No matter what else happens in the GTA housing market, one fundamental truth seems to remain — there’s always more demand than there is supply.
There’s no simple answer as to why — at least, not according to Ryerson Centre for Urban Research and Land Development senior researcher Diana Petramala. But the Ontario Growth plan does have something to do with it.
“In Ontario, developers have to contend with the provincial growth plan, as well as the official plan of whatever municipality they happen to be building in,” she tells BuzzBuzzNews. “In other cities, such as Tokyo, there’s only one plan to work with, and the government incentivizes developers to build the kind of density they want to see in an area.”
For more of Petramala’s insights into the complicated issue, watch BuzzBuzzNews’ latest “Market Minutes” video: