How Bill 23 Young People
Housing Affordability Is Going to Get Worse
The Gross Debt Service (GDS) Ratio, the percentage of gross income that should be dedicated to housing, is recommended to be no higher than 30%.
Rent in major cities are at all time highs, and since Bill 23 isn’t going to increase rental housing inventory, the costs of renting will only continue increasing. At $2,000 a month rentals in Toronto, you’ll need to make $80K to afford to keep a roof over your head.
A swatch of multi-million dollar homes being built now won’t make rental living possible for young people in the future.
Rentals are Going to be More Scarce
Bill 23 does not address the immediate need for affordable rental housing. The inventory of affordable housing, already scarce today, is not going to improve when that inventory doesn’t grow.
Young people looking to live independently and rent in places where employment is plentiful will find difficulty in finding housing an already-tight rental market.
Living Close to Work is Going to be Hard
The homes being built on the greenbelt are not near existing industry, or downtown areas where jobs for young people are often located.
Living in proposed greenbelt development area means driving further and longer (because there’s no public transit in the greenbelt).
New homes being built today aren’t going to be in locations where young people will be employed in the future.
Bad Policy Means a Bad Outcome for Every Youth in Ontario
Young people aren’t going to be affected today by Bill 23, but the short-sightedness of this bill is going to affect their future prospects of financial independence and home ownership
What Experts are Saying On How Bill 23 Affects Homebuyers
TVO - The Agenda with Steve Paikin
Mayors of Waterloo and Newmarket talk about property taxes increasing 7% to 10%
Guelph Today - No demonstrable evidence' Bill 23 will reduce home prices
Besides, there’s “no demonstratable evidence” housing prices will come down as a result, staff say.
CBC - Ontario passes housing bill amid criticism
Ontario for All, a UNited Way project, also questioned the bill's definition of affordable.
Connect Whitby - Bill 23 will create less affordable housing, not more
The Bill does not dictate that developers reduce housing prices by the “savings” created by Bill 23.