The Toronto Real Estate Board (TREB) called out all three major provincial parties, urging them to engage in a constructive and vigorous housing policy debate before the upcoming election in June.
With issues in the housing rental and ownership markets dominating headlines in the Greater Toronto Area and Greater Golden Horseshoe Area (GGHA) over the past two years, TREB is hoping the three parties will each provide an outline of their housing policies that will address the lack of supply and the increased demand, which is causing a housing crisis in the city. “What would go a long way in achieving sustained market balance would be policies pointed at diversity of ownership and rental supply in the marketplace.” TREB CEO John DiMichele commented. “This could include re-examining current policies constraining supply and additional policies that could help bridge the gap between traditional low-rise types and high-rise condo apartments, often referred to as the missing middle.”
This is not the first time the TREB has called out the provincial government. In their last monthly market report TREB President Tim Syrianos stated that all levels of government must collaborate effectively to develop solutions to tackle the housing crisis by increasing the supply of housing, and ensuring housing affordability is prioritized.
The report concluded that Ontario residents want access to affordable and safe housing – in one form or another. They are requesting each party make it clear exactly what they will offer and what their plan of action is to ensure sustained affordability in each segment of the housing market over the coming years.