Real Estate News

Toronto area housing market has a 'missing middle,' new report says

Toronto buyers driving local real estate market
Shannon Martin, CBC News

Call it the tale of Toronto's two housing markets: on one side are the million-dollar-plus single-detached homes, and on the other, those tiny boxes in the sky.

What's missing, is everything in the middle. "You've got the missing middle — townhouses, triplexes, duplexes," said Paul Smetanin, president of the Canadian Centre for Economic Analysis. Smetanin is author of a massive new data analysis project just released called "Understanding Ontario's Housing Affordability Challenge: A Big Data Evaluation."

"When you have a look at what's been produced, that's always been squeezed for preference of single detached or mid- to high-rise."

Tuesday morning, mayors from across the Greater Toronto and Hamilton Area (GTHA) will meet with developers and industry stakeholders to take a closer look at the findings. A panel discussion is set for 12:30 p.m. at Ryerson University, hosted by CBC Toronto's Dwight Drummond.

The report looks at more than 40 factors, dating back to the early 1980s, creating southern Ontario's housing crunch. It suggests much of the pressure is the result of several factors, including an increasing population, few housing choices and the many families forced into "worse options," such as buying when they should rent or moving farther away from their workplaces.

Continue to read on.CBC News

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