The legislation is broadly a good start, as it will help spur the development of new housing, but the plan remains very incomplete
Zoning reform is a topic that federal Conservative Leader Pierre Poilievre highlighted throughout his leadership campaign. Indeed, enabling the expansion of housing supply is incredibly difficult due to the entrenched interests of existing homeowners who have a significant amount of influence on zoning and land use regulations, which limit new construction.The NP Comment newsletter from columnist Colby Cosh and NP Comment editors tackles the important topics with boldness, verve and wit.
The legislation is broadly a good start, as it will help spur the development of new housing. However, the plan remains very incomplete, in that it fails to tackle the problem of adding density to Toronto and other urban areas, which was among the chief recommendations of theRestrictions on height and lot sizes are significant impediments to building higher-density multi-family units, as are parking requirements for new developments.
To be sure, we may already be experiencing significant home price declines as the Bank of Canada continues to raise interest rates. A constrained or “inelastic” housing supply means that home prices can fall just as quickly as they can rise, and increasing borrowing costs can act as a match to set off a housing decline.
With higher rates of immigration than many other developed countries, it’s even more important for Canadian governments to expand the housing supply. NIMBYism is a major obstacle to building housing.
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