Will I be able to afford a home in the GTA?
We recognize that housing affordability is a problem for many people across the GTA, whether they are first-time buyers or current homeowners in need of more space or looking to downsize
We know there is work to be done and are committed to doing our part, including:
- Increasing housing supply where we’re able.
- Building a wider variety of housing types to fit buyers’ price ranges (e.g., single-family homes, stacked townhouses, condominium apartments, etc.).
- Building close to transit and in communities with
establishedinfrastructure to provide viable options for people of all financial situations.
- Making major investments in purpose-built rentals to give a segment of the market a viable alternative to home ownership.
- Working with public agencies and non-profits to provide below-market housing options.
Strong population growth and a limited supply of new housing, along with the rising cost of land and construction, have combined to make housing more expensive. We need to make sure there is ample supply of housing to mitigate against cost increases.
Development charges and land taxes add to the cost of a new home and these fees have been rising much faster than inflation in many areas across the GTA.
As is the case in all large and growing metropolitan centres, there is also housing being built in a variety of locations leading to more affordable homes and condominiums outside the urban cores of the cities and municipalities of the GTA in new and developing communities.