It is no secret that the problem of affordable home ownership in the Greater Toronto Area is out of control, and is especially a concern for the millennial population. A recent OREA/Nanos survey found that 58.7 percent of non-millennial Ontarians agree or somewhat agree that home ownership is unaffordable in their neighbourhood, while 41 percent listed saving enough for a down payment as the most important barrier to owning a home.
With average new GTA condo prices at $500,000, average new GTA house prices at $1,000,000 and resale at about $800,000 generally speaking, the next generation has little chance at home ownership without a significant financial contribution from their parents.
In response, I have written a timely book called “The GTA Affordable Home Ownership Crisis: A Deeper Understanding and the Pathway to the Solution” as part of my non-profit campaign to bring awareness to this issue, and it is available online at affordablehomeownership.ca.
The book is rich with ideas and breaks down the elements of the crisis in an interesting way. My aim is to bring an understanding of the relevance and implications by exposing the drivers behind the problems, and pointing towards a pathway to the solutions so that our children, and their generation, will not have to face a future without affordable home ownership.
As a leader in the sales and marketing of new homes and condos in the GTA, for decades I have also acted as a trusted advisor to many of the GTA’s top developers. Growing up in the development industry has enhanced my foundation and insights in preconstruction real estate.
The solution of the GTA home ownership crisis will only grow through understanding, resonating from professionals in the development Industry to the public, and it is only through public awareness that government and non-governmental organizations will have the motivation, and the ability, to make the needed changes.
I wrote this book to make a relevant personal contribution towards solving the serious crisis of affordable home ownership by bringing awareness to the public, developers, their employees and consultants, and politicians. The hope would also be to generate a potential spark for additional creative solutions, not to make a profit of any kind.
Recognizing that we live in an age that we are inundated with information, the book takes a concise and approachable magazine style format with pictures and infographics and explores topics ranging from excessive taxes and Canadian mortgage regulations to the importance of market forces on supply and demand, and explores innovative new thinking in design such as alternatives for ‘missing middle’ housing types.
For a limited-time thanks to our generous sponsors, the book is available to download for free at: affordablehomeownership.ca.
R. Scott Davie is President and Broker of Record at Davie Real Estate Inc. Prior to launching his own pre-construction listing brokerage, Davie was Senior Vice President of Milborne Group. He also has 18 years experience managing a number of non-profit community organizations and is recognized as a leading real estate expert by the media having authored numerous editorials and public relations articles that have appeared in prominent publications. To learn more, visit: davierealestateinc.com