We independently select everything we recommend.
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we → select → everything
Buying through us may earn us a commission, which supports our work.
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which → buy → work
On Oct. 26, voters across the Greater Toronto Area (GTA) will decide who they think will best represent them and their interests over the next four years within municipal government.
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they → decide → government
Ahead of any election, I use this space to discuss important housing matters and perspectives that impact GTA residents.
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that → use → residents
Given that this will be my last column ahead of election day, my final message to voters is to remember that when it comes to housing, a stable, sustainable and predictable market in the GTA should be our objective.
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market → give → GTA
The reality is, no one benefits from housing markets being out of balance.
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markets → benefit → balance
Massive swings in the market pose challenges for homebuyers and homebuilders alike.
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swings → pose → homebuyers
Peaks in demand and tight supply leads to rapid escalation, affordability challenges and societal impacts.
Young families and first-time homebuyers have to delay important milestones or choose to migrate outside of the GTA in search of housing that meets their needs at a price they can afford.
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they → have → price
This affects their quality of life due to the increased time and consequence of long commutes.
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This → affect → commutes
On the reverse end, valleys in demand lead to a dramatic slowdown in economic activity, employment and tax revenue for all levels of government that rely on new communities to support new infrastructures, services and programs.
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that → lead → infrastructures
However, with the recent HST rebate program for new homes, we are seeing signs of stability in the single-family market.
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we → see → market
In the tail end of the most recent up-cycle period from 2010 to 2022, strong demand conditions of the pandemic and post-pandemic period were driven by historically low interest rates, changing household preferences and demographic pressures.
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conditions → drive → rates
This was followed by one of the sharpest market corrections in decades – the current down-cycle period we are in – and has been driven by higher interest rates, lower population growth and then geopolitical and trade uncertainty that has undermined consumer confidence.
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that → follow → confidence
As we look ahead with lessons of the past in mind, we know that eventually these temporary and painful factors impacting consumer confidence will pass, or people will adjust, and a new cycle will begin.
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cycle → look → confidence
What the next four years of new municipal council members provides is the opportunity to lay the foundation to ensure that the next housing cycle doesn’t feature the same characteristics and consequences of the previous cycles.
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cycle → provide → cycles
This means laying the foundations to make it easier, cheaper and faster to add housing supply, ensuring that the housing market has the ability to stay in balance.
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market → mean → balance
Over the last four years, we have seen significant progress – new approval processes, the lowering of development charges, provincial and federal programs that support infrastructure and make new housing projects more economically viable.
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projects → see → infrastructure
We need elected officials who are pro-housing and when it comes to new housing rules, policies or by-laws, will ask themselves questions like – will this proposed policy make new housing more expensive?
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housing → need → questions
Will this restrict supply?
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this → restrict → supply
Will this lower housing costs and stimulate supply?
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this → lower → supply
If the answers to these questions are ‘more expensive housing’ or ‘less housing’, we need municipal councilors and mayors who will strenuously oppose it.
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who → need → it
And if the answers are ‘less expensive housing’ and ‘more housing’, we need elected officials who will be vigorous advocates – not just for housing, but for future generations who will be its occupants.
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who → need → generations
So, as voters head to the polls on October 26, ensure you’re exercising your right to vote and keep in mind that a stable, sustainable and predictable housing market in the GTA should be our collective objective.
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market → head → GTA
The Aporia
