The best way to increase housing affordability is to build more homes.
Toronto had 360 housing units per 1,000 residents in 2020, well below the national average of 424.
Residents in unsubsidized units will pay more so residents in subsidized units pay less.
The federal government plans to spend billions on “affordable” housing over the next several years.
A recent report showed that Canada has fewer housing units per capita than any other G7 country.
In April, the average price for a home in Canada hit $723,500.
Vancouver is among the most unaffordable cities in the world.
The Horgan government plans to build 9,000 housing units for middle-income earners.
In the Greater Toronto Area, the detached housing market is hot while the market for apartments and condos is not.