Ontario Needs 1.5 Million Homes In The Next 10 Years To Overcome Affordability Crisis
House prices in Ontario are skyrocketing. The main reason for this is that there is a serious lack of supply in homes to cater the demand. People who move into Ontario increases along with time. Unfortunately, there aren’t enough homes coming up in Ontario to cater to the demand. Hence, house prices continue to increase along with time. If there is a need to overcome this problem, there should be a proper plan to construct more homes in the next 10 years.
Housing Affordability Task Force recently concluded a research in order to figure out the reasons that drive up house prices in Ontario. According to their studies, it was identified that lack of supply is the main reason behind why house prices increase so fast. Based on findings, the Housing Affordability Task Force came up with 55 recommendations to boost the supply of houses dramatically. This will provide relief to people who are looking forward to purchasing new homes in Ontario in the future.
When you take a look at statistical figures, you will notice that the overall cost of purchasing a house in Ontario has increased by three times within the past 10 years. Hence, it is important to make come up with a proper methodology to keep houses prices under control. If not, an average person will never be able to afford a house in Ontario.
What are recommendations suggested by the Housing Affordability Task Force?
Now you have a clear understanding on why the house prices in Ontario are skyrocketing. While keeping this in mind, it is also important to take a look at the recommendations suggested by Housing Affordability Task Force as well.
One of the most prominent recommendations is to enhance density within neighbourhoods that are classified for single-family homes. Along with that, there is a recommendation to repeal municipal policies, which focus on preserving the character of neighbourhood as well. Along with these recommendations, there is a suggestion by the Housing Affordability Task Force to set uniform provincial standards to proceed with urban design. This would include setbacks and building shadows. Moreover, it is recommended to limit the overall time that is being spent on consulting the public with related to household developments.
Along with all these recommendations, it is also important to legislate appropriate timelines for the approval of housing developments. We can see it as a major bottleneck that limits the supply of new houses to the market. In case if the municipality misses a deadline, the project will receive an automatic green light to proceed.
As you can see, all these recommendations focus on enhancing the supply of houses to the Ontario market. Therefore, we can expect them to address the core issue, which is related to lack of houses available in the Ontario market. This certainly provides good news to all people who wish to buy houses in Ontario in the near future.