|Making good use of the light at Roxborough and Yonge!|
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"The Toronto region’s shockingly high house prices haven’t stopped the city from achieving one of the highest home ownership rates in the developed world, up 23 per cent over the past 35 years.
"Toronto’s ownership rate, at 68 per cent, is behind only Oslo, Norway (69 per cent), and Calgary (74 per cent) among 38 western cities.
But ownership doesn’t equal affordability, says a sweeping study on the "Toronto region’s housing crunch to be published Tuesday.
It suggests the Toronto area will need up to $150 billion in new home construction in the coming decade and most of that should be rental units to make housing more affordable.
"The report by the Canadian Centre for Economic Analysis, a research firm, paints a picture of two cities in one. It shows that half of Toronto-area residents are overhoused, with 2.2 million empty bedrooms. (There are 400,000 homes in Ontario that have three or more empty bedrooms, according to the report.)