By R. Scott Davie
Davie Real Estate Inc.
The vast majority of GTA residents count their home as their largest asset. They have the highest standard of living and are the wealthiest generation ever, in large part due to homeownership.
Today, most Millennials cannot afford to buy a house or condo without the help of their parents, and even with assistance will likely not be able to afford to live in the same neighbourhood, or in the same size of home, that they grew up in.
The next generation will be the first since the beginning of the Industrial Revolution that will not be as financially successful as their parents because many will never be able to afford their own home. We are facing a crisis in affordable homeownership that is out of control.
With advice from the development industry, the new Ontario government is taking an important first step by increasing supply with Bill 108. However, increasing housing supply alone will not be enough. If most of the next generation living in the GTA is renting, this could hollow out the wealth of the middle class and have a devastating effect on our economy, for a generation.
Dave Wilkes, president of BILD, describes the GTA affordable homeownership crisis as a complex problem.
Despite the complexity, it is only through public understanding of: Why affordable homeownership is so important, the roots of the problems, and the pathway to the solutions that government, non-government agencies, and developers will have the political will, and the ability, to make the necessary changes to address this serious crisis.
Although there have been articles written on different aspects of the situation, there is a need for a definitive book on the subject – The GTA Affordable Home Ownership Crisis. And thanks to some generous industry sponsors, the book is available to download for free for a limited time at affordablehomeownership.ca.
Sign the petition
Since we’re all inundated with information today, I wrote the book in a concise, easy to read magazine style format with pictures and infographics. The goal was to break down the aspects so that the public no longer considers the crisis so complex. And, through such understanding, we can make a difference.
We can also make a difference by letting our politicians on all three levels of government know how important solving the Affordable Home Ownership Crisis is. Sign the petition today affordablehomeownership.ca/petition.
R. Scott Davie is President of Davie Real Estate Inc. and a leading expert in pre-construction residential real estate sales and marketing. davierealestateinc.com