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Saw several posts yesterday in one of the Covid threads about the cost of housing in Canada. Decided to reply here, so as not to derail the Covid thread any further.
Housing cost may be due to lack of building materials in some places. But, where I live, it's the lack of land available for building detached homes.
Land, or lack of it, is the main thing in Toronto. As they say, "They're not making any more of it."
eg: The Toronto tiny house ( pictured ) sold for $1.8 million - $800,000 above asking.
As I understand it, the lack of available land in Toronto, is due to two things.
The Greenbelt, and strict zoning laws.
The Greenbelt is a protected area of farmland surrounding Toronto. Development is prohibited. This creates an island effect.
This "island effect" is compounded by Toronto's strict zoning laws. I live in a "designated neighborhood". That means only fully-detached housing is permitted.
The age old "supply versus demand" is what is driving up the cost of local housing. There is no more land available for building detached houses.
Housing cost may be due to lack of building materials in some places. But, where I live, it's the lack of land available for building detached homes.
Land, or lack of it, is the main thing in Toronto. As they say, "They're not making any more of it."
eg: The Toronto tiny house ( pictured ) sold for $1.8 million - $800,000 above asking.
As I understand it, the lack of available land in Toronto, is due to two things.
The Greenbelt, and strict zoning laws.
The Greenbelt is a protected area of farmland surrounding Toronto. Development is prohibited. This creates an island effect.
This "island effect" is compounded by Toronto's strict zoning laws. I live in a "designated neighborhood". That means only fully-detached housing is permitted.
The age old "supply versus demand" is what is driving up the cost of local housing. There is no more land available for building detached houses.