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Ontario isn’t building nearly enough housing for the rate of flux in the economy. We’re 10x behind. KW is a great example, we’re still building too many cul-de-
by chrisdinn 5y ago
Ontario isn’t building nearly enough housing for the rate of flux in the economy. We’re 10x behind. KW is a great example, we’re still building too many cul-de-sac subdivisions with 3000sqft houses on 3000sqft lots. We can’t build enough supply that way. It’s also supply geared towards the old university-and-insurance economy not the new tech-priced-out-of-Toronto economy (hello me). This seems sustainable to me, supply isn’t keeping up.
I have a house in Kitchener but also a farm in PEC. The situation in rural Ontario is an order of magnitude worse and certain to crash. I bought farmland (with pretty bad soil) in 2014 for under $2000/acre—basically it’s agricultural value. A one acre lot across the street from me on a similar old farmstead sold for 100x that price this winter. This is not sustainable, I mean our wells go dry all summer. I get high speed internet such as it is through a complex direct LTE setup. This demand won’t last.
- voisin 5y agoI concur. I recall my father buying farmland in southwestern Ontario about 20 years ago for $4,000/acre. At the time, farmers rented land at $100/acre. Not a very good return. Today? $25,000-$30,000/acre and farmers pay… $150-$200/acre. Far worse return. Yet there is a frenzy anytime land comes available.
- voisin 5y agoAlso, I was in KW recently and it seems like there was tons of development, but all either (a) high density core development, or (b) medium density suburban development (stacked townhomes as far as the eye can see in seemingly all directions. I understand the Places to Grow Legislation effectively killed 3,000sf single family subdivisions.