Tag Archives: Industry Report

industry_report_generic_banner_fi

Now is the time to fix the housing supply problem in the GTA

Latest News


Now is the time to fix the housing supply problem in the GTA

Every month, BILD reports on new home sales in the GTA. This data is collected and compiled by the Altus Group and provides us with important information on how many new homes were sold, the average asking price and the remaining number of new homes in builders’ inventory. It is an important tool that gives those involved in housing, real estate and development real time insight on how government housing regulations, fiscal policy, economic conditions and consumer confidence influence the housing market in the region.

BILD recently released the 2019 year end new homes sales data, showing that GTA new home sales rallied from the 22-year low of 2018. Overall in 2019, there were 36,471 new homes sold in the GTA. Only 24,855 new homes had been sold the previous year, which made 2018 the year with the lowest number of new home sales in the GTA since 1996.

There were 26,948 condominium apartments, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, sold in 2019, up 27 per cent from 2018 and 16 per cent above the 10- year average. Single-family homes, including detached, linked, and semidetached houses and townhouses (excluding stacked townhouses), accounted for 9,523 new home sales, up 157 per cent from 2018 (the lowest year for new single-family home sales since comprehensive tracking started in 1981), but still 30 per cent below the 10-year average.

So what do these numbers mean? At first glance, it looks like new home sales were solid for 2019, but that was not the case. That’s what happens when the market recovers from the 22-year low of the previous year and new home sales remain 30 per cent below the 10-year average. What we saw in 2019 was a release of pent up demand from 2018. We need to keep our focus on increasing housing supply, making sure that there’s a solid inventory base to ensure that housing prices remain stable. Consumer demand has not diminished; in fact, as the region continues to grow we can be sure it will remain robust and we must make housing more affordable for the average person living in the GTA by eliminating barriers and build homes faster. We have to accept that demand will continue to increase, and both the building industry, municipal governments, and the provincial government must work together to keep all types of housing (rental and ownership) within reach.

On average, it takes 10 years to build a typical highrise project and 11 years to complete a lowrise project in the GTA. New homes must be built faster. Layers of bureaucracy, outdated zoning, and complex policies and procedures have created barriers to the efficient operation of the housing market that have resulted in a generational shortfall of housing. These obstacles have delayed the development of new homes, and have contributed to the increase in housing costs experienced over the past decade.

In addition, demand for new housing has increased as the Greater Toronto Area has become one of the most desirable places to live. The GTA is the fastest growing region in North America, with an estimated 115,000 new residents arriving every year. The population of the GTA is set to grow by 40 per cent, or an estimated 9.7 million people, by 2041; that timeline is not far away.

In May, 2019, the Ontario government announced the Housing Supply Action Plan, representing the first major step by any provincial government to address the supply challenges facing the housing market and their effects on affordability. The proposed changes also acknowledge the cumulative effect that taxes, fees and charges have on housing affordability. Land transfer taxes, HST, parkland fees and development charges collectively add $124,000 to the cost of an average new condo in the GTA, and $222,000 to the cost of an average new single- family home.

This is not a time for small plans. The numbers don’t lie. This year, all levels of government and our industry must continue to work together so we can fix the housing supply problem in the GTA.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD).

bildgta.ca

SHARE  

Featured Products


cl_feb2020_industry_report_fi

2020 must be the year of action on housing in the GTA

Latest News


2020 must be the year of action on housing in the GTA

“May you live in interesting times,” goes the expression, and we may well live through very interesting times in 2020 when it comes to housing and the economy. The coming year needs to be the year that governments and citizens focus on dealing with the housing supply shortage in the GTA. Fortunately, 2020 may provide several opportunities to start to address this generational challenge.

Let’s first look at some of the challenges we face in the housing market and in the economy. Sales data for the GTA’s new home and resale markets for the last two quarters of 2019 show a return to inflationary pressure on prices, after a moderation in 2018 and persistent housing supply shortages. Simply put, demand is picking up, prices are responding and supply continues to fail to keep up with demand.

The Canadian economy is showing signs of slowing, including the shedding of more than 70,000 jobs in November and the slowing of GDP growth due in part to trade tensions amongst large Canadian trading partners. Interest rates lowered somewhat in 2019, lowering mortgage rates. With the economy slowing, the Bank of Canada is likely to maintain its neutral to negative bias. Shortages of skilled labour and trades are a persistent issue for the building and land development industry in our effort to increase supply.

Still, I am optimistic for 2020, because I believe these challenges will also present opportunities to close the housing supply and affordability gap. First of all, there is now a broad consensus that the building of much-needed new housing supply has been inhibited by layers of time-consuming bureaucracy and slow approvals. These barriers should start to lessen in 2020, as municipalities update their policies to meet new requirements under the Ontario government’s Housing Supply Action Plan and changes to expedite Local Planning Appeal Tribunal (LPAT) hearings, which aim to increase housing supply by cutting red tape and speed up approvals.

Lower interest rates provide prospective homebuyers with lower borrowing costs, easing the barrier to entry. In a slowing economy, government spending on infrastructure and job skills training provides stimulus and a bridge back to growth and job creation. All three levels of government have the perfect opportunity in 2020 to focus on city-building infrastructure such as transit, water main enhancement and waste water capacity and treatment, which in turn supports and enables housing creation.

To help more Canadians find good jobs, governments could give more support to training for the skilled trades. The building industry is one of the few where well-paying jobs are unlikely to be moved offshore. Building houses, townhouses and condo apartments provides jobs, tax revenue and investment opportunities, in addition to providing the housing supply required to ensure the GTA remains an attractive and desirable place to live.

The signals in our economy and the housing market point to interesting times in 2020. Let’s seize all opportunities to make this year the year of housing.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD).

bild.ca

SHARE  

Featured Products


Provincial Government's housing supply action plan is necessary to balance housing market

Provincial Government’s housing supply action plan is necessary to balance housing market

Latest News


Provincial Government’s housing supply action plan is necessary to balance housing market

Like all markets, Ontario’s housing market is driven by the laws of supply and demand. Strong demand for housing has created a persistent housing supply challenge that can only be solved by boosting the number of new homes being built. This approach makes common sense and has also been supported by numerous economists and academics. This is why BILD is encouraged by the provincial government’s focus on boosting housing supply.

Every month, BILD releases the previous month’s new home sales data, gathered by Altus Group, tracking the relative health of the new housing market as reflected in sales, inventory, price per sq. ft. and comparisons to historical trends.

The data we released for September 2019 pointed to a modest recovery from the slump of the previous year, but, given that new home sales and inventory increased in tandem, underscored that the GTA continues to experience a significant housing supply crunch.

In many previous columns I have highlighted that the GTA is one of the fastest growing metropolitan areas in North America, with an average of 115,000 net new residents per year. Our population is expected to reach 9.7 million by 2041. Given this robust growth in population, demand for housing of all types, to buy or rent, is strong and will remain so.

The challenge is that the supply side of the housing equation in Ontario is highly regulated and dependent on factors that can make it less responsive to demand signals. The first of these factors is the supply of land designated for residential construction and serviced with the appropriate infrastructure. Within the cities of the GTA, the amount of available lands for new residential construction has been steadily decreasing.

Another factor that restricts our housing supply relates to planning and approvals. New housing cannot simply be built anytime, anywhere. All new housing projects go through a complex and lengthy approval process, subject to multiple pieces of provincial regulation, which is interpreted and administered by municipal governments. This slows the supply side from being able to meet demand signals. As a result, in the GTA it takes on average 10 years to complete a typical highrise project and 11 years to complete a typical lowrise project.

Like a growing number of governments around the world, the Ontario provincial government has recognized that achieving balance in the housing market starts with increasing supply. The government recognizes that adding new homes helps moderate prices, creates trickle-down housing opportunities for those looking to enter the housing market and has a beneficial impact on the rental market.

BILD is highlighting some of the benefits of the province’s Housing Supply Action Plan in a public education campaign called The Math is Simple. I encourage you to learn more at bildgta.ca/themathissimple.

Dave Wilkes is president and CEO of BILD (Building Industry and Land Development Association), and can be found on: Twitter.com/BILDGTA, Facebook.com/BILDGTA, YouTube.com/BILDGTA and BILD’s official online blog.


