supply could be the only way out for people to hold on to their dreams.
Equally, it is a very common scenario for millennials to keep living in the homes of their parents with a dream of owning a home.
The housing condition in the province has become a major worry for agents given the fact that day by day the chances for millennials to buy a home is slipping away. With this in mind, real estate agents in the GTA are coming up with proposals to the provincial government on how they can wrestle the housing problem, especially rising home prices and low supply of homes.
Although the government did not take into consideration all of the suggestions put forward by agents, it did take into account majority of the propositions in its Fai Housing Plan and 2017 Budget.
The government gave its endorsement to handle the market speculations that are affecting the supply of homes in the market. The lack of supply in the GTA is mainly attributed to the low amount of new listings and also a low volume of home resales, which is making it very difficult for buyers to have variation when it comes to purchasing a house.
It was highlighted that some of the aspects that are deterring the supply of homes includes the slow approvals of building permits. This takes close to ten years.
On the other hand, it is pleasing to know that the Ontario government is taking heed to the recommendations of real estate agents and this is reflective on the fact that the government is addressing issues related to the barriers of the supply of certain home types including mid-rise homes, townhouses and stacked townhouses. These types of homes are generally reasonable to millennials and first-time buyers. It is also suitable for people who are looking to cut back or seniors trying to remain in close contact with their family.
Real estate agents are hopeful that the government’s Fair Housing Plan will efficiently address the home prices in the GTA but it is too soon to predict the outcome.
J C Loum
