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EDITOR'S CHOICE: Podium Developments

New home buying opportunities abound in Oshawa and Durham Region

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New home buying opportunities abound in Oshawa and Durham Region

EDITOR'S CHOICE: Podium Developments
Ironwood Towns in North Oshawa by Podium Developments and Urban Capital

Despite the bad news this week that General Motors Canada plans to close assembly operations in Oshawa, there are some good new home buying opportunities in the city and elsewhere in Durham Region.

As various levels of government and the Unifor trade union vow to somehow keep the plant open or otherwise deal with the fallout of the decision, the housing sector in Oshawa is expected to shift into a buyers’ market.

That could mean deals for buyers in a market where home prices have already been under pressure.

 

Also read: What the GM plant closure means for Oshawa economy and housing

Also read: Oshawa housing to move into buyers’ market thanks to GM closure

 

For those looking to buy a new home, know that there are still plenty of good opportunities in Oshawa and surrounding area.

First, let’s look at recent new home buying activity in the area, courtesy of statistics from Altus Group, theofficial source for market intelligence for the Building Industry and Land Development Association (BILD).

 

Total new home sales, units

Oshawa Durham Region
Annual
2013          682       2,376
2014       1,108       3,130
2015          971       3,433
2016       1,149       5,344
2017          490       2,385
Jan-Oct
2017          483       2,262
2018            83       1,065
Source:  Altus Group

 

Naturally, the GM news is a sensitive topic to an industry such as home building, where companies dedicate years to planning and construction development projects. So don’t expect a comment any time soon from BILD, the voice of home builders in the GTA, or individual companies.

Might developers at some point offer deals – be they discounts or upgrades – in order to move an unsold inventory in a market not feeling the strongest at the moment?

It never hurts to ask.

 

A selection of new home and condo inventory

Ironwood in North Oshawa, Building Capital and Podium Developments, contemporary freehold townhomes

Harmony Creek, Conservatory Group, townhomes and detached homes

Daniels FirstHome Oshawa, townhomes

Brook Phase 2, Delpark Homes, detached homes

Fields of Harmony Phase IV, Greycrest Homes, detached homes

Harmony Gate, Sundance Homes, townhomes

Kingsview Ridge, Treasure Hill, 30-, 36- and 40-ft. singles

Park Ridge, Tribute Communities, detached homes from the low $900’s

U.C. Towns 2, Tribute Communities, townhomes form the low $600’s

Top of Townline, Woodland Homes, detached homes

For more new home buying opportunities, visit MyHomePage.ca

With files from Natalie Sicilia, New Home Research Manager & Map Editor

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Condos Oct web

GTA new home market gains further momentum in October

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GTA new home market gains further momentum in October

 Condos Oct web

The GTA new home market saw a relatively active month for new condominium apartment and single-family home sales and openings in October, according to the Building Industry and Land Development Association (BILD).

There were 2,805 condominium apartments in low, medium and highrise buildings, stacked townhouses and loft units sold in October, down 44 per cent from October 2017 but only one per cent less than the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. Single-family home sales, with 491 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were even with last October and down 64 per cent from the 10-year average.

With 21 condominium apartment projects and 14 single-family home projects opening in October, remaining inventory increased to 16,283 units, comprised of 10,982 condo apartment units and 5,301 single-family units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

October best month

“The pickup in interest from builders and home buyers that started to emerge in the GTA new home market in September gained momentum in October,” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “October was the best month we’ve seen this year not only in terms of sales – for both single-family homes and condominium apartments – but also new project openings. And for both sales and new openings, the increases from last month were stronger than the typical seasonal pattern.”

David Wilkes, BILD president and CEO, says the new home market’s gradual return to more typical activity levels was an encouraging sign. “It’s clear that when we are able to bring on more supply and give new home buyers more product to choose from, they get excited and motivated about making that choice. That’s why we are especially heartened by the new provincial government’s commitment to increasing housing supply through its Housing Supply Action Plan.”

