Missing Middle Key to Housing Affordability
Toronto just hosted the National Housing Innovation Event Series; several salient points were forwarded.
The City of Toronto announced a $24B housing action designed to deliver 40,000 housing units over the next decade.
The chairman of CMHC, Evan Siddall lampooned JFK`s famous lunar landing speech by stating, “putting a man on the moon was one thing but affordable housing for everyone in Canada?”.
He emphasized that the key component for such lofty goals remains increasing density in Canada`a largest cities and accepting that rental housing will be a large part of the solution.
Gentle reduction in density was cited as an excellent starting point, but more intensive density along transportation corridors will be required if affordable housing is to become a reality.
American cities like Los Angeles & Minneapolis were cited as positive role models regarding the implementation of granny flats & smaller attached housing which has been encouraged and grown by > 500%.
Closer to home, Mayor Brown of Brampton was recently quoted stating “that there are a minimum of 30,000 illegal in his district”. Many of these units are not only illegal, but also pose various health & fire hazards. The strain on the public purse strings is another burgeoning matter. Perhaps the time has come for some affirmative action to be taken under the guise of bill 140 with added assistance coming from the financial sector.
Attached below is an earlier blog expressing the importance of making our cities and towns better places to live, especially for seniors & millennials.
http://www.reappraisals.ca/2018/05/03/seniors-g-t-a-rental-vacancy-rates-now-1-treb-gta-realestate/
Wishing everyone the happiest of holiday seasons, and a prosperous New Year!
Sincerely,
Accurate (Peel) Appraisals!