Over the last few years there has been a lot of discussion about housing affordability and availability in the GTA. People are concerned about where they will live, or if they will be able to afford to live in the GTA at all.
The simple fact of the matter is that there is not enough new housing being built to meet demand, which increases prices and makes affordability a challenge for many.
Some of the factors that impact the GTA housing supply are bureaucratic red tape and outdated regulations that stall development times for new housing (by up to TEN years in some cases).
This slows new supply and increases home prices. Prices are further increased by fees, taxes, and charges added to new housing at all levels of government, thereby negatively impacting affordability.
This infographic illustrates the economic impact of the homebuilding industry, and compares increases in population, vs. the increase in home prices (and decreased median HHI), property taxes and new home sales, and how they all impact where, and if, you can afford to live in this city in the future.
For All your GTA real estate needs, contact the Merenda real estate group today. With our 20+ years of industry knowledge, and a client-forward approach, we’ll get you the results you want and the experience you deserve.