Canada’s housing crisis nearing boiling point
Summary
TLDRThe Toronto housing market is experiencing a crisis, with bidding wars and prices soaring far beyond asking. Families like Water's struggle to afford homes in desirable locations, while urban sprawl's environmental impact is a concern. Ontario plans to build 1.5 million homes in a decade, a challenge considering the last time 750,000 homes were built was 40 years ago. Federally, a goal of 2.5 million homes is set, but experts view these promises skeptically. The Prime Minister's own residence, 24 Sussex, symbolizes the nation's housing struggles.
Takeaways
- 🏙️ Housing in downtown Toronto is becoming increasingly unaffordable, with competitive bids often exceeding asking prices by significant amounts.
- 👨👩👧👦 Many Canadian families, despite having stable incomes and jobs, are struggling to find affordable housing and are stuck in condos due to the high cost of homes.
- 💼 The desire to live close to work and urban amenities, rather than commuting long distances, is a significant factor affecting housing choices.
- 🌱 Environmental concerns are being raised about the impact of urban sprawl on pollution and the need for sustainable housing solutions.
- 📈 Housing starts have not kept pace with population growth, leading to a shortage of affordable housing options.
- 🏡 Ontario has ambitious plans to build 1.5 million homes over the next decade, a target that will be challenging to achieve given historical construction rates.
- 🇨🇦 Prime Minister Justin Trudeau has set a national goal to build 2.5 million homes in the next decade to address the housing crisis.
- 🏠 The housing crisis is seen as a failure of policy and planning, with critics pointing out that the situation should not have come as a surprise given the lack of construction relative to population growth.
- 🔍 The script suggests that the government's promises to address the housing crisis are viewed with skepticism, likening them to a 'glass house'.
- 🏰 The script uses the example of 24 Sussex Drive, the official residence of the Prime Minister, which is in disrepair and has not been occupied for years, to symbolize the broader issues with housing in Canada.
- 💸 The high cost of repairing 24 Sussex Drive is highlighted as an issue, questioning whether it makes sense to spend tens of millions on a single residence when there is a larger housing crisis to address.
Q & A
What is the current state of the housing market in downtown Toronto according to the transcript?
-The housing market in downtown Toronto is described as unaffordable and competitive, with people often outbidding each other by a significant amount, making it difficult for many to purchase a home.
How much more than the asking price are people willing to bid in this market?
-People are willing to bid up to two hundred thousand dollars over the asking price, yet they are still often outbid.
What is the situation of Water and his family regarding housing?
-Water and his family are in a double-income household with good jobs but are struggling to find a suitable home within their desired location due to the high competition and prices.
Why doesn't Water want to buy a house far away from his job?
-Water doesn't want to live an hour and a half away from his job, his extended family, and the city, indicating a preference for proximity to work and family.
What is the environmental concern related to the housing crisis mentioned in the transcript?
-The environmental concern is urban sprawl, which could lead to increased pollution.
What is the Ontario government's plan to address the housing crisis?
-Ontario plans to build 1.5 million homes over the next decade to catch up with the population growth.
What was the last time Ontario built a significant number of homes?
-The last time Ontario built 750,000 homes in any 10-year period was between 1973 and 1982.
What is the federal government's goal in terms of housing?
-The federal government, led by Justin Trudeau, has set a goal of building 2.5 million homes over the next decade.
What is the metaphor used to describe Canada's struggle with housing in the transcript?
-The transcript uses '24 Sussex', the rundown residence of the Prime Minister, as a metaphor for the country's struggle to get housing right.
Why is the Prime Minister's residence mentioned in the context of the housing crisis?
-The Prime Minister's residence is mentioned to highlight the severity of the housing crisis, as even the Prime Minister's family cannot occupy it due to the high cost of repairs.
What is the main challenge in fulfilling the housing promises according to the transcript?
-The main challenge is the difficulty in keeping the promises of building a large number of homes within a short period, as it has not been done on such a scale in the past 40 to 50 years.
