Toronto, the dynamic and rapidly growing city, continues to attract newcomers seeking opportunities and a vibrant urban lifestyle. With an estimated 700,000 new residents expected by 2051, it is crucial to address the housing needs of both current and future Torontonians. To cater to the diverse household sizes and compositions across the city, Toronto must offer a range of housing options. Unfortunately, while the housing market has seen substantial growth in mid- and high-rise apartment buildings concentrated in densely populated areas, the supply of low-rise housing, particularly multiplexes, has lagged behind demand. However, a recent development suggests positive changes on the horizon.
Canada has amended its ban on foreign home buyers, allowing certain exemptions. The changes aim to boost housing supply, but raise concerns.