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Imbalance in housing market supply and demand

Imbalance in housing market supply and demand

As you know, new residential construction has been one of the key economic engines for the GTHA and provincial economy for more than a decade.

So why doesn’t the provincial government consider it a priority to keep this engine oiled and running smoothly?

Currently, demand continues to exceed supply, creating an imbalance in the housing spectrum, which includes all forms of housing. But instead of focusing on supply, the provincial government is pursuing climate-change initiatives without the necessary metrics needed to determine the true cost implications for today and for future generations. We need to carefully consider changes before the discussion turns to implementation.

There are three things the government needs to do to address supplies issues that have created the housing spectrum imbalance:

  • Streamline what is now a convoluted planning, zoning and building approvals process.

  • Link housing, transit planning and jobs to properly measure the implications of government policies.

  • Address the skills gap by making meaningful improvements to the training and apprenticeship system.

If we cannot build the highrise, midrise and lowrise housing needed in the GTHA today or in the future, Toronto’s potential as a global city will be squandered.

Richard Lyall is the president of the Residential Construction Council of Ontario (RESCON).