SHARE  

Featured Products


cl_nov18_industry_report_fi

Building condos in urban areas requires the use of traffic lanes

Latest News


Building condos in urban areas requires the use of traffic lanes

We often joke in the Greater Toronto Area (GTA) that we have two seasons, winter and construction. Most people can do without winter, but construction is essential to city building. We put up with it because we know that infrastructure like roads, sewers and watermains, must be continually maintained to ensure the viability of our growing cities. The same can be said when it comes to new condo construction.

On occasion large construction projects like condos in the downtown core can take up traffic lanes and create traffic slowdowns. Unfortunately, to keep up with the influx of the 9.7 million people that will call the GTA home by 2041 and to build to Growth Plan policy, our industry will be building highrise buildings in urban areas that may slow down your daily commute.

A recent City of Toronto motion was put forth to consult with the development industry to eliminate the practice of occupying sidewalks and traffic lanes for construction purposes. While this might help ease traffic congestion, it does very little to help keep the cost of new homes down. If the development industry is forced to build off-site staging areas, instead of using the already in place and legal City right-of-way, the extra cost incurred by the industry will ultimately make new homes more expensive.

A construction staging area is a physical location used for the storage of construction related equipment and materials such as vehicles and stockpiles. The City has policies to deal with this issue and the construction industry pays hundreds of thousands of dollars per project to be able to use City property for this legally allowed and long standing purpose.

The provincial Growth Plan calls for more intensification in urban areas where transit is available and where people work. Therefore, the City of Toronto has urban design guidelines that allow for the construction of tall buildings very close to the property line. These are the challenges of building in an urban environment. There is little or no room to do anything on the site and the only way to build safely is to take a lane of public traffic.

The industry is constantly looking for ways to alleviate traffic construction by avoiding closing down lanes and keeping costs down by side-stepping building off-site staging sites that would ultimately increase the cost of a new home or condo.

Developers often reach out to residents for solutions. A developer of a midtown 70,000-square-foot condo was considering an underutilized park adjacent to the highrise as an alternative to using the street. Having to build a separate staging site at a cost of $1,000,000 would have increased the price of a condo by $20,000 or $30,000. Using the street is the best way to keep the development affordable.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD). Bild.ca

SHARE  

Featured Products


cl_ja18_industry_report_fi

Industry Report: New Residential Development Brings New Amenities to GTA Communities

Latest News


Industry Report: New Residential Development Brings New Amenities to GTA Communities

Have you noticed that when a community gets a new crop of houses, townhouses and condos, it also acquires a wider selection of shops and restaurants, new public spaces, maybe even a park or a community centre?

These are just some of the benefits that our communities receive when we build new housing for GTA residents.

With more people moving into an area, a larger number and variety of businesses — coffee shops, pizzerias, dentist offices, dry cleaners and fitness studios — can thrive. A great example is the Yonge St. and Eglinton Ave. neighbourhood. Along with condos, the area has lately added a renovated shopping centre, a major grocery store, a wider selection of unique restaurants and fun venues like board game cafes. Neighbourhood amenities like these don’t just make life more convenient and enjoyable, they also provide expanded employment opportunities in the area.

The rose garden at the Four Seasons Hotel in Yorkville.

Residential development also brings new parks to communities in the GTA and helps expand and maintain existing ones. The City of Toronto, for instance, asks builders and developers to set aside a certain amount of land on development sites for parkland or pay a fee to be used to purchase land for new parks or improve existing ones. The 3.1- hectare Canoe Landing Park in the CityPlace neighbourhood in Toronto, with its sports fields, walking paths and art by Douglas Coupland, is an example of a new park created through a parkland dedication agreement.

Other open spaces become available to the public when developers provide landscaped courtyards, walkways and plazas as community benefits. These privately owned, publicly-accessible places may be smaller than traditional parks, but they still provide much-needed retreats from the bustle of urban life.

For example, residents and visitors alike enjoy the rose garden next to the Four Seasons Hotel in Yorkville, and office workers soak up the sun on their lunch hour in the many landscaped parkettes that dot the Financial District.

Another benefit that residential development brings to communities is improvements to infrastructure such as roads, transit, sewers, libraries and community centres. Whether you are seeing work crews resurfacing roads in your neighbourhood or you are enjoying the new community centre in Markham, you can be sure that a significant portion of the funds for this infrastructure work came from development charges levied by municipal governments.

