Spring is in the air, and with it comes the March edition of the RESCON newsletter.
Recently the MMAH released an announcement on inclusionary zoning, a band-aid solution that doesn't solve the issues related to the GTHA's depleted housing spectrum.
When the government announced it was giving power to its cities to make builders include affordable housing in their projects, it made a lot of us scratch our heads - with affordability already out of reach for many millennials and middle-class families, how is this going to help? Answer: it isn't. Why? Because now they're being asked to pay for other people's housing too.
Is there room for inclusionary zoning in these people's personal budgets as their incomes continue to fall? I would hazard a guess that there isn't.
If they wanted to assist in affordability battle, the province could have:
1. Lowered development charges. In 17 years, DCs have risen by 1,259 per cent. Who pays for those? The new-home buyer.
2. Cut some red tape. Our industry answers to 45 different government agencies and bodies with no real oversight on their collective actions. That takes a lot of time, which costs money. And who pays for this? The new-home buyer.
3. Read our report on affordability (see Toronto Sun and Globe & Mail articles below), which notes that when you increase the supply across the housing spectrum, new homes become more affordable.
(Check out the Toronto Star's story on inclusionary zoning by clicking here.)
Please check out the great media coverage our office has been getting recently in the links below, including the Globe's and National Post's look at RCCAO's infrastructure bank report. There are also stories on the federal budget with comments from both RCCAO and RESCON.
Thanks for reading!