Condo Life Magazine - Examining the GTA affordable homeownership crisis
Updated: Oct 28, 2019
A definitive new book providing a deeper insight and understanding
A book titled “The GTA Affordable Home Ownership Crisis: A Deeper Understanding and the Pathway to the Solution” has just been released and is available to download online at affordablehomeownership.ca.
It is no secret that the problem of affordable homeownership In the GTA is out of control, and is especially a concern for the millennial population. A recent OREA/Nanos survey found that 58.7 per cent of non-millennial Ontarians agree or somewhat agree that homeownership Is unaffordable in their neighbourhood, while 41 per cent listed saving enough for a down payment as the most important barrier to owning a home.
With average new GTA condo prices at $500,000, average new GTA house prices at $1million and resale at about $800,000, generally speaking, the next generation has little chance at homeownership without a significant financial contribution from their parents.
The book's aim is to bring an understanding of the relevance and implications by exposing the drivers behind the problems and pointing towards a pathway to the solutions so that our children, and their generation, will not have to face a future without affordable homeownership.
The majority of GTA residents count their home as their largest asset. A future without affordable homeownership could hollow out the wealth of the middle class and have a catastrophic effect on the economy, for a generation.
The book identifies drivers of the crisis, such as excessive taxes on new homes and condos, excessive mortgage regulation, and the Imbalance between supply and demand, but also offers creative solutions that can be applied in order to address the crisis in a responsible and timely way.
Written by R. Scott Davie, a leader in the sales and marketing of GTA new homes and condos for decades, and a trusted advisor to many of the GTA's top developers, this book is rich with ideas and breaks down the elements of the crisis in an interesting way.
“The solution of the GTA homeownership crisis will only grow through understanding, resonating from professionals in the development industry to the public, and it is only through public awareness that government and non-governmental organizations will have the motivation, and the ability, to make the needed changes,” says Davie.
“I wrote this book to make a relevant personal contribution towards solving the serious crisis of affordable homeownership by bringing awareness to the public, developers, their employees and consultants and politicians. The hope would also be to generate a potential spark for additional creative solutions, not to make a profit of any kind,” he adds.
Recognizing that we live in an age that we are inundated with information, the book takes a concise and approachable magazine style format with pictures and infographics and is about a 30-minute read.
Source: Condo Life Magazine, September 2019