AGENT LICENSE ID
M08011032
BROKERAGE LICENSE ID
12713
Jimmy Ju Hwan CHO
Mortgage Agent
Office:
Phone:
Email:
Address:
7191 Yonge Street, Suite 607, Markham, Ontario, L3T 0C4
BLOG / NEWS Updates
Canada’s Housing Supply Shortages: Estimating what is needed to solve Canada’s housing affordability crisis by 2030
Were in a housing crisis. This report looks at the overall affordability for the entire housing system in Canada. The report has taken steps to estimate how much additional housing supply is required beyond current trends to restore housing affordability by 2030.
Key Highlights
CMHC projects that if current rates of new construction continue, the housing stock will increase to close to 19 million housing units by 2030. To restore affordability, CMHC projects Canada will need an additional 3.5 million units.
Two-thirds of the 3.5 million housing unit gap is in Ontario and British Columbia where housing markets are least affordable.
Additional supply would also be needed in Quebec, a province once considered affordable. It has seen a marked decline in affordability over the last few years. Other provinces remain largely affordable for a household with the average level of disposable income. However, challenges remain for low-income households in accessing housing that is affordable across Canada.
Source: https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-research/research-reports/accelerate-supply/housing-shortages-canada-solving-affordability-crisis
Housing Experiences in Canada: Persons with disabilities
The Housing Experiences in Canada series of fact sheets highlights the diversity of housing situations experienced by different groups of people living across Canada.
This fact sheet focuses on persons with disabilities living in private dwellings. Statistics below are derived from the 2017 Canadian Survey on Disability (CSD). The 2017 CSD identifies persons with disabilities based on responses to the disability screening questions in the survey. Since this fact sheet focuses on persons with disabilities in private dwellings, those living in collective dwellings such as hospitals and nursing homes are not included in the data.
The National Housing Strategy Act (2019) declared that the right to adequate housing is a fundamental human right affirmed in international law. Adequate housing is understood in international law as housing that provides secure tenure; is affordable; is habitable; provides access to basic infrastructure; is located close to employment, services and amenities; is accessible for persons of all abilities; and is culturally appropriate.
Source: https://www150.statcan.gc.ca/n1/pub/46-28-0001/2021001/article/00011-eng.htm
Canadian Housing Statistics Program, 2019 and 2020
New data from the Canadian Housing Statistics Program (CHSP) show the extent of inequalities in housing: multiple-property owners possess nearly one-third of all residential properties and the top 10% wealthiest owners account for around one-quarter of residential housing value. Despite these inequalities, new data show an increase in the number of first-time home buyers from 2018 to 2019.
The data tables accompanying this release have been updated for the 2020 reference year, and expanded to include owners in Newfoundland and Labrador, Yukon, the Northwest Territories, and Nunavut. A new table on home buyers has also been added, covering Nova Scotia, New Brunswick, British Columbia and Yukon. These data provide a snapshot of property owners and buyers in the period prior to the outbreak of the COVID-19 pandemic.
Multiple-property owners own 31% of residential properties in Ontario
In addition to their primary residences, multiple-property owners hold properties to receive rental income or for other investment purposes, or as a recreational property which may also provide rental income. Owners seeking additional properties contribute to increased competition in already tight real estate markets, making it more difficult for prospective homeowners to purchase a home. The overall impact of such holdings on housing prices and housing affordability, however, depends on a multitude of factors that are not fully assessed in this release.
Individual multiple-property owners hold a significant share of the residential property stock, despite accounting for a relatively small number of owners. In Nova Scotia, New Brunswick, Ontario, and British Columbia in 2020, these owners held between 29% (British Columbia) and 41% (Nova Scotia) of the property stock while accounting for 15% (British Columbia) to 22% (Nova Scotia) of owners.
Source: https://www150.statcan.gc.ca/n1/daily-quotidien/220412/dq220412a-eng.htm
