The Need for Greater Rental Housing in our Communities
Tuesday, January 31, 2012 at 05:39PM As a member of the Board of Directors for the Federation of Canadian Municipalities I was pleased to see our organization release an important report today. The Housing Market and Canada’s Economic Recovery is a detailed report that highlights the fact that there is a growing shortage of rental housing stock in our Cities and Towns throughout Canada.
Often when we talk about diversity in our communities it is referencing racial diversity. We know that embracing and encouraging such diversity is key to a progressive society. However, another form of diversity is economic diversity. It is crucial that we have a range of options for housing accommodations. We often see the cycle of demographic changes in our neighbourhoods. Young families grow-up in a neighbourhood, as the children get older and move away to school or pursue their occupations those neighbourhoods transform into areas with ‘empty-nesters’ who eventually shift to smaller homes in retirement. The cycle repeats.
In communities like Newmarket and many others in York Region, it is becoming increasingly expensive to buy your first home in Newmarket. I know that many who I went to High School and University with have found it difficult to buy in Newmarket because of the high housing costs. Also, if you’re a single person the cost of carrying a mortgage in a community with larger homes can be cost-prohibitive. We know that in challenging times we need an adequate number of housing units to be available for rent. In the past there may have been a stigma with renters vs. ownership, but today you have well regarded scholars like Dr. Richard Florida arguing that we need greater rental options in our cities. (http://bigthink.com/ideas/20243).
I invite you to read this report. I welcome any comments you may have. It is definitely food for thought and I would suggest government at all levels have a responsibility in addressing this shortage of rental housing.
For the Report click here: The Housing Market and Canada’s Economic Recovery