Benchmark prices

The benchmark price for both condo apartments and single-family homes decreased slightly in October, compared to the previous month. The benchmark price for condo apartments was $775,537, which was still up 14.5 per cent over the last 12 months. The decrease in the benchmark price of condo apartments from September can be accounted for by the smaller benchmark size of units available to purchase. The benchmark price for single-family homes was $1.11 million, down 8.4 per cent over the last 12 months.

October new home sales by municipality

October 2018 Condominium Apartments Single-family Total
Region 2018 2017 2016 2018 2017 2016 2018 2017 2016
Durham 79 19 96 55 207 323 134 226 419
Halton 328 162 375 78 69 515 406 231 890
Peel 169 110 203 148 48 177 317 158 380
Toronto 2,133 4,085 1,478 74 28 14 2,207 4,113 1,492
York 96 613 336 136 139 621 232 752 957
GTA 2,805 4,989 2,488 491 491 1,650 3,296 5,480 4,138

 Source: Altus Group

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New homes today offer countless benefits

Builders constantly improve energy efficiency of new homes

 

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Approval web

Delays in approval process contributing to housing affordability issue in GTA

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Delays in approval process contributing to housing affordability issue in GTA

Approval web

The former Ontario government’s growth policies have had the unintended consequences of lengthening the land development and approval process in the Greater Toronto and Hamilton Area (GTHA), negatively impacting housing supply and affordability.

This is among the key findings in the Greater Toronto and Hamilton Area Land Supply Analysis from the Building Industry and Land Development Association (BILD) and Malone Given Parsons Ltd. (MGP).

“Growth policies implemented by the former provincial government from 2006 and 2017 have reduced the amount of available land for new housing communities, increased land prices and have caused home prices to skyrocket,” says Dave Wilkes, president and CEO, BILD, referring to the 2006 and 2017 Growth Plans.

Read more: 5 steps to solving the housing affordability issue in Ontario

Read more: Pent-up demand for townhomes building in the GTA

Read more: GTA new home market shows some improvement in September

“Land use in the province of Ontario is highly regulated  and the 2006 and 2017 Growth Plan changes have slowed down the approval process to bring new land on stream for new communities,” adds Matthew Corey, principal, MGP. “Increasing the supply of new land for housing is subject to a process that can take as long as a decade or more.”

The analysis is intended to provide an accurate accounting of greenfield land supply in the GTHA and Simcoe, to determine if the 2031 population and job forecasts of the Growth Plan will be achieved.

Key observations

  • The percentage of available land that has been approved for new housing communities in the GTHA is 4.5 per cent and decreasing.
  • Some municipalities in the GTHA have yet to conform to the 2006 Growth Plan requirements, missing the 2009 target by nearly a decade, resulting in less housing being built across GTA municipalities versus Growth Plan forecasts.
  • As land supply dwindles and as municipal delays increase, the value of serviced land has increased by more than 300 per cent since 2006.
  • Existing low density neighbourhoods in the GTHA are resistant to intensification, pushing density to urban cores and to new communities near the fringes of the GTHA. The latter are far away from transit and infrastructure, putting a greater reliance on cars and increasing traffic congestion.
  • More gentle density homes (stacked-townhouses and lowrise apartments) should be built within walking distance of transit in built-up areas of the GTHA. This will maximize investment in infrastructure and transit. However, community resistance to increased density makes building in this area time-consuming, expensive and subject to intervention at the municipal level.

Recommendations

BILD and Malone Given Parsons offer six recommendations to help solve the issues:

  1. Make more vacant land available for new communities
  2. Cut bureaucratic red tape and reduce duplication in the planning and approval process
  3. Avoid pushing too much density to fringe areas and away from transit and existing infrastructure
  4. Encourage moderate or gentle intensification across the region by clarifying and amending Growth Plan policies to encourage intensification across the GTHA
  5. Maximize investment in transit and infrastructure
  6. Provide greater certainty for future development by identifying the agricultural and rural lands in the inner-ring (Whitebelt) as future urban areas in the Growth Plan.

