[URBAN NOTE] “Chasing the Canadian dream: The real force driving the housing boom in our big cities”
At the National Post, Garry Marr argues, on the basis of the attractiveness of Canada as a destination and the push for all Canadians to acquire property, that the Canadian real estate boom is actually sustainable.
The mayor of Caledon, a town of about 60,000 northwest of Toronto, says government can try all it wants, but the dream of owning a home will persevere.
Allan Thompson should know. His town, like many others that ring around Ontario’s capital, has become a launching site for new communities as people priced out of the core look to the suburbs (or what was once rural) for slightly cheaper housing.
An average new single-family detached home in the Greater Toronto Area (GTA) was $1,264,604 in 2016, according to the Building Industry and Land Development Association. But housing prices range from an average of $666,220 for a semi-detached home in Durham, northeast of Toronto, to $1.8 million for a detached home just north of the city.
“I remember I had this neighbour who was Portuguese,” said Thompson, who was a Caledon councillor for 11 years before becoming mayor two years ago. “He said to me, ‘For 20 generations back in Portugal, we all lived and rented houses in town. We had our sheep and our goats and our cattle.’ He said to me, ‘I was the first one ever to have a home.’”
That dream of home ownership is central to the escalating prices in Canada’s housing market, especially in larger cities such as Toronto where immigrants tend to settle.