Toronto is among the ten most expensive major housing markets in the world, and housing prices are predicted to rise again in 2020 by almost 10%, according to the Toronto Regional Real Estate Board.
The reason housing prices in Toronto are so disproportionate to household incomes is mainly due to a lack of supply. Between 2016 and 2019, more than 325,000 jobs were added to the Greater Toronto Area, while only 102,000 new homes were constructed, and only 2% of those new homes were classed as affordable.
And while the Bank of Canada has kept interest rates artificially low in an effort to encourage easier access to loans and mortgages, this only tackles the demand side of the problem. Therefore, Bee Breeders in partnership with ARCHHIVE BOOKS are looking to tackle the supply side of the city’s affordable housing crisis with the Toronto Affordable Housing Challenge.
