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The Housing Crisis (Part 2): Housing Market Concerns

Affordable housing, both for prospective homeowners and renters, is in very short supply across the province. The rise in house prices has been outpacing income increases across Canada in leaps and bounds, with most young Canadians viewing homeownership as a pipedream at this point. The median household income before taxes in Ontario (as of the 2016 census) was $74,260. In the same year, the average Ontario house price was nearly $550,000. The disparity between household income and house prices has only deepened since then, with the average Ontario house price currently at roughly $750,000. The COVID-19 pandemic has further exacerbated the demand for housing across the province, and there is little indication that the market will cool in the short term.

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The Housing Crisis (Part 1): Rental Market Concerns

Affordable housing, both for prospective homeowners and renters, is in very short supply across the province. Rental vacancy rates in major urban centres typically being lower than the recommended “healthy” rate of 3-5%. Households renting long term can carry an unfair stigma that they are less financially stable or are somehow lacking in character if they are unable to afford to buy a house or condo. There is also a misplaced but common concern that the presence of affordable housing in a community will lower property values and/or increase crime rates in the area.

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    Derek Green
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    about us

    Ontario Apartment Group is a full-service multifamily sales and marketing team dedicated to providing exceptional value and institutional-quality service to buyers and sellers of multifamily properties across Ontario.

    Privacy Policy | Terms of Use
    All data is subject to Errors, Omissions or Revisions and is not warranted.
    Copyright © 2022, Ontario Apartment Group.