Housing unaffordability deeply affects individuals and communities. The Toronto Regional Real Estate Board’s (TRREB) 2024 Market Outlook and Year in Review report presents a study by the Canadian Centre for Economic Analysis (CANCEA). The study, “Locked Out: The Social Value Cost of the GTA’s Housing Crisis,” reveals the severe impact on families spending more than half their income on housing.

The Impact of Housing Unaffordability
In 2023, the negative social value cost of housing unaffordability in the Greater Toronto Area (GTA) was $37 billion. This cost is higher than that of major chronic diseases like cancer, diabetes, and heart disease. Young adults face high housing costs, making homeownership difficult. Newcomers and renters struggle with high rents and integration challenges.

A Call for Action
Housing unaffordability is a serious societal problem. The social value cost in the GTA is about 1.75 times greater than that of cancer. This highlights the urgent need for action from policymakers.

Moving Forward
Policymakers must act with determination and empathy. Collaborative efforts are needed to ensure everyone has access to safe, affordable housing. For more details, explore TRREB’s 2024 Market Outlook and Year in Review report.

By addressing housing affordability, we can improve community well-being and create a better future for all.

Stay updated on market trends and consider all options to secure the best possible deal at Golden Falcon Homes News.

Source: TRREB