Ontario needs a lot more housing, quickly. We no longer have the luxury of holding out for perfect solutions
Urban sprawl is a bit of a dirty word. It hasn’t always been that way. Post-war suburban development gave a lot of people access to homes they could afford with backyards and enough space to raise a family. But as large metropolitan areas grew, some of the downsides became obvious. Long commutes are bad for people’s physical and mental health and they pump emissions into the atmosphere. Outward expansion has also strained our infrastructure.
Ontario’s housing math is ugly. Between August of 2012 and August of 2022, the average Ontario home price increased by more than half a million dollars. Homes earned $50,000 a year during the past decade. And lest you accuse us of cherry-picking numbers, average prices have decreased by more than $175,000 from their peak in March.Article content
Even if interest rate hikes take the air out of Ontario’s housing market, it’s hard to see a durable price decrease without some sort of economic cataclysm. Canada is planning to increase annual immigration levels to half a million. And the GTA alone tends to attract just underRecommended from Editorial
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