Is lack of supply still the biggest obstacle to housing affordability? This panel thinks so. - Mortgage Rates & Mortgage Broker News in Canada
Is lack of supply still the biggest obstacle to housing affordability? This panel thinks so. - Mortgage Rates & Mortgage Broker News in Canada
Abstract
The public’s focus is now squarely on inflation, rising interest rates and falling home prices. The lack of new housing supply remains the root cause of housing un-affordability in Ontario. Ontario welcomed 107,865 immigrants between July 1, 2020 and June 30, 2021. In 2019, over 150,000 people moved to Ontario. North Bay and Windsor had the highest annual jump in house prices. In 2018, over 15.5 million homes in Ontario. The province’S. had the most annual increase in home prices. The need for a reduction in government regulations to make it easier for builders to construct the 1.4 million homes Ontario is going to need over the next 10 years.