House supply is making it harder to find a home in Ontario and it will only get worse as the population rises unless more homes are built in the province, says the leader of Ontario Real Estate Association.
Tim Hudak says that policy makers must focus on supply issues with inventory at record-low levels.
“Realtors and builders in this province have been saying that new homes and resale listings cannot keep up with the demand in the market,” Hudak said. “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.”
He noted the spillover of increasing prices into cities around Toronto and criticized government policies which restrict builders from increasing supply. He urged policymakers to work together to loosing restrictions and speed up approvals.
“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,” said Hudak.
Courtesy – Canadian Real Estate Magazine