Neil Sharma: Doug Ford has the power to bring down housing prices. Will he?
It's no wonder, then, that the down payment for a home in the Greater Toronto Area is often in the six-figure range. Worse still, there's a major housing correction in the region's high-rise sector, a commonplace consequence of which is that home-buyers are unable to close on their purchases and are getting sued by their builders.
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The condo market has softened because too many buyers have been priced out of the market and, among those who can afford to buy, living in a 500-square-foot shoebox that's inconveniently located next to a garbage chute and elevator isn't all that appealing — especially for the price of a house with a big backyard just a couple hours further afield.
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Prime Minister Mark Carney has promised to address out-of-control development charges, but what that will look like is anyone's guess. However, the Liberals have demonstrated time and again that they understand housing about as well as Jim Cramer does stocks.
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But this isn't the prime minister's problem to fix. Besides, he wouldn't be a Grit if he didn't just throw money at the problem, which is precisely the reason that the systemic issues within Ontario's housing market will persist if the Development Charges Act isn't further revised.
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Doug Ford's legacy won't be written until he leaves office. So far, he'll be remembered for expanding a below-grade transit system that, by global standards, is bafflingly pathetic. But considering that Ontario had a net inter-provincial migration loss of 24,432 in the year leading up to Oct. 1, 2024, he might be remembered as the premier whose province's exorbitant housing costs chased an entire generation away.
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