Concord cityplace condo . Why is it more difficult for young people to buy a house? Affected by a variety of factors, the number of home ownership of the baby boomers who have entered the ranks of the elderly continues to rise, causing the younger generation to face a tight supply in the housing market for a long time to come.Please Visit: Concord cityplace condo to Get Your VVIP Registration Today!
According to Bloomberg News, CMHC released a report yesterday that the elderly have traditionally traded housing for small, rented or moved into nursing homes, freeing up market supply for the younger generation of home buyers. But now the increase in employment and income of the older generation, as well as the growth of social support services, has changed this trend.
According to the survey, in 2016, one-fourth of Toronto’s houses were owned by people aged 65 and above, an increase of 4.5 percentage points over 2006. The proportion of town houses owned by the elderly has increased from 12% in the same period to 17%.
Like many parts of the world, Toronto’s population is aging and the ranks of the elderly are increasing. According to the Ontario Department of Finance, the average annual population growth rate of the over-65 age group will reach about 4 per cent over the next 10 years, and the proportion of elderly people in Toronto will increase from 14 per cent in 2016 to 18 per cent by 2026.
Because the elderly work longer hours and are in better health, they are able to stay longer in their original housing before moving to smaller housing. As a result, the rate of home ownership for the elderly is likely to continue to rise, limiting the number of homes that potential buyers can choose from and creating a potential housing shortage for the younger generation.
The Canadian Mortgage and Housing Corporation expects this trend to continue as Toronto’s population continues to age.
Dufferin Lane Investments, a Toronto rental property developer, recently received approval from the Toronto city government to convert a separate single-family house into a three-story apartment that can accommodate eight rental units.
Nascimento and Nuno Paul, owners of the rental property company, bought a 6000-square-foot house on Dufferin St Street in early 2016 for 870000 yuan, before they decided to convert it into a low-rise rental house.
However, the process is not easy. At the end of last year, with the help of the construction company MGBA, they submitted a reconstruction application and proposed seven adjustment measures in addition to the Toronto Land use Planning bylaw (Zoning Bylaw), including bicycle and car parking spaces, building volume ratio, house depth and landscaping.
Finally, with the support of city councilman Ana Bailao, the city adjustment committee accepted the application. Therefore, the project is included in the so-called urban “yellow belt” area.
The “yellow belt” refers to the use of yellow marks by the city planning department to designate areas where high-density housing is not allowed in the official planning of Toronto. The current policy is that only detached housing and double housing are allowed.
However, according to the official planning of the city of Toronto, the area to which the project belongs is designated as a “neighborhood” and can only build apartments up to four storeys, and land use planning bylaws also strictly restrict this form of housing. As a result, many developers are reluctant to build such time-consuming and high-cost low-rise apartments.
Sean Galbraith, an urban planner, called the project “great” and that allowing high-density housing to be built in Toronto, where land is scarce, is a good sign.
In a statement to the Star, Barrio said that the main reason for supporting the project is to provide more rental units during this period of housing shortage.