Affordable Housing In Toronto

 

In this big city of Toronto affordable housing is a pipe dream that all politicians talk about just to get elected and dump the idea when in office.

 

Toronto is a growing city where most immigration land in Toronto before moving to a permanent location and this city will help new Canadians settle in and teach the customs of this country and help them get jobs and housing.

 

Cheap and affordable housing has been a hard one to attain just because the property values are always going up.

 

It's all about supply and demand and right now demand for new housing is far more than supply of housing.

 

I learned in Economics 101 that if demand is high the price goes up and if supply is higher then the price goes down.

 

The problem in Toronto is that there is no more vacant land to build on so more high density projects are being built on questionable land like on flood plains and old factory land with lots of pollutants in the ground which costs a lot to clean up.

 

Toronto has a lot of subsidized housing buildings located in different parts of the city.

 

The city charges a rent of 33% of total income.

 

The city also has agreements with co-op buildings for subsidized units.

 

The city has a 5 - 7 year waiting list for subsidized housing.

 

I feel that the city can do more which is to go to the private rental-building owners and make a contract with them to lease units from them for a certain period of time and as an added incentive to significantly reduce their property taxes until this crisis is over.

 

In time people will go to the other satellite cities in the GTA and then there will be more affordable housing