The Government of Canada has taken firm steps to resolve the principal housing issue, which is faced by all middle-class families in the cities such as Toronto and Vancouver. In next 10 Years, about 50,000 affordable housing apartments will be constructed in Toronto and Vancouver.
Toronto and Vancouver are said to be the densest-population cities in Canada. The accommodation rates of these cities have gone beyond the reach of middle-class families. Toronto has been listed first in UBS Group AG’s annual list. This list stated that Toronto has greatest risks of housing issues. This has made property developers also stressed as the common people will be thrown out because of increase in the property rates.
To address this issue, the Government of Canada is commencing its ambitious plan. It is a $10-Billion project, which is the highest financial plan in the history of Canada. The speed of the project is also considered to be the highest till today. The project will provide affordable rental houses for the majority of the population.
The government has offered free land and tax incentives, which may result in more affordable homes for the general population in the cities such as Vancouver and Toronto.
To build an affordable house is a low margin proposition for the property builders. There are many other concerns such as continuously rising construction costs, increased land prices, and interest rates which make the situation more worst. But the city provinces have promised incentives, tax breaks, 6 months quick approval time, and lowest fees. It has changed the picture and motivated the companies such as Canadian Real Estate Investment Trust, Tricon Capital Group Inc., and Greenwin Inc. to build affordable homes in the cities.
Recently, Toronto was ranked first in the list of most youth-friendly cities in Canada. The ranking has announced Toronto as the best place to work, live, and play. The list was based on the criteria such as monthly rentals, transportation facilities, and concert tickets. These criteria also included other measures such as youth unemployment, crime statistics, and the digital access.