 

 

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INDUSTRY EXPERT: Stress Buster

Stress Buster: Avoid needless home improvement stress with these simple steps

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Stress Buster: Avoid needless home improvement stress with these simple steps

Regular communication between you and your renovator is essential and may avoid problems.

Canadians love their homes. So much so that homeowners spent nearly $73 billion in 2017 on renovations, according to the Altus Group. That’s $20 billion more than is spent annually on building new homes across the country.

Unfortunately, everyone has a horror story about a home renovation gone wrong, from losing their deposit, spending more than you anticipated, or a project that took too long to finish. The reality is that the average homeowner doesn’t know all they should know when undertaking a renovation project.

Photography: Bigstock.com
Photography: Bigstock.com

To avoid disappointment and to set you on a path toward a successful renovation, RenoMark has come up with five steps to a worry-free renovation.

  1. Define your project. The more you know what you want out of the renovation, the more accurately the renovators can help you achieve that goal.
  2. Set your budget and expectations on the same path, if they are not realistic or in alignment, then you will be disappointed before you even start.
  3. Select the right renovator, you should look to reputable organizations such as RenoMark as a source of professional companies. Plus, these companies must adhere to the RenoMark code of conduct and the Association’s code of ethics, this alone means that they are a professional and not a fly-by-night company.
  4. Sign a contract. The contract should be reviewed by a lawyer and it will be the basis of understanding for the work moving forward. At a minimum, it should include costs, payment schedule, construction timeline, product-specific details, a communication protocol, warrantee clause, and a close-out plan. Avoid renovators who offer to do work without a contract in an attempt to avoid paying the HST. This type of renovator may also not be paying worker’s compensation or carry adequate insurance, leaving you at financial risk.
  5. Check on Progress. Regular communication between you and your renovator is essential and may avoid problems. During the course of a renovation, it is common for the homeowners to request changes or ask for additional work. These requests may affect the cost and time it takes to complete your project. It is important that you have a signed change order for all changes. Finally, remember to ask questions. The last thing anybody wants is to make an assumption or a guess that may lead to an error and then disappointment.

RenoMark.ca is a great resource to help you find the right renovator. RenoMark was established by the GTA-based Building Industry and Land Development Association (BILD) to identify professional contractors that have agreed to abide by a renovation-specific Code of Conduct. The RenoMark program has been endorsed by the Canadian Home Builders’ Association and the Ontario Home Builders’ Association.

David Wilkes is president and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA.

For the latest industry news and new home data, follow BILD on Twitter, Facebook, BILD’s official blog, and bildgta.ca.


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Government should develop a better plan for Development Charges

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Government should develop a better plan for Development Charges

We read and hear a lot of criticism in the media and from the general public aimed at builders and developers, complaining about the rising prices of new homes and condominiums in Toronto and the Greater Toronto Area. Blaming builders and developers alone is unfair. Our governments that control development charges must accept a big chunk of the responsibility for current housing prices.

In May of this year, Altus Group conducted a study for BILD entitled “Government Charges and Fees on New Homes in the Greater Toronto Area” and found that the average government charges for a new single detached home add up to $186,300, which is 21.7 per cent of the price. Think about it: 21.7 per cent of the price! Development charges for the average highrise apartment in the GTA amount to approximately $122,800, or 23.9 per cent of the average price. No wonder so many people are priced out of the market.

Of course, land prices have soared over the past while, and the costs of everything from trade labour to suppliers, materials, administration, engineering, architecture, advertising, public relations and the numerous other services necessary to bring new home communities to market have jumped as well. Add to that the fact that once a developer purchases a piece of land, it can, and usually does, take years to obtain all of the approvals in order to build on it, and you can see why offering new homes and condos at affordable prices is a challenge. Throughout those years, ongoing rising costs push up home prices even further.

Having said all of that, development charges are necessary. Municipalities levy these amounts on new developments to help cover the capital costs of increasing each area’s infrastructure and services. These include sewers, roads, water, local amenities, emergency services, etc., that benefit everyone. It is one thing to say that new home buyers should pay their fair share; it is quite another to say that the development charges that have increased between 236 to 878 per cent since 2004 are “fair.” Over that same period, average wage increases and inflation have not gone up anywhere near that much.

Remember that every year, the building and development industry creates thousands of jobs and contributes billions of dollars to our local, provincial and national economy. According to BILD, every construction crane you see across the GTA represents up to 500 new jobs in construction and related fields.

Before you blame only builders and developers, take a good look at your municipal government and how it collects and allocates funding through development charges. If you think it is unfair, speak up. You elect your municipal politicians, and they should work for you, not against you. Ask candidates what they might do to fix this unfair situation. And before you play the blame game with builders and developers, do some research and look at home prices in the proper context.

BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated, winner of the pinnacle 2017 Riley Brethour Award from BILD, and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com

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Toronto Oct 25 18

GTA new home market shows some improvement in September

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GTA new home market shows some improvement in September

Toronto Oct 25 18

The GTA new home market saw increases in September over the previous month, both in terms of new project openings and new home sales, particularly sales of condominiums, according to the Building Industry and Land Development Association (BILD).

There were 1,747 new homes sold in September, according to Altus Group, BILD’s official source for new-home market intelligence – a sizeable increase over August’s 974 new home sales. Condominiums in low-, medium- and highrise buildings, stacked townhouses and loft units accounted for 1,494 new home sales in September, down 20 per cent from September 2017 and down 20 per cent from the 10-year average. Single-family home sales, with 253 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were down 28 per cent from last September and down 77 per cent from the 10-year average.

MORE PROJECT OPENINGS

With 10 condominium apartment projects and seven single-family home projects opening in September – a significant increase from August’s two project openings – remaining inventory increased to 13,952 units, comprised of 8,820 condo apartment units and 5,132 single-family units. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.

“It appears more buyers – and builders – are starting to come in from the sidelines,” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “The increase from August in both new condominium apartment sales and the number of units in new projects launched was somewhat stronger than the typical September bump alone would suggest.”

NEW HOME SUPPLY

David Wilkes, BILD president and CEO, says it’s all welcome news, but points out that consumers still lack a range of options in the new home market, due to lack of supply. The 8,820 units remaining in the condo apartment inventory represent about five months’ worth of inventory, based on the pace of sales in the past 12 months. A healthy new home market should have nine to 12 months’ worth of inventory.

This shortfall in the supply of condominiums partly accounts for the closing gap between the prices of condos and single-family homes in the GTA. In September, the benchmark price for condo apartments rose again, to $789,643, up 19.4 per cent over the last 12 months. The benchmark price for single-family homes softened again to $1.12 million, down 7.1 per cent over the last 12 months.

MUNICIPAL PARTNERS

“In the lead-up to the municipal elections, BILD succeeded in raising housing supply and affordability as major election issues,” says Wilkes. “Now we look forward to working with our municipal partners to address the barriers that stand in the way of building the housing our region needs to accommodate growth. Some straightforward steps include making sure that government charges on new homes are fair, funding and building critical infrastructure, cutting red tape and speeding up building permits and inspections.”

RELATED READING

GTA mayoral elections – who won and where they stand on housing

6 Ontario municipal elections to watch regarding housing

GTA new home market quiet in August

 

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THE INDUSTRY LEADER: Province needs to revisit GTA West Corridor plan

Ontario needs to revisit the GTA West Corridor plan

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Ontario needs to revisit the GTA West Corridor plan

By Dave Wilkes

My workday has me driving across the GTA to attend meetings with stakeholders and I often find myself sitting in traffic on Highway 401 going nowhere fast. I see drivers commuting to work, trucks transporting goods across the region and many like me trying to get somewhere on time.

Earlier this year, the Ontario government decided on the advice of an advisory panel’s recommendation not to go forward with the GTA West Corridor; instead, a narrower corridor that is approximately one-third of the size of the analysis area of the environmental assessment will be protected from development.

While there have been some improvements, there have been no significant new highway additions to the western part of the GTA since Highway 407 nearly 20 years ago. A recent Metrolinx study notes that traffic congestion will cost GTA residents and businesses $7 billion a year by 2031.

Something must be done to improve traffic congestion in our region. Transportation infrastructure is vital to each and every one of us as it links people to where we live, work, shop and play.

Where does the cancellation leave the residents of the GTA? The GTA Corridor West was not just a proposed highway. It was a means to unlock both commercial and residential land for development. Its central location, running from Highway 400 in Vaughan, across Caledon and Halton Hills and connecting to highways 401/407 in Milton, would have been a pressure relief for existing highways. The economic benefits of the corridor would have been enormous. In Peel Region alone $1.8 billion in goods is moved to and from the area every day. Furthermore, four in nine jobs in Peel depend on the movement of goods.

The corridor would connect urban growth centres, facilitate the growth of new employment and business areas and create greater economic competitiveness. Much of the recent development in the Town of Milton happened around Highways 401 and 407. The GTA West Corridor would have had the same economic growth potential, bringing new housing to the GTA that will see its population grow to 9.7 million by 2041.

BILD strongly supports a transportation network like the one the GTA West Corridor would enable. It plays a significant role in sustaining the type of development that is in line with the province’s intensification policies. It would allow us to plan and create complete communities within the area, which is needed to meet future population growth.

During the 2018 provincial election campaign, the new provincial government made a commitment to re-visit the environmental assessment for the GTA West Corridor. It is important for the residents of the GTA that the provincial government make good on this promise.

David Wilkes is president and CEO of the Building Industry and Land Development Associatio (BILD).

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Home reno

Home construction and renovation the largest contributor to Canada’s underground economy

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Home construction and renovation the largest contributor to Canada’s underground economy

Home reno

Looking to custom-build a home or do your dream renovation – and save a few bucks by using unlicensed contractors? One, you’re not alone. And two, it could be a huge, costly mistake. Indeed, residential construction is by far the largest contributor to Canada’s underground economy, according to Statistics Canada. In 2016, this sector was responsible for 26.6 per cent – or $13.7 billion – of this activity, compared to 13.5 per cent for the retail trade, and 12.1 per cent for accommodation and food services.

The underground economy is defined as consisting of market-based economic activities, whether legal or illegal, that escape measurement because of their hidden, illegal or informal nature.

And the numbers are huge – totaling $51.6 billion in Canada for 2016, or 2.5 per cent of gross domestic product, and up 3.5 per cent from 2015.

The underground economy in Canada is even outperforming the total economy – increasing 3.5 per cent from 2015 to 2016, compared to the 2.0 per cent growth in total economy GDP.

Underground economy by province and territory

Ontario was responsible for the largest contribution in 2016 – $19.7 billion, compared to $11.9 million in Quebec, $7.6 billion in BC and $5.8 billion in Alberta.

 

As a percentage of GDP

PEI 3.1
Quebec 3.0
BC 2.9
Manitoba 2.6
Nova Scotia 2.6
Yukon 2.6
New Brunswick 2.5
Ontario 2.5
Saskatchewan 2.5
Nfld. 2.1
Alberta 1.9
NWT 1.1
Nunavut 0.8
CANADA 2.5

 

Why you should care

Why should you care about this issue?

On a more global scale, underground economic activity means taxes are not collected – topay for programs and services such as healthcare, education, parks, child benefits, Old Age Security and Employment Insurance.

More directly for you, however, is that an “under the table” home reno or custom-build puts you at risk. Not only do you have limited recourse if the project is not done to your liking, or is over time and budget, but you could also could be liable if a worker is injured on-site during a home renovation or if you unknowingly purchase damaged goods or shoddy service with no receipt.

