Toronto housing committee hopes to expand options for buyers during challenging times

Toronto’s housing market is booming, making it a terrific opportunity to sell but a precarious time for first-time buyers hoping to get in on the action.

The City of Toronto says its Planning and Housing Committee is gathering on Thursday to “consider a number of City staff reports providing recommendations on tackling housing challenges.”

One of the many challenges is affordability. According to figures collected by WOWA.ca, the average home sold in Toronto throughout October was $1,155,345. Further, detached home prices increased by 28 per cent year-over-year to $1.54 million, and semi-detached home prices increased by 23 per cent year-over-year to $1.15 million.

Finally, WOWA.ca says townhouse prices increased by 45 per cent year-over-year to $1.09 million, and condo apartment prices increased by 13 per cent year-over-year to $704,000.

“Sales and average home prices are both up, while listings and average days on market are both down,” they said.

In a news release, City officials say they’re committed to addressing the several housing hurdles and developing laws to “expand housing options within neighbourhoods to meet future needs.”

The goal, the City says, is to focus on variety in the form of low-rise apartments, duplexes, triplexes and townhouses. The expansion is in large part due to a growing population.

According to the Canadian Centre for Economic Analysis (CCEA), Toronto will experience accelerated population growth over the next 20 years. CCEA writes that, as a result, vulnerable groups and low- and moderate-income households will encounter increased difficulty accessing suitable and affordable housing.

“The rate of population growth to 2041 is expected to be double the rate experienced since 2006, which would result in a significant increase in housing demand,” the CCEA says.

“In the absence of government intervention and action across the housing continuum, Toronto’s low-and moderate-income households will feel [an] increased pressure in the housing market.”

WOWA.ca believes the expansion of the CMHC First-Time Home Buyer Incentive could provide a short-term boost to condos in and across the city.

“First-time homebuyers in the Toronto CMA spanning from Oakville to Oshawa, Vancouver CMA, and Victoria CMA are eligible to borrow 5% or 10% of a property’s price from the Federal government for their down payment interest-free.”

Mayor John Tory says he’s determined to get more housing built for a rapidly growing Toronto.

“Torontonians need more options to address their housing challenges, including low scale or ‘missing middle’ housing. When it comes to parking requirements for new developments, I believe staff have recommended a better balance that makes sense,” Tory said.

“The proposed approach would also help cut red tape, aligns with our climate goals, and will reduce the cost of housing. I look forward to the discussion on all of these reports, and I am proud we are getting more affordable housing built in our City.”

Toronto’s Planning and Housing Committee is considering multiple staff reports on Thursday, including the following:

Expanding Housing Options in Neighbourhoods: Multiplex Study

This report considers ways to simplify zoning and approvals to allow additional units in neighbourhoods while maintaining their low-rise scale. The City says broadening the types and sizes of units available in low-rise neighbourhoods makes them, along with local amenities such as parks, schools, retail and service, more accessible to a diverse range of people and needs, leading to more equitable and inclusive communities.

Neighbourhood Change and Intensification

This study examines the growth and changes within neighbourhoods, with research conducted by City Planning staff on the characteristics and trends in Toronto’s communities.

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Ford to hold housing affordability summit with Ontario city mayors in Dec.

Ontario Premier Doug Ford is inviting municipal leaders to a summit on housing affordability.

The meeting with Ford, Municipal Affairs Minister Steve Clark and the mayors and regional chairs of big cities is set for Dec. 16.

Ford says his goal for the summit is to work on solutions to address the “crisis” of housing affordability so more families can become homeowners.

“Young families, seniors and all hardworking Ontarians are desperate for housing that meets their needs and budget,” said Premier Ford.

 

“That’s why we’re inviting municipalities to the table to discuss how we can work together to build more homes faster and make home ownership more affordable.”

Clark is also set to hold a session on housing affordability with rural municipalities in January.

“It’s no secret that Ontario has a housing crisis, as demand has drastically outpaced supply over the past decade. While our government’s policies are working to address affordability, including the tools we’ve provided to municipalities, we know that housing prices are still out of reach for so many Ontarians,” said Clark.

The latest plans from the Progressive Conservative government come after an earlier announcement of a housing affordability task force that will also look into the issue.

Ontario Real Estate Association CEO Tim Hudak says the summit is a good step toward greater collaboration on the issue and called for zoning bylaws to change to allow for more family-friendly housing.

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With files from The Canadian Press