Gap between Toronto, Vancouver home prices smallest since 1991<\/a><\/strong>\r\n <\/div>\n\u201cBy performing a series of sensitivity analyses, we find that if current population growth forecasts from international migration are as off as past ones, the GTAH could require over 100,000 additional housing units over the next decade,\u201d said the report.<\/p>\n
In the three years before COVID-19, more than 40,000 persons net moved out of the GTAH, more than double the pre-2014 average. In 2012, it was forecasted that 36,000 people would move out of the GGH to other parts of the province from 2016 to 2021, but the actual number was over 100,000.<\/p>\n
The lack of available housing has also been a drag on the economy as workers are priced out of the GTAH since they cannot afford to live there, instead opting for low-wage, lower-productivity jobs in other areas of Canada.<\/p>\n
\u201cThere is a genuine (and we would argue quite likely) possibility that the future may look a great deal like the past and that current forecasts are underestimating population growth and overestimating future housing completions,\u201d said the report.<\/p>\n
The Smart Prosperity Institute produced a series of 10 recommendations that could be used to address the issues identified in its report, including federal immigration targets set five years in advance and an open-access online population and housing model for Ontario.<\/p>\n
In a story with the<\/a> Toronto Star<\/em>, Russell Mathew, a partner with Hemson, defended the numbers the firm produced. He also added that the unanticipated rise in international students only became visible in 2016, while data from Statistics Canada would have become available in 2017 or 2018.<\/p>\n\u201cWhen it comes to forecasting it\u2019s easy to look back and say \u2018You should have gotten the numbers exactly right.\u2019 But there\u2019s always uncertainty,\u201d said Mathew to the Star<\/em>.<\/p>\n
![\"Toronto\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/01\/ontario-housing.jpg\")
<\/a>Photo: yanmingzhang<\/a> \/ Adobe Stock<\/em><\/p>\n