The Toronto region needs to double its purpose-built rental starts in the next decade to accommodate a growing percentage of tenant households.
Without a significant boost to the supply of purpose-built apartments, more underhoused people will leave the GTA in search of those kinds of homes, says a new report from homebuilders and landlords.
“We have concerns that those in the pipeline won’t be built because of the challenges that we’re seeing in the business model for purpose-built rentals,” said BILD CEO David Wilkes. It shows that Ontario is expected to see an additional 1.27 million people by 2031, 445,920 more than the last 10-year period – most of them renters. At the same time Ontario homeownership, which has dropped from 69.2 per cent in 2011 to 65.8 per cent in 2021, is expected to fall further to levels not seen since the late 1990s.
The report cites CMHC data that shows that households earning $100,000 or more annually is the fastest growing segment of the rental market. That is in part because many immigrants are highly educated and skilled and, first-time home buyers are increasingly priced out of the ownership market. As higher income renters move into the newer, more costly rental buildings, the report says that leaves room for lower-income households in the older units.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Siakam, Barnes ignoring trade deadline speculation as Raptors could be sellersAfter seven seasons with the Toronto Raptors, Pascal Siakam is over trade deadline speculation. 'I’m at a point in my career where it really doesn’t matter.”
Read more »
Nearly 95,000 pieces of plastic were removed from Toronto Harbour in four monthsToronto’s Harbour is now free of nearly 100,000 pieces of plastic, thanks to Ports Toronto and the University of Toronto’s Trash Team.
Read more »
Nearly 95,000 pieces of plastic were removed from Toronto Harbour in four monthsToronto’s Harbour is now free of nearly 100,000 pieces of plastic, thanks to Ports Toronto and the University of Toronto’s Trash Team.
Read more »
GTA Rental Housing Supply Gap to Double Over Next 10 YearsThe projected shortfall is based on the region's current development compared to projected rental demand, and the GTA isn't keeping pace. bildgta | FRPOFACTS | Urbanation | realestate realestatenews housing GTA Toronto housingsupply
Read more »