Always get a contract or receipt

Cash deals with no paperwork may mean a business isn’t paying its taxes. You may be liable if something goes wrong.

RenoMark protection

In the Greater Toronto Area, the Building Industry and Land Development Association (BILD) helps homeowners make informed decisions about renovation projects through a program called RenoMark. The program was established in 2001 and is now delivered in partnership with the Canadian Home Builders’ Association (CHBA) and local home builders’ associations across Canada.

RenoMark identifies professional contractors who have agreed to abide by a renovation-specific Code of Conduct. The Renovators Mark of Excellence makes it easy for homeowners to identify participating professional renovators who have agreed to provide a superior level of service.

Get it in writing

Make sure to get the details of any reno project in writing and signed by both you and your contractor. RenoMark Renovators provide a two-year warranty.

Do your research

Ask for at least three references and always check them

By dealing with reputable businesses that follow the rules, you’re also helping workers. Honest businesses follow health, safety and other employment standards.

The Canadian Home Builder’s Association also offers free and unbiased information on how to hire a contractor the smart and safe way, at getitinwriting.ca

RELATED READING

Getting Started with Home Renovation

Reno Expert: Good Help Wanted

What you need to consider before renovating your home

 

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Understanding Development Charges

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Understanding Development Charges

The purchase price of a new home is comprised of many components – a significant portion of which is a tax referred to as Development Charges (DCs).

According to recent Altus Group statistics prepared for the Building Industry and Land Development Association (BILD), Development Charges account for more than 20 per cent of new home prices in the GTA. The average new single-family home includes about $186,000 in DCs. These are one-time fees imposed by municipalities on land developers, homebuilders and institutions when they build within their boundaries.

The idea behind these fees is to help defray the costs to provide the additional infrastructure that is or will be needed to accommodate the increase in population from the new developments.

People typically think of infrastructure as roads and sewers, but Development Charges also go toward a variety of amenities that benefit entire communities.

Development Charges are protected by legislation. In 2016, Bill 73, the Smart Growth for Our Communities Act, came into effect to help ensure predictability and accountability of municipalities, help them fund growth, protect greenspaces and ease the planning/appeals process. These steps were taken to improve on the Development Charges Act that was implemented in Ontario in 1989.

Municipalities conduct studies to determine what services and infrastructure will be required in the future to accommodate growth. Through the mechanism of a bylaw, they have the ability to determine fees that can be used to pay for hard and/or soft services. Hard services include items such as roads, water and waste management. Examples of soft services are libraries, parks and recreation centres. A simple way to think of this system is that growth pays for growth.

The Neighbourhoods of Cardinal Point in Whitchurch-Stouffville.

A good example of how Development Charges are applied is in the growing Midhurst area in the Township of Springwater, Simcoe County, where Geranium has land holdings in the Doran Road and Carson Road communities. The DCs on new homes built here will help with the creation of a comprehensive new parks and recreation master plan offering an exciting array of facilities and amenities. These will include neighbourhood parks, ball diamonds, splash pads, trails, tennis courts, picnic pavilions, a multi-purpose recreation centre with a twin-pad arena, curling rink, community centres and potentially more. In addition, these funds will pave the way for expansion on critical services such as fire and police protection. When delivered, these substantial amenities will result in a higher quality of life for residents of the area, whether current or future.

Municipalities experiencing growth have a limited number of tools at their disposal to raise funds to support the aforementioned hard and soft services. Voters do not like it when their political representatives raise property taxes, so development charges often bear the brunt of costs associated with growth. This explains why they account for 20 per cent of the price of a home in the GTA.

Families buying a new home are often drawn to it because of the surrounding neighbourhood and the opportunities to enjoy parks and trails, recreation facilities and community centres. These amenities are provided, repaired and maintained partly as the result of Development Charges.

Shauna Dudding is senior vice-president, development for Geranium. Since 1977, the company has built more than 8,000 homes throughout Ontario. Geranium.com

RELATED READING:

In His Own Words: Paying More Than Our Fair Share

 

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Millennials Pic

Vast majority of GTA Millennials fear buying a home is out of reach, poll says

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Vast majority of GTA Millennials fear buying a home is out of reach, poll says

Millennials Pic

There is great concern among GTA Millennials that they will be unable to afford a home, according to a new poll from the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB). 

The fear goes deeper, as GTA residents also expressed a lack of confidence about the likelihood their children will be able to remain in the communities where they grew up.

“According to a recent Centre for Urban Research and Land Development study, there are about 730,000 Millennials living in the Greater Toronto and Hamilton Area who may be planning to move on from living in their parents’ homes and from sharing a dwelling with roommates in the next 10 years, potentially creating 500,000 new households,” says Dave Wilkes, BILD President and CEO.

KEY POLL RESULTS

When considering the issues in the municipal elections on Oct. 22, GTA residents say they are concerned with the ability of today’s youth to afford a home in the GTA, including:

  • 94 per cent of respondents between the ages of 18 to 35
  • 84 per cent of respondents between the ages of 35 to 54
  • 80 per cent of respondents age 55 plus
  • 88 per cent of women and 82 per cent of men

Interestingly, although Millennials are concerned about the ability to own a home, they are also the most optimistic group regarding housing supply, with 41 per cent of them believing that the GTA is well prepared to provide housing for the number of new residents that settle here every year. This is substantially higher than those age 35 to 54 (31 per cent) and those over 55 (27 per cent).

GTA residents are pessimistic in terms of their ability to achieve home ownership, as well as their children’s future abilities to afford homes in their communities. There is also a consensus among residents that the GTA has an inadequate supply of affordable housing being built, or that the city will be able to accommodate the 115,000 new residents that enter every year.

Source: 2018 Ipsos
Source: 2018 Ipsos

When picking a new home, 60 per cent of GTA residents say they value a neighbourhood that is walkable and bikeable, in addition to being within proximity to shopping, entertainment and government services. This is closely followed by those who prefer access to convenient transit (56 per cent) and proximity to work and school (54 per cent).

Nearly seven out of 10 respondents feel that their children will be unable to afford a home in the community where they grew up. These respondents agrees it is important for young families to be able to afford to live and work within the GTA without having to deal with long commutes.

When asked, “To what extent do you strongly or somewhat agree or disagree with the following”:

  • 92 per cent agree that the dream of home ownership is becoming more difficult to achieve for young people living in my city
  • 86 per cent agree that it is important that young families can afford to live and work within the GTA without having to commute over an hour to get to work
  • 39 per cent agree that there are enough homes being built in my city to help keep housing affordable
  • 33 per cent agree that the GTA is well prepared to provide housing for roughly 115,000 new residents that settle here each year
  • 33 per cent agree that my children (or my friends’ children) will be able to afford a home in my community when they grow up

 

MILLENNIALS MOVING OUT

The best public policy is proactive, not reactive,” says Garry Bhaura, president of the Toronto Real Estate Board. “We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now.”

“In the next decade, we are likely to be part of a significant housing shift in our region, as a large wave of Millennials start looking for a place to live of their own,” adds Wilkes. “Add the estimated 115,000 new residents that come to the GTA every year, and the area will see itself in a housing crisis. I urge voters and candidates to learn more about BILD’s recommendations at buildforgrowth.ca.”

“With a municipal election just a few short weeks away, the public has an opportunity to ask candidates to commit to policies that will make it easier to fill their housing needs,” says John DiMichele, chief executive officer of TREB. “GTA homebuyers do not have adequate choice in housing available for sale or rent, and municipal government policy is one of the key reasons.

DiMichele suggests GTA residents visit UnlockMyHousingOptions.ca to send messages to candidates.

RELATED STORIES

Build For Growth: Housing Affordability

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