There is no doubt, however, that the central benefit of our industry’s work is bringing to market a supply of new houses, townhouses and condominium suites so that people who want to live in the GTA can find housing options at prices they can afford. As the municipal elections approach this fall, we will be encouraging GTA residents to ask their local candidates to commit to taking action on increasing housing supply. That way, we can all reap the many benefits of housing development.

DAVE WILKES is President and CEO of the Building Industry and Land Development Association (BILD). Bildgta.ca

SHARE  

Featured Products


cl_may2018_industry_report_fi

Industry Report: Public Housing Concerns that Municipal Candidates Need to Listen to

Latest News


Industry Report: Public Housing Concerns that Municipal Candidates Need to Listen to

The GTA is expected to be one of the fastest-growing metropolitan areas in all of North America through to 2041, with approximately 115,000 new residents arriving each year. Where all of these new residents will live is one of the biggest challenges the region faces, especially given the present tight housing supply and the slow pace of new homebuilding — mired by bureaucracy and red tape.

How policy makers, urban planners, developers and existing residents address the housing supply challenge will shape lives and communities for the next generation.

In just over a month, candidates will begin to declare their intention to run in this year’s municipal election. During the approach to election day on October 22, our organization will outline some of the challenges facing housing supply in the region to help inform readers and spur discussions on this important topic.

To understand public sentiment, BILD asked visitors to the recent National Home Show to share their thoughts and opinions about housing issues in the GTA. Just over 1,000 attendees shared their thoughts and, given the housing market over the last few years, the results were telling.

Affordability remains a high priority, but surprisingly almost half the respondents were not aware of municipal taxes and fees levied on new home development that are embedded in the final price of the home. When told about these added costs, almost two-thirds of people underestimated their impact on a home’s final sale price.

We also found an expectation gap. The overwhelming preference was for larger dwellings in less-dense communities — traditional single-family homes — but because of government intensification targets, significantly less of these types of homes are being built today than even a decade ago. The result is high demand and high price for less inventory options.

Lastly, the appetite for local action was palpable. Over twothirds of respondents felt that local governments are not doing enough to encourage the building of homes that people can afford.

Less than one-quarter felt that municipalities and councillors are doing enough to plan for future housing requirements. This sentiment appeared driven by concerns shared by almost three-quarters of respondents on their (or their children’s) ability to purchase a home in the GTA. Not surprising then, over twothirds of respondents indicated they would support municipal council candidates who pledged to fix the housing supply issue as part of their election platform.

While this was not a scientific survey, it outlines concerns about housing that municipal candidates need to become engage in.

The months leading to election day provides all of us with opportunities to talk about housing’s role in shaping the GTA communities where we live, work and play.

DAVE WILKES is President and CEO of the Building Industry and Land Development Association (BILD).

Bild.ca

SHARE  

Featured Products


cl_dj2018_industry_report_fi

Industry Report: Lack of Missing Middle Making real estate Increasingly Unaffordable

Latest News


Industry Report: Lack of Missing Middle Making real estate Increasingly Unaffordable

Shortage of shovel-ready land is impeding GTA’s ability to build complete communities

The GTA is in danger of becoming the next London, Hong Kong or New York City — highly desirable cities but unaffordable for most people.

Much of the dramatic increase we have seen in the prices of new homes, resale homes and rentals is the result of supply being outstripped by demand. The population of the GTA has grown significantly, but housing supply has not kept up.

An answer to this supply crisis may lie in building our way to affordable housing much like Tokyo has. The Japanese city has made home construction easy; zoning laws grant landowners greater flexibility to do what they want with their property, allowing them to use their land with little pushback. With a growing population of 13 million, builders constructed more than 142,000 homes in 2014, making it possible to purchase a detached single-family home near the city core for $300,000.

Housing options for people living in the GTA have been either large expensive lowrise dwellings or smaller highrise condos. What we’re missing in the GTA are townhouses, triplexes and midrise buildings.

Montreal has embraced the power of this “missing middle.” Developers are building lowrise dwellings, mostly three-storey flats and midrise apartment buildings within the city and in the suburbs, making Canada’s second-largest city more affordable than Greater Vancouver.

