Great Housing on the Minds of GTA + Voters Where Federal Parties Stand

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In Toronto: GTA voters keep their eyes on federal parties and their housing platforms as downtown rents rise again.

Elsewhere: An opening for the Conservatives of Canada on housing, what to think of the high prices of houses in the United States and of countries struggling with the reception of Afghan refugees.

Toronto

Rare inventory as summer heat waves hit the Toronto area real estate market (The Globe and Mail – Paywall)

In the east, where she does much of her business, Ms DeClute says moving buyers are still active, especially in the upscale Beaches neighborhood. Their challenge is to find a property to buy. The Scarborough and Durham areas, which are more suburban and have more properties suited to first-time buyers, are not seeing the frenzied buying that characterized the start of the year, she said.

‘It’s ridiculous’: Toronto rent prices return to pre-pandemic levels as deals collapse (CTV)

“Rents will continue to rise,” said Paul Danison, Director of Content for Rentals.ca. The website revealed that one-bedroom rents rose 1% from June to July and 4.2% for a two-bedroom. The average monthly rent is over $ 1,800 for a one bedroom in Toronto and over $ 2,600 for a two bedroom.

Former Toronto Chief Planner Jennifer Keesmaat Delivers Lesson on High-Design Affordable Housing (The Globe – Paywall)

What is the recipe for more affordable housing in cities? This question became a hot topic in the federal election, and parties are responding with a series of promises. The NDP pledges to build 500,000 social housing units, while the Conservatives would turn large tracts of federal property into housing. All of this takes years to implement. But in Toronto, a new subdivision – with the participation of former chief planner and mayoral candidate Jennifer Keesmaat – would provide 119 permanently affordable apartments in the heart of downtown. And the developers can’t wait to get started.

Battleground Toronto voters divided over hopes for housing market (iPolitics)

“It’s not about trying to bring the prices down,” he said, “but about trying to create the conditions again, where, if you want to live in Toronto or in the GTA, you can, and there is a place for you. And that’s where Erin O’Toole succeeds, Moffatt said. “It’s time to face the facts: we have a housing crisis in Canada,” the Conservative leader said, announcing his housing plan to reporters on Thursday. “The supply of homes to own and rent is not keeping pace with our growing population. “

Canada

How Federal Parties Plan To Solve Housing Crisis After Years Of Unsuccessful Policies (Financial post)

Pasalis said accelerating immigration and population growth in a supply-constrained market has certainly helped to inflate house prices, and suggested that a party platform on housing should encourage a greater offer for Canadians looking to treat their home as a home rather than an asset. “At a general level on the demand side, my feeling is that over time the federal government should look at policies that maybe make it a bit more difficult for investors to enter the market and easier for them to do. end-users to enter the market, ”he said.“ In some ways, underwriting for investors should be a bit more stringent… and possibly make it easier for first-time borrowers to lend. That’s kind of where I think we should be heading.

The major federal parties are all saying they will make housing more affordable. Here’s what we know about their plans (SRC)

Canadian voters will hear a similar message from each of the major federal parties during the current election campaign: Housing has become too expensive and we have a plan to fix it. Consensus reflects the increasingly dire state of housing in Canada, experts say, affecting everyone from future homeowners feeling left out of the market to low-income families languishing on waiting lists for affordable housing .

Housing is an issue that the Conservatives can exploit. Yes, the conservatives (The Globe – Paywall)

IThis could be particularly beneficial for the party in key areas such as Toronto and Vancouver, where affordable housing remains an unsolvable problem as ever. And where feelings continue to be intense about what to do about it. The Liberals have yet to release their platform and have yet to make housing a key campaign talking point. However, the last federal budget included a commitment to spend $ 2.5 billion over 10 years to create 35,000 affordable housing units. Around the thorny issue of foreign ownership, the party is considering a measly one percent tax on non-resident foreign owners.

COVID-19 has led young Canadians to reassess their homeownership strategies (The globe)

Young Canadians like Mr. Silverman have seen their attitudes towards real estate reshaped by the pandemic. Rising prices and the possibility of working remotely are causing many to consider the alternatives, which include renting longer, coming home, or even moving out of expensive urban centers. For others, forced to work from home in cramped rented spaces and attracted by low mortgage rates, the pandemic has caused an earlier-than-expected jump towards home ownership.

United States

US housing construction stumbles amid relentless supply constraints (Reuters)

“There is no doubt that homebuilding has hit some sort of short-term ceiling, with soaring home prices reducing affordability and leading to a record drop in the proportion of consumers who feel the time is right to move on. buy a home, ”said Mark Vitner, senior economist at Wells Fargo in Charlotte, North Carolina.

Home prices are now higher than the peak of the housing bubble of the 2000s. (NPR)

They find evidence that the price spike in the 2000s was indeed a bubble, which is a chilling reminder that the housing market can go wild and collapse. But they also find evidence that can reassure homeowners that something real may be explaining the long-term uptrend in home prices.

How the United States made affordable housing illegal (Vox)

Zoning laws are the rules and regulations that decide what types of homes can be built where. While it may be trivial, exclusion zoning is anything but. These rules have a dark history in the United States as a tool of racial and economic segregation, used explicitly to keep certain races, religions and nationalities out of certain neighborhoods. And while explicit racism has been erased from the legal text, the effect of many of these rules remains the same: keeping housing affordable, and the people who need it, away from the wealthiest Americans.

Do you want to solve the housing crisis? Take charge of the hotels. (NY Times)

A telling example of the “what can we do” phenomenon is in Berkeley, California, where I live. The city has received quite a bit of positive press in recent months for its resolution to end single-family zoning. The reason given behind the change: to right a historic wrong. In 1916, Berkeley became the first city in the country to adopt single-family zoning as a way for families in wealthy Elmwood to stop building multi-family units that could attract a poorer tenant class.

InternationalI

The Netherlands grapples with the social consequences of soaring house prices (FT)

Dutch call center worker Joan Kelderman knows from personal experience the downside of soaring house prices in Europe: her landlord is trying to demolish her cheap rented house in order to build a new complex of housing and shops. The local authority in Zaandam, a town a few kilometers north of Amsterdam, said the project would create more than 530 new homes, of which 30 percent would be social housing; about half would be for sale or rent at market prices.

The needs of those on the waiting lists of council houses must be taken into account by authorities wishing to welcome Afghan refugees, a lawmaker said. The UK has agreed to host up to 20,000 refugees over the next few years, including 5,000 this year. Ipswich MP Tom Hunt said it was right to help but added: “We have to be realistic about what we can handle.” A joint statement from Suffolk councils said the county would “step up” to help those fleeing the Taliban.

Move Smartly’s weekly summary is powered by Realosophy Realty Inc. Brokerage, an innovative residential real estate brokerage in Toronto.

A leader in real estate analysis, Realosophy educates consumers on Realosophy.com and MoveSmartly.com and helps clients make better decisions when buying and selling a home.


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