Rapidly Rising Housing Costs in High-Growth Urban Areas
Housing is one of the largest cost burdens for households in Ontario, and an imbalance between strong demand for housing and limited supply means these costs have risen dramatically over the last few years. Across Ontario – in both urban and rural communities – high prices and rents have made it hard for people to afford the housing they need.
To help increase the supply of housing in Ontario, the government is developing a Housing Supply Action Plan that will address the barriers getting in the way of new ownership and rental housing.
Such barriers include:
1. Speed: It takes too long for development projects to be approved
2. Mix: There are too many restrictions on what can be built to get the right mix of housing where it is needed.
3. Cost: Development costs are too high because of high land prices and government-imposed fees and charges.
4. Rent: It is too hard to be a landlord in Ontario, and tenants need to be protected.
5. Innovation: Other concerns, opportunities and innovations to increase housing supply.
The Housing Supply Action Plan will support the government’s commitment to reduce red tape and make it easier to live and do business in Ontario. Where do you stand on this? Given the challenges, do you think this Action Plan can be effective?