Outlines
🏠 Housing Crisis in Toronto
The script discusses the housing market in downtown Toronto, where affordability has become a significant issue. Despite having competitive bids, potential buyers are outbid by large margins. The situation affects many Canadians, including Water and his family, who despite having a double-income household, struggle to find suitable living space. They desire to live close to the city and not be forced to live far from their jobs. Critics are concerned about the environmental impact of urban sprawl and the need for affordable housing in desirable locations. The script also mentions that the housing crisis is not a surprise, as housing starts have not kept pace with population growth. Ontario has ambitious plans to build 1.5 million homes over the next decade, a goal that is challenging to achieve, considering the last time such a feat was accomplished was between 1973 and 1982. The federal government, led by Justin Trudeau, has also set a goal to build 2.5 million homes in the next decade. The script ends with a metaphorical reference to 24 Sussex, the Prime Minister's residence, which is in disrepair and symbolizes the country's struggle with housing issues.
Mindmap
Keywords
💡Housing Market
💡Bids
💡Outbid
💡Urban Sprawl
💡Affordability Crisis
💡Housing Starts
💡Mortgage
💡Environmental Defense
💡Ontario
💡Justin Trudeau
💡24 Sussex
Highlights
Housing market in downtown Toronto is no longer attainable for many.
Bids are being outcompeted by large sums, making housing unaffordable.
Many Canadians are stuck in a cycle of bidding wars and unaffordable housing.
The desire for more living space is leading to a housing crisis.
Critics are concerned about the environmental impact of urban sprawl.
Canada's housing crisis was predictable due to a lack of housing starts.
Ontario plans to build 1.5 million homes over the next decade.
The last time Ontario built 750,000 homes in a decade was between 1973 and 1982.
Justin Trudeau has set a goal of 2.5 million homes over the next decade.
Industry experts are skeptical about the government's ability to meet housing goals.
The Prime Minister's residence, 24 Sussex, symbolizes the country's housing struggles.
The Prime Minister's residence has been unoccupied for years.
Estimates to fix 24 Sussex run into the tens of millions of dollars.
The housing crisis raises questions about the priorities in addressing housing issues.
The need for affordable housing that is also accessible is paramount.
The housing crisis affects not only individuals but also the environment and economy.
Transcripts
it doesn't make sense whatever
whatever's Happening Now doesn't make
sense from his downtown Toronto balcony
a housing market filled water once saw
as attainable is now anything but we
were putting in bids and we thought we
were being competitive you know we would
go
you know a hundred two hundred thousand
dollars over the asking price and we
were getting outbid by a hundred
thousand to two hundred thousand dollars
water and his family are in the same
boat as so many other Canadians double
income household good jobs a kid and a
dog and in need of more living space but
they're stuck in a condo downtown you
should be able to afford a house in
theory we should yeah
in reality not so much
they could buy a house but water doesn't
want to live an hour and a half away
from his job an extended family in the
city and besides critics like
environmental defense worry about the
impact urban sprawl will have on
pollution the affordability crisis
related to actually be able to have
homes that people can afford to pay the
mortgage on and that are in places where
people actually want to live critics
also argue Canada's current housing
crisis shouldn't have come as a surprise
housing starts simply haven't kept up
with population growth to catch up
Ontario in particular is getting
ambitious with plans to build 1.5
million homes over the next decade it's
a promise that's going to be hard to
keep the last time in this province that
we built 750 000 homes in in any 10-year
period was between 1973 and 1982. so
basically 40 to 50 years ago we have a
plan to federally Justin Trudeau has set
a goal of 2.5 million homes over the
next decade the bottom line is that
industry experts see all those promises
as a glass house and the only solutions
appear to be bricks I think 24 Sussex is
the perfect symbol for a country that
struggles to get housing right if we
can't house the Prime Minister and their
family you know we're in a load of
trouble the prime minister's rundown
residence hasn't been occupied in years
and with estimates to fix it running in
the tens of millions of dollars does it
even make sense given the larger housing
crisis
microlight Global News Toronto
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