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Prospects of improvement in GTA condo supply still unclear – report

In a newly released report, the Ryerson City Building Institute and Urbanation noted that while the pace of condo construction in the Greater Toronto Area is arguably the highest it has ever been, it still won’t be sufficient to meet the ongoing shift in housing demand. Over the next 5 years, approximately 94,000 new condo units will be added to the GTA market, but only 38% of these will come with multiple bedrooms. This is essentially neglecting the needs of a growing demographic, the report’s authors wrote. “The next decade will see significant growth in the 35-44-year-old age bracket. This demographic will be seeking new family-friendly housing and will need housing units with at least two bedrooms,” according to the study. “We are building an all-time high of condos, but not enough missing middle housing that is suitable for a range of family sizes and income levels,” Ryerson City Building Institute executive director Cherise Burda added. Read more: ‘Psychological impact’ of taxes, measures on Toronto winding down – TREB “Building more family-friendly mid-rise and low-rise buildings may require development to shift to locations in the GTA with more affordable land costs than the Central 416. Yet it is the 416 that is in greatest need of family-friendly housing units,” the report explained further. “If these construction trends continue, the proportion of family-appropriate housing available in location-efficient neighbourhoods (close to transit, employments, schools and services) will decrease, and affordability will further erode.” Ultimately, this might lead to a mad scramble in the consumer segment that actually needs new homes the most, the report warned. “This increasing demand for family-sized units means that young families will have to ‘drive to qualify’ for any type of unit, not just detached housing. This may also contribute to pressure on greenfield lands and urban sprawl to accommodate outward building of family-friendly housing—unless we can find ways to build more affordable missing-middle housing units.”

#Housingaffordability #Buildingstarts #Construction #YourOttawaMortgage #TheWilsonTeam

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