It’s not simply supply and demand that is affecting housing affordability in the GTA. It’s more supply and demand issues – including government policy – that are causing prices to rise to the point where affordability is becoming a “serious” problem.
Indeed, demand in the GTA will always be high; it is a prime destination for newcomers – an estimated 100,000 per year immigrants per year.
For the first time ever, experts on the new home and resale sides of the real estate industry came together recently to draw attention to the matter.
Looming issue number one is rising government fees, taxes and Development Charges, much of it related to the Ontario government’s Places to Grow initiative from 2006.
Not sure what Places to Grow is and how it’s affecting you? Have a look at this video, with sources from: