Canada's housing affordability crisis

Altus Insights Podcast Series

Date: May 11th, 2022 (Orignally recorded on April 1st, 2022)

Name of podcast: Altus Insights Podcast Series

Episode title and number: Canada’s housing affordability crisis

Episode summary: In this episode we'll be talking about affordability, mainly the housing affordability crisis in Canada. It’s been a growing issue over the last few years with a lot of moving parts contributing to the problem. This year, in particular, we’ve got a perfect storm of logistic, economic, and geo-political issues that have further amplified the situation. Given the size of the problem, we're turning this episode into a “mega-sode”, that means an extra twenty minutes for the Altus Insights team to talk this topic out. So strap in, because this one's going to be a bumpy ride!

Panelists in this episode:

• Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

• Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

• 00:46 - What are the main causes for the affordability crisis? (Property purchase perspective)
• 07:36 - Rental affordability issues
• 08:50 - Is there a simple solution to the affordability crisis?
• 14:33 - Will the "More Homes For Everyone" Act impact housing availability?
• 16:53 - What does the future look like for the primary market vs. the secondary and tertiary markets?
• 24:40 - Realities and psychology of owning vs. renting
• 32:03 - Urban vs. suburban affordability
• 34:37 - Pros & cons of pre-construction
• 36:52 - Opinions on laneway housing
• 41:04 - Marlon's final remarks on housing affordability
• 42:30 - Will the foreign buyer speculation tax make a difference?
• 46:53 - Ray's final remarks on housing affordability

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