The homebuilding and land development industry wants to design and build homes and communities much like Tokyo and Montreal that meet the housing needs of the GTA. That is our business, that is what we do — but it is getting harder as challenges grow in number and scale. Complicated and restrictive government policies, already lengthy yet still worsening approval processes, a shortage of shovel-ready and approved land on which to build, escalating land prices and the growing issue of NIMBYism (not in my backyard) are impeding our ability to build homes and communities.

Excessive red tape and increasing delays in planning approvals are another huge challenge. Across the GTA it is taking longer and longer to get the go-ahead for projects. A typical new lowrise development can take a decade or more and highrise projects can take up to seven years.

The approvals process is further delayed due to zoning bylaws in many GTA municipalities that have not been updated for decades. All new development applications must conform to area zoning bylaws to get approved but unfortunately many municipalities are operating with badly outdated bylaws that don’t align with provincial intensification policies.

It’s time for government to take action to address our housing supply problem. Across the GTA, the planning approval process needs streamlining to remove red tape, pre-designate and prezone land and approve all outstanding environmental assessments that relate to critical infrastructure. As well, zoning bylaws need updating to support intensification policies — policies that need to be supported with public education.

This is not a time for small plans. It’s time to work together and address our housing supply crisis so that today’s new homebuyers and future generations have somewhere to live.

Bryan Tuckey is President and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), and BILD’s official online blog (bildblogs.ca).

SHARE  

Featured Products


industry_report_cl_generic_fi

Industry Report: Ontario Housing Plan Not Slowing Down GTA’s New Home Market

Latest News


Industry Report: Ontario Housing Plan Not Slowing Down GTA’s New Home Market

The Province’s Fair Housing Plan is having little real effect on the new housing market in the GTA.

The market continued to climb in June and condominium sales reached another record high and the supply of new housing remains exceptionally low.

Sales of new condo apartments in highrise and midrise buildings and stacked townhomes jumped 59 per cent from May and the price of available units also rose, according to our partners at Altus Group, BILD’s official source for new-home market intelligence.

New home sales rose 23 per cent from June 2016. So far this year, 28,889 new homes have been purchased, which is a 14 per cent increase from the same period in 2016 and 44 per cent above the 10-year average.

The Provincial Government introduced the Fair Housing Plan in April, saying it was an effort to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market. Since its introduction there has been a slowdown in the region’s resale housing market, but overall prices in the new homes market continue to rise and the supply of new homes — the number of homes available to buyers in builders’ inventories at the end of the month — continues to drop.

The supply of new homes dropped by almost 20 per cent in June to 8,661 as highrise inventory continued to fall and inventory in lowrise single family homes remained very low. In June, 10,820 new homes were available — a dramatic difference from the 18,063 new homes available a year earlier. In June 2007 there were 30,300 new homes available.

Three out of four new construction homes purchased in the GTA so far this year have been condo apartments, highrise and midrise buildings and stacked townhomes, and about 91 per cent of the 6,046 new homes sold in June were multi-family condo apartments. June’s sale of 5,495 units surpasses the previous sales record set in March and represents an 89 per cent increase from a year ago and it is more than double the 10-year average of 2,550 units sold.

The average price tag of an available new condo apartment in builder inventories in the GTA was up more than $22,000 from May to June and that’s on the heels of an increase of more $30,000 from April to May. June’s $627,000 average price marked a 34 per cent increase from a year ago. In the same period, the average price per square foot of units has gone from $587 to $742.

For many homebuyers, especially first-time buyers, condo apartments are the only affordable option for owning a home in this region. The price acceleration in the condo portion of the market is especially worrisome since it not only represents the lion’s share of new housing in the GTA, it’s also making it difficult for condos to remain the affordable option.

The ongoing drop in new housing inventory demonstrates how difficult it is for the industry to bring new homes to the market. Barriers include lack of developable land that’s serviced with critical infrastructure, excessive red tape, out-of-date zoning, and NIMBYism. With changes coming to the Ontario Municipal Board it is going to be even more challenging for the industry to bring needed new housing product to the market and the supply situation is likely to get far worse.

