The Aggrandizement of all G.T.A Arrondissement`s.

Did you know that G.T.A home prices rose on average 46%?between Feb. 2020 and February 2022?

?

This phenomenon has resulted in the “average home price” in the city of Toronto now being $1,152,424. The average detached home in the G.T.A is now a staggering $1,556,566. Whereas a normal 1600 sq. ft. 2 storey semi now costs$1,198,185. It`s generally smaller sibling?a T.F.2?fetches a whopping $1,003,152. Where as an average 650 sq.ft.?high-rise condo apartments solicit $748,483.

?

Consequently, It is now estimated that a young family must save for >22 years for a 20% home down payment.

How and why did this happen?

?

First, this hyperjump in home prices was the consequence of the pandemic and its ultra-low interest rates.??Which essentially robbed the R.E. marketplace of a good % of its future sales. Conversely, Now has quickly become the future. The volume of transactions is a good barometer.

?

Secondly, the lack of development-ready building sites combined with a decade-plus of historically high levels of immigration has further exacerbated the situation.

?

Many Canadians are now wondering What must change to ease this financial enigma? This is especially true for young Canadians earnestly wanting to raise a family and those that are thinking of downsizing.

Logically presenting this sizable portion of society with some viable options aside from the redundant quest to live in some dominion of Levittown. This repositioning of our collective psyche must become an integral part of the Canadian Dream.??????????????????

?

Presently 65% of Europeans rent versus 35% of Canadians. This near 50% differential is unsustainable. Sociologists repeatedly state that Europeans are more content, work less and enjoy a higher standard of living than their N.A cousins. The moment is at hand where Young families should?be encouraged to consider the option of renting. Ubiquitous family-oriented neighbourhoods minutes from parks, public transportation and good schools should be showcased. Some of these new mini-cities being proposed for a dozen or more mall sites would be ideal for pension funds and large developers to pass it forward.

?

Perhaps encouraging the Federal and Provincial Tax authorities to offer substantive tax incentives for purpose-built family-oriented rental buildings would be a good starting point.

At the municipal level, city planners could facilitate greater cooperation with recognized developers to fast tract a plethora of 5 and 6-storey apartments along our major boulevards. Modestly higher densities should not be treated as a scarlet letter by every NIMBY politician.

?

Presuming that this type of political will existed.?The G.T.A could easily become the Paris or Berlin of North America. Showcasing the best of their Arrondissement.

Sitting on our hands and pulling your touque over your eyes will not help to find accommodation for the >9 million that will be living in the G.T.A inside the next 2 decades.?

??

?

If you are still curious about how this imbalance developed and where the housing market might be headed? Just call 905-838-2490. Read more here.