High demand and low interest rates aren’t the only factors behind insane house prices in Toronto and Vancouver. Evidence is growing that government “greenbelt” policy restricting development is playing a major role. But good luck getting an urban planner to admit it.
THE GLOBE AND MAIL (INCLUDES CORRECTION) LAST UPDATED: THURSDAY, FEB. 02, 2017 12:48PM EST
Two summers ago, Marianna Martinez and her husband, Yeison, were living in a house in midtown Toronto. It wasn’t their own house, mind you, but the basement of her mother’s two-bedroom 1930s bungalow. When the couple had their first child, they began to feel cramped. Like a lot of new parents, Marianna and Yeison, both 31, wanted a house of their own--one with a yard where their young son could play. But they could only get approval for a mortgage in the $200,000s. Toronto was far too expensive. So was Mississauga, a booming suburb. So was Milton, a rapidly growing community even further west.
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