What can be done to create greater equilibrium in the G.T.A housing market? Facilitating greater and affordable supply is unquestionably the desired panacea. Numerous media outlets repeatedly insist that > 60% of senior homeowners would prefer to continue to live in their present residence. Perhaps, if the federal and provincial governments could create a home renovation Tax Deduction plan, specific to those > than 55. Logically, this added financial leverage would encourage many of these aforementioned seniors the ability to reside longer in their homes?
There is plenty of tangible and anecdotal evidence that indicates that traditional residential housing would be much better utilized by assisting seniors in their home renovation endeavors.
A well-implemented program would likely create greater financial and physical independence for our seniors. All the while rejuvenating some of our more mature neighborhoods.
Canada`s major banks would inevitably be huge beneficiaries by devising an ultra-affordable home renovation program. The banks would add pecuniary and bureaucratic structures to the system. Subsequently indirectly better safeguarding the rights and finances of some of our potentially most vulnerable.
Countless municipalities could easily facilitate greater neighborhood density by leaning on Ontario`s new Inclusionary Zoning, to fast-track modest increases. This neighborhood implementation would be a real boon to young entrepreneurs and all aspiring homeowners. Additionally, the province has near-ubiquitous power with its new MZO legislation. Perhaps it is time for the provincial government to target urban brownfields for mid and low-rise affordable development? There is not a village, town, or city in the province that would not benefit from this type of redevelopment.
Meanwhile, property prices continue their relentless drive upwards. Keep in mind that presently, many townhouses in the Peel region consistently sell for > $1,000,000. Where will it end? If you have any further questions, call any one of our 3 offices.