Toronto: High house prices widen the inequality gap and how various Ontarians are fairing in the housing. market.
Elsewhere: 'Unprecedented' reliance on housing fuels recession call, where the home price to income ratio is most out of whack in America and new high-end housing takes shape in Liverpool.
High housing prices blight lives – and widen the inequality gap (The Globe and Mail)
High house prices also stunt upward mobility. They create a vast opportunity gap – especially between those who can afford to live in the booming city with its vibrant job creation and those who are stuck in stagnant smaller cities and towns where good-paying jobs have dried up. No wonder people in Windsor or Northern Ontario are stubbornly immobile. They can’t afford to move. The equity in their house won’t even buy them a garage in Toronto.
The governing Liberals brought in measures last year that, along with higher interest rates and tighter mortgage lending regulations, led to a modest cooling in home pricing and activity after the market reached dizzying heights. But average home prices and rents in Ontario are still above national averages, and costs in Toronto remain high. The Canadian Press looked at how some Ontarians have fared.
The city is studying an idea to buy and renovate a rooming house in Parkdale, to preserve it as a low-income housing option. Which one is not decided yet. If the plan is found viable and approved by city council, a $1.5-million fund will be set up to be ready when a suitable place comes on the market, and the city will work with a non-profit to actually do the work and operate it.
Richard M. Sommer, dean of the Daniels Faculty of Architecture, Landscape and Design at U of T, closed out the evening with an appeal to city planners: develop a bigger, bolder vision for Toronto’s growth than the case-by-case development deals that currently determine what gets built. “Incrementalism in the absence of vision replicates the status quo and breeds mediocrity,” Sommer said. “A great and growing metropolis like Toronto … must see itself as more than just an amalgamation of districts, neighbourhoods and developments.”
I think it is one of the big questions of our time, how do we reconcile what a lot of people would consider a good quality of life with being able to spread that quality of life to as many people as possible.
The Bank of Canada has highlighted elevated household debt and imbalances within the nation’s real estate market as the two chief vulnerabilities to the financial system in the event of a recession.
“While the population density of the City of Vancouver compares to some of the most successful regions in the world, there is lots of room for growth across the region, without cutting into green spaces and agricultural land. Even within the City of Vancouver, density drops away very quickly from the downtown core to relatively low levels of density across the westside and across most areas south of Broadway.”
Buyers who put down 10 per cent deposits on condo units in Winnipeg's SkyCity Centre will be getting their money back — and the developer says it is "not currently viable to proceed to build this tower as originally planned."
The fact that residents of the Kidwai Nagar basti are now actually hoping for resettlement is fairly unique. Most Delhi slum-dwellers relocated by authorities are moved after being forcibly evicted from their homes. Such evictions are often accompanied by demolitions and followed by narrow eligibility requirements that make it difficult for those who have lost their homes to get resettled.
June 1, 2018This Week In Real Estate |