Affordability in Toronto has eroded to an all-time low, with prices jumping by more than 50 per cent in the past five years.
With or without foreign buyers, there’s strong demand for housing in the region.
In Vancouver, it takes an average of 15 months to get a residential development approved—nearly five months longer than in neighbouring Burnaby.
The joint economies of the Toronto, Hamilton, and Oshawa metro areas are home to more than one in five Canadian jobs. Indeed, this region deserves its reputation as Ontario’s Greater Golden Horseshoe.
In Calgary, home prices have more than doubled over the past decade. Despite the recent economic slowdown, more people are moving to Alberta than leaving it.
As rising housing costs in Metro Vancouver continue to make headlines, municipal policy-makers, including Vancouver’s mayor, point to a number of potential causes.