02-15-2023, 08:39 PM
In piece of news surprising no one, the Kitchener-Cambridge-Waterloo census area is second only to London (CTV), Ontario for the most investor-owned condominium apartments.
London has 86.4% to the Region's 61.5%. Toronto is down at 36.2%. If condos only built since 2016 are considered, KWC jumps to 77%. Needless to say, investors who need to cover their mortgage costs are less likely to lower rent From the article:
The argument is often made that condos need to be built to house more people. Yet only small condos sell and developers aren't patient enough or creative enough to come up with condo solutions that appeal to anyone other than investors. Will KCW crack 80% investor-owned by 2025? How soon until we're number 1 in the province?
London has 86.4% to the Region's 61.5%. Toronto is down at 36.2%. If condos only built since 2016 are considered, KWC jumps to 77%. Needless to say, investors who need to cover their mortgage costs are less likely to lower rent From the article:
Quote:Brian Doucet, a professor at the University of Waterloo’s school of planning says housing in Canada, and in many countries, plays two conflicting roles.
“It’s shelter, it’s a basic human right,” Doucet said. “And on the other side, it’s a commodity, a speculative commodity.”
Doucet says a housing market geared toward investors can lead to the most vulnerable being squeezed out.
“We don’t see a whole lot of units that are actually affordable as rental units to people on low and very low incomes, so we don’t see a lot of people on minimum wage, or living wages in the new buildings where three-quarters of the units are owned by investors,” he said.
The argument is often made that condos need to be built to house more people. Yet only small condos sell and developers aren't patient enough or creative enough to come up with condo solutions that appeal to anyone other than investors. Will KCW crack 80% investor-owned by 2025? How soon until we're number 1 in the province?