Solving The Housing Crisis
There’s no doubt that there is a housing crisis here in Canada. Canadians are feeling it in both the real estate and rental markets. The supply of homes cannot keep up with the demand. There is also the issue of the lack of affordable housing and the shortage of long-term rentals.
It’s a complex issue, so there’s no easy way to fix it. That said, we can look at some steps that can be taken to ensure that Canadians can feel secure in their living situation.
Build more rentals
Due to the high cost of buying a home, many people are looking towards the rental market. Unfortunately, this is overwhelming the system. The rental lifecycle is changing, but the available stock isn’t enough to keep up with demand. Cities like Toronto, Vancouver and Montreal are feeling the squeeze.
One solution is to build more rentals. While it seems that developers are focusing on the luxury condo market, the true need is affordable purpose-built rentals. While it’s true that many condo units end up rented, that is not a guarantee.
Types of rentals
It’s important to build not only apartments and condos for rent but houses, too. Stacked townhouses are one way to fit a lot of units into one structure or complex. Having houses for rent is important, as many families who would normally buy a starter home are now looking for houses for rent.
So, because all sorts of people are looking at renting, there needs to be a wide variety of rental types to suit these needs.
In addition to the influx of people looking to rent due to the housing crisis, there are other factors that contribute to the lack of available rentals. One example is the prevalence of short-term rentals. Different people stay in the condo or house as an alternative to a traditional hotel, so it’s not serving people looking for housing. Some municipalities are trying to regulate this, but not much has changed as of late.
The good news is there are still rentals available – you just have to know where to look for them. Use Gottarent.com to find apartments for rent in your community!