Ontario government pushes for home co-ownership to tackle housing crisis
Published Friday, December 13, 2019 1:33PM EST
The Ontario government is looking at home co-ownership and other “innovative ways” to end the province’s housing crisis.
Minister of Municipal Affairs and Housing Steve Clark says that co-ownership makes it easier to afford a home and gives Ontarians more choices, such as purchasing a larger property.
It’s one of the options included in the government’s “More Homes, More Choice: Ontario’s Housing Supply Action Plan,” released this week.
The plan includes advice to prospective buyers on “financing and insurance considerations, potential legal and regulatory requirements, plus things to consider like upkeep and shared responsibilities,” according to a government news release.
Lindsey Park, the MPP for Durham region, is the heading up the action plan.
Park says “we need to start a conversation on different housing models,” and adds that “repurposing existing housing infrastructure and promoting co-ownership will create more options for more Ontarians, young and old.”
So far there hasn’t been any comment from the opposition on this initiative.
Recent studies show that the market isn’t getting any better, as home prices now are nearly double what millennials can afford.
In the GTA for example, in order for a millennial to afford a house they would have to earn an income of roughly $150,000 annually, or have the average price drop by $523,000.