You may have seen this new billboard if you were cruising around Spadina Ave and Queen St W after May 17th. As sarcastic as it is, having your parents help you with entering the real estate market is the new norm, particularly here in Toronto. Wealth is beginning to shift generationally as parents help their children with down payments and, in some cases, even paying the mortgage.
A new cohousing development is in the works right here in Ontario. Located in Guelph’s Exhibition Park neighbourhood, this cohousing project is set to become Ontario’s second cohousing community. Dubbed Watershed Cohousing, this project will convert the property on the corner of Woolwich St and Mont St into a 6-unit community with a focus on sustainability.
Home buyers in Toronto better be prepared as prices continue to surge. The Toronto Real Estate Board expects home prices to rise by 10% this year, leading to the average home price to surpass $1 million by the end of 2021. As with a higher price, the down payment required to purchase a home will climb even higher, leaving many unable to enter the market. Affordability issues aren't anything new to Toronto but it’s important to look at the gravity of the situation.
Toronto is at a pivotal point in the year 2020. Actions and policies over the next decade will shape the city. The success or failure by 2030 will depend on how we tackle workforce housing. In this article, we’ll take a look at workforce housing, why it is such a contentious issue and what can be done to ensure Toronto will succeed in the future.
All across Canada, cities are struggling with housing affordability. As we briefly discussed in last week’s article, Housing Affordability in Toronto - A City in Crisis, many middle-income families and residents in Toronto have been unable to enter the real estate market. The missing middle is becoming a topic that all levels of government are beginning to consider as a means of tackling this crisis.
