You hear this everywhere – probably even more so in the past 3 months as Housing was front and center on the election trail – demand is greater than supply. What does that actually mean?
You see, before we even had a global pandemic there was already a shortage of homes in Ontario.
Add to that, according to the Ontario Ministry of Finance, there is an expected 2.27 million people that will eventually settle in Ontario over the next decade alone. To satisfy this need, one million homes will need to be built and with a track record of an average of 60,000 housing units a year being built in the last 6 years – the numbers simply don’t add up.
This demand has put an upward pressure on pricing. In the last year alone there has been an 18.3% year over year increase in prices. It will remain to be seen the perfomance of the constuction industry and the innovation of tools and programs that will creatively allow for some relief.
In the interim, young and growing families who have been hit the hardest have to navigate one of the most stressful situations they will experience – how to afford and secure a home in the GTA.
If you have any questions about what your options are, I would love to chat and provide some insight on where to start this journey. As always, feel free to reach out to me.