The record number of condominium apartment sales in June was the result of a ‘perfect storm’ of factors, Patricia Arsenault, Altus Group’s executive vice-president of Research Consulting Services, tells us. These factors include the sizeable number of units in new condo projects opened in May and June (over 8,500); demand from end-user buyers who might have preferred a single-family home but have adjusted their expectations due to lack of affordable supply; and heightened investor interest due to the rapid price increases for condo apartments in recent months.

In June, prices of available lowrise single-family homes — which included detached, semi-detached and townhomes — were also up. The average price of new lowrise single-family homes available for purchase in builders’ inventories reached $1,250,262. While this was only a slight increase from May, it was more than a 40 per cent increase from a year ago when the average price was $887,543.

BRYAN TUCKEY is President and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), and BILD’s official online blog (bildblogs.ca).

SHARE  

Featured Products


industry_report_cl_generic_fi

Housing Plan Does Little To Address The Real Problems With New Housing Supply

Latest News


Housing Plan Does Little To Address The Real Problems With New Housing Supply

While we are glad that the Ontario government has finally taken some action on our housing crisis in the GTA, something we have been urging for many months, it is unfortunate that they are not doing enough to address the underlying causes of our housing supply problems.

The measures announced by the government are largely aimed at addressing the symptoms of our housing problems. They do little to address the underlying issue, which is that not enough new housing and not the right mix of housing is being built to keep up with consumer demand or the housing needs of this region.

The supply of new housing is critical to the overall health of the housing market. The only way you create more homes is to build them and since this is a fast growing region we need to build a lot of them.

On the new housing side of things we track the status of supply by measuring how much inventory there is available at the end of the month. Every month builders bring product to the market for buyers to purchase and they sell some of it. By looking at what is still available at the end of the month for home buyers to purchase we get a very clear indication of how healthy supply is and whether or not we are meeting the needs of the market and supplying buyers with what they want and need.

BILD has been tracking this information consistently for more than 15 years and what we have seen in recent years is a scary drop in inventory with each month bringing a new record low for available supply. Over the past year we have seen supply drop in half. The number of new homes available to buyers in builder inventories dropped from 21,006 at the end of March 2016 to 10,153 homes last month, to according to Altus Group, BILD’s official source for new-home market intelligence.

The ongoing decline in new housing inventory is a direct reflection of how difficult it is for the industry to bring product to the market. The hurdles builders face keep getting higher. There were few tangible measures in the government’s plan to deal with the many systematic barriers currently limiting supply such as the excessive red tape around approvals and getting permits, out-of-date zoning bylaws, and the lack of infrastructure needed to make land developable.

Moreover, the government’s plan does little to deal with or even acknowledge that a critical root cause of our current housing challenges is the disconnect between market demand for low-rise single family homes and the Province’s policies requiring higher density development.

The industry is following the Province’s intensification policy and we are building and selling far fewer low-rise homes, which includes detached, semi-detached and townhomes, than we were a decade ago, but demand for those homes has not dropped.

The available supply of single-family low-rise homes has taken a nosedive since intensification policy was introduced in 2006. There were only 932 new low-rise homes available to buyers in builder inventories at the end of March, whereas a decade ago there were 17,854 available. The scarcity is especially pronounced in the number of single-detached homes. In March 2007 there were 11,802 new detached homes available to buyers in the GTA. Last month there were 233.

March was the biggest month for sales of new condo apartments in the GTA with 4,500 units sold. Until last month, May 2016 held the record for the most condo apartments sales with 3,820 suites sold.

The record number of condominium apartment sales in March was boosted by recent launches of product in prime locations — more than half of March sales were in projects opened in February or March. Demand continues to be fueled by end-user buyers who are shifting their expectations towards more attainable product, as well as by investors whose presence will help ensure a steady stream of new rental housing supply in the years to come.

Nearly 80 per cent of the new homes that were purchased in the GTA in March were condo apartments in high-rise and mid-rise buildings and stacked townhomes. The skyrocketing number of condo apartment sales was a stark contrast to sales for new single family ground-oriented homes. In March there were only 1,175 low-rise homes sold in the GTA, which is down 45 per cent from a year ago and 24 per cent off the 10 year average.

The story the inventory numbers are telling is very clear. Not enough new housing and not the right mix of housing is being built to keep up with consumer demand or our housing needs.

BRYAN TUCKEY is President and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), and BILD’s official online blog (bildblogs.ca).

SHARE  

Featured Products