The Greater Toronto Area (GTA) is facing a growing deficit of rental housing, according to a new report released by the Building Industry and Land Development Association (BILD) and the Federation of Rental-housing Providers of Ontario.
The report warns that this deficit could double the rental shortage numbers in GTA, Ontario to 177,000 units over the next decade if current levels of development are not increased. This could cause residential rental prices to skyrocket and leave many tenants struggling to find suitable accommodations.
The report states that the GTA needs to build more purpose-built rental housing faster to address this growing crisis.
“The majority of Ontario’s purpose-built rental housing stock was built before 1980, so new units are essential to provide more choice and take the pressure off aging units. We are calling on all levels of government to make new purpose-built rental housing a priority and to create a policy regime that recognizes the unique nature of this type of development,” said Tony Irwin, President and CEO of FRPO.– Building Industry and Land Development Association (BILD)
According to the report, pre-construction projects will need to take action immediately and pick up the pace by doubling their work efforts, in order to prevent Toronto’s rental deficit from further escalating.
Nevertheless, it is essential to acknowledge that even with such action being implemented, it will take many years of aggressive planning and development in order to make up for the years of lack of building available rental homes.
Ultimately, the report concludes that without a firm commitment from the government and developers, the rental crisis in the GTA will only worsen.
Savvy buyers will take advantage of this rental home shortage and see rather see this as an opportunity to invest in a real estate property and become a landlord knowing that the supply and demand chain will bring forth a lot of real estate opportunities.
If you have been thinking about buying or have any questions about market conditions Contact Us for Free Buyers Consultation.
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