Real estate prices in Toronto and Vancouver continue to rise, but there is not consensus about what is behind the growing housing crisis and the best solutions to pursue.
A debate piece looks at the issue of rising housing costs in Canadian cities and whether foreign buyers are the source of the problem. Bob Hutchings argues that non-residents are buying up a large percentage of housing in cities like Vancouver and leaving many of these units vacant. The result is increasing property costs, which is putting a strain on Canadian buyers and renters.
"What needs to be done, and with some great urgency, is to pass a law stating that non-residents can no longer buy in Canada, or, at the very least, have a 50 to 75 per cent tax on foreign buyers," says Hutchings.
Philip Cross, however, believes that restricting non-residents from buying homes is misplaced blame and will not solve Canada’s housing problems. The issue, he says, is a housing market that has not kept up with the increase in demand, fueled by lower interest rates and a crash in oil prices.
Supply has not met demand because of policies, such as zoning regulations and rent control, that have hindered construction, according to Cross. "The only sustainable long-term solution to soaring home prices in Toronto and Vancouver is to loosen the regulations stifling supply — a process underway at least in Ontario — while reining in demand."
FULL STORY: Should Canada ban non-residents from buying homes?
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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