Toronto Star, February 10, 2017.
There’s a housing supply shortage looming in the Toronto area. That’s the warning the head of the association for new home builders has been issuing every chance he gets in recent months.
Even with a “making-it-happen attitude” it will take five to seven years to get the supply of new homes up to a healthy level again, said Bryan Tuckey of the Building and Land Development Association (BILD).
The inventory of new homes for sale in the Toronto region has sunk to historic lows, he said. There are various reasons, including lengthy provincial approval times for water and waste water servicing that’s required before a single toilet can be flushed in a new neighbourhood.
Figures from the Toronto Real Estate Board suggest a similar shortage exists on the resale market. People aren’t listing their homes because they worry about what they’ll be able to afford among the region’s soaring prices.
If government and builders don’t figure something out soon, Toronto is heading down the road of cities like London and San Francisco, says Tuckey.
“You have the most affluent parts of British society not being able to afford a home in London or in San Francisco where we see jobs being lost because people can’t afford to live in communities where they want to work and play and live,” he said.
The census data released Wednesday reinforce his concerns, said Tuckey.
It shows Toronto’s population grew 6.2 per cent between 2011 and 2016, above the national average of 5 per cent. But that growth was exceeded by several communities outside the city including Brampton, Caledon, King, Markham and Bradford.
Read the full aricle at: GTA builders warn of looming housing shortage