The Toronto Real Estate Board says that the City of Toronto and the province of Ontario must collaborate to reduce burdens on the housing market.
TREB is concerned that some city councillors have proposed plans that could limit the creation of new housing supply in their wards and it says that it is reminding all levels of government that “housing supply is one of the most important issues in Toronto and the GTA and is encouraging cooperation between governments.”
The proposal of three councillors is to create a new approval evaluation system for development plans in their wards; they say the province unilaterally “ripped up” the city’s TOcore downtown development plan.
TREB has been at the forefront in calling for governments to do what they can to ensure an adequate, appropriate and affordable supply of housing for the Toronto and GTA real estate markets.
In its statement, the Board says that it is encouraging “provincial and municipal decision makers to work cooperatively to make the interests of home buyers their first priority. With that in mind, TREB will be closely monitoring the impact of the Toronto Councillors’ recently announced plans.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: