Unfortunately, many in the industry and in policy address housing as something that’s completed assessed outside of its function. If we may step outside of our industry speculation, many owners and future owners don’t see their home as merely a financial asset. It’s a place where they raise their children, and share moments with their friends and families.
When we put it into the perspective of organic growth and ownership, not everything is a matter of business. It would be wise for policy makers to demarcate between speculators, investors and end users who simply want to own a home. It’s something that doesn’t actually require number crunching to see that people place more than financial value on their homes.
That said, Toronto may very well reach it’s immigration potential in the next few years. We could have up to 170,000 new immigrants in the next three years alone to the city. Presumably, not all of these people will be able to afford to own or even really rent in this city unless we prepare sufficiently.
When it comes to future housing policy, essential to accommodate not just what the market needs, but what people need. It’s not a matter of just creating conditions that residents can merely tolerate. So what can be done?
Well, it seems that policy should dictate better who can invest and how they can invest. That’s essential. People who are simply buying a single family home or a condo for their end use shouldn’t be subject to crunches or forced to pay unreasonable rates for their property. That is something that requires a lot of work. And it is increasingly more important with a large incoming population whose growth that we ideally would like to nurture!
Overall, Toronto’s housing market is growing and with current regulation people are being priced out. The same could be said for Vancouver. While we can’t regulate wealthy buyers and land holders- we can create some method of reducing scarcity for the majority of the population and that should be the focus! By reducing the red tape on building and an increased interest from the governments on PEOPLE rather than finances, this will be the wave in coming years.