Allocate more land to develop affordable \u0022missing middle housing\u0022, real estate board recommends
Despite some pressure on their finances, fewer Canadians in the country’s largest real estate market are currently looking to list their homes on the market than before, according to a survey by the Toronto Regional Real Estate Board, and that could lead to higher prices despite the country’s anaemic economic growth.
Average selling price of a home in the Greater Toronto Area shot up 11.9 per cent in June compared to a year earlier, and was up 7.8 per cent compared to May 2020, according to TRREB’s monthly data. https://financialpost.com/real-estate/toronto-home-prices-soar-as-listings-remain-low-but-some-question-how-long-that-will-last
The board argues that while COVID-19 has impacted home sales and listings in the GTA, home buying intentions have remained quite stable on the back of pent-up demand for housing. The municipal, provincial and federal government should take longer term measures to ensure a vibrant and affordable real estate market. TRREBs key recommendations to policymakers include:Review residential zoning that restrict housing types to detached or semi- detached and consider opportunities for rezoning to allow mid-density housing.
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