By PAT WATSON
In August 2017, the Toronto Real Estate Board pegged the average overall price of a house in Toronto at $732, 292 and in September, the average rose to $775,546. And, there are houses, well mansions, in the downtown to mid-town area of Toronto that are listed in the multi-million-dollar range. They do not fall under the affordable housing heading.
In the face of those realities, the cry continues from the low- and middle-income segment of the population for adequate, affordable shelter. Many still aspire to the great Canadian dream of home ownership. Never mind the annual property tax, water fees, utility payments, property maintenance, homeowners’ insurance and whatever other costs come with having one’s name on the deed.
Home ownership comes with status and, more fundamentally, is considered a solid form of investment security. The message hasn’t taken hold yet that the dream is nearly impossible for a new generation coming into adulthood. The expectation is still there.
The low interest rate that the Bank of Canada held on to for close to a decade along with a surge in arrivals to this city resulted in a rush on real estate transactions that help keep the economy solvent during hard times, but at the same time resulted in ridiculously inflated prices.
Periodically, the opportunity is offered up to allow a few to be blessed with owning the dream. Along those lines, condominium units and townhouses offer better possibilities for home ownership among lower- and middle-income families. Of course, depending on willingness to purchase in the farther reaches of the city and suburban areas.
A recent planned groundbreaking is what brought the affordable shelter issue into focus. Under the Build Toronto plan, construction is going forward for 68 townhouses of one- to three-bedroom units in the Rogers Rd. and Bicknell neighbourhood with the special feature that it is aimed at middle-income earners. The units start at $300,000 and the project is being constructed on lands that had been within the Toronto Transit Commission portfolio.
Move-in is set for October next year, in time for Mayor John Tory and Councillor Frank di Giorgio, representative of Ward 12 York South Weston where the construction is being built, to highlight it going into next year’s municipal election campaigning.
An interesting feature of the purchase plan, which is part of Build Toronto, is people who earn an income below the median – that would be below $78,000 in Toronto – can receive a second mortgage from Trillium Housing that would be repayable at the time of resale. This offers hope for those who can show – whether below the media or not – that they have a stable income.
Adding to possibilities, the province is also freeing up land within the city in the West Don Lands area and at Yonge and College for residential construction for mixed income households. For those who need affordable shelter right now, that massive open space along Yonge St. cannot be completed fast enough.
So, there is room for hope on the horizon for affordable housing for some people in Toronto. The real concern is the slow pace at which these properties come into being. The Build Toronto Loop project has been at least three years in coming. Furthermore, these are projects aimed at home ownership. There are 170,000 other households that cannot afford to purchase a property. Those people just wish to be able to find a place to rent and still be able to afford a reasonably healthy lifestyle.
A note on a tipping point…
As names are revealed in the news of serial abusers, can we begin to hope that the centuries-old norm of using sexual harassment and sexual assault to exert power over women and girls is about to undergo a significant shift?
Pat Watson is the author of the e-book, In Through A Coloured Lens. Twitter @patprose.
This opinion column ran on page 6 in the November 16, 2017 issue of Share newspaper. http://www.share news.com