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It is said that rental apartments are difficult to compete with condos, and the city government must develop surcharges and other tax concessions in order to increase the supply of rental housing. Video screenshot.
“Co-Living” will become the new trend of Canadian housing rental market in the future. Common Knowledge pointed out in an online forum yesterday that one of the biggest blows of COVID-19 ‘s epidemic was that many people felt lonely, but “sharing houses” became a community of their own and kept socializing with each other, making many people prefer the way of life of “sharing houses”.
Benjamin Tal, deputy chief economist at Imperial Commercial Bank of Canada, pointed out that although the Federal Bureau of Statistics data show that due to immigration, the population growth in 2020 was 200000, down from 500000 in 2019, but the actual figure is quite different.
First of all, the Bureau of Statistics is unable to distinguish between travelers and returning Canadians, Tarr said. Last year, about 70,000 Canadians living in Hong Kong returned home. A considerable number of the 500000 Canadians living in Hong Kong will return. There is a clear return of capital from Hong Kong in both the real estate and financial sectors. Second, there were about 70,000 international students whose visas expired in July last year, who were not included in the statistics because of the epidemic stranded in Canada.
He said that the federal government also plans to increase the number of immigrants to 410000 each year. As a result, Canada’s population will increase significantly in the next few years. Most of these immigrants and returnees live in Toronto and Vancouver, creating a great demand for rental housing. Housing prices are becoming more and more unaffordable, and renting has become one of the ways to solve the housing problem.
Ben Myers, president of Bullpen Consulting, says 250000 immigrants settled in Ontario each year before the outbreak. The study found that new immigrants chose to rent houses in the first three years and began to buy homes in the following years. Huge immigration has contributed to a sharp rise in rents in Ontario. Due to the rising land prices, it is not cost-effective for developers to build rental apartments.
He said that although housing construction has increased in recent years, in terms of bedrooms and area, the number of bedrooms and areas in recent years has decreased by 25% to 30% compared with 2002. At present, about 20000 condominium (Condo) units are completed each year, but 25000 to 30000 units are needed on the market.
Tarr said that although many people have moved out, the Greater Toronto area is still the economic center. Working from home makes it possible to live a two-hour drive from more than a city, but as the epidemic subsides, the company will no longer allow employees to work from home.
Even if the present company has a loose policy, the new company in the future will have different requirements and may have to rent a house in the city centre.