- Sixth edition of bi-annual report studies housing supply in major Canadian markets
- New supply of single-detached housing is declining rapidly, leading to an acceleration in housing price growth
- Municipalities pushed right against the Greenbelt like Aurora, King City, Richmond Hill, Vaughan and Whitchurch-Stouffville are experiencing a shortage of single-detached homes, and high price growth
TORONTO, Sept. 23, 2016 /CNW/ - In the report released earlier this week by Fortress Real Developments (Fortress), Senior Vice-President of Market Research and Analytics, Ben Myers presents findings and relevant statistics on supply's impact on residential house prices. Mr. Myers is an analyst with 15 years experience researching real estate markets across North America. The report includes original research and and surveys compiled by Fortress, supplemented by statistics and data from several independent third-party sources.
Until recently, the lack of residential unit supply has rarely been discussed as a factor influencing high house prices. Factors that lead to a decreased housing supply include vehicle transportation and commuting, bodies of water and natural boundaries, obstructive planning policies and disruptive taxes. The report details these often overlooked factors in greater detail. Among the highlights in this section are:
- Reducing supply leads to higher prices;
- Natural constraints like water and mountains can impact house prices;
- Buyers are jumping the Greenbelt to find affordable housing;
- Anti-development groups have been successful in reducing housing supply, while driving up the values of their homes; and
- Proximity to the workplace is an overlooked aspect to the rise in house prices.
"The majority of the focus on high housing prices in major Canadian cities has focussed on demand", says Myers. "The supply-side factors like urban containment, environmental protection, over regulation and high development charges are rarely discussed. For the sake of homeowners and potential home buyers, both demand and supply must be part of any debate going forward by governments looking to improve the short and long term health of the Canadian housing market."
The full report is available at - https://fortressrealdevelopments.com/news/mm-ben-myers-pulse-edition-fall-2016/
About Fortress Real Developments
Fortress Real Developments Inc. is a Canadian real estate development company that seeks out and analyzes real estate development opportunities in major Canadian markets. The company is focused on quality projects with recognizable alpha in residential low-rise, high-rise, commercial and industrial market segments. For more information visit: http://fortressrealdevelopments.com
SOURCE Fortress Real Developments
For further information: Jenni Byrne, Bayfield Strategy, Inc., firstname.lastname@example.org, Phone: (613) 986-4097