Le Lézard
Classified in: Business, Covid-19 virus
Subject: MISCELLANEOUS

Toronto Regional Real Estate Board Provides Input on Government Economic Recovery Initiatives, Recommends Caution With Real Estate Market Stimulus


TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- The Toronto Regional Real Estate Board (TRREB) has submitted formal input to all levels of government on options for economic recovery initiatives. While TRREB has set out a list of specific policy options, its key message is to use caution in implementing demand-side real estate market stimulus.

"Current real estate indicators are showing a substantial recovery in the GTA real estate market. Before the onset of the COVID-19 pandemic, there was a great deal of pent-up demand in the market. This pent-up demand arguably increased further over the past three months. We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs," said Lisa Patel, TRREB President. "Housing affordability in the GTA should continue to be a priority for policy makers and the best way to address this is by ensuring adequate and appropriate housing supply, rather than demand-side initiatives," added Patel.

TRREB's recommendations are outlined in a detailed policy brief that was submitted to local, provincial, and federal governments. With regard to housing supply, TRREB's key recommendation is for all governments to expedite the creation of "missing middle" housing, including expediting the City of Toronto's consideration of expanding "yellow belt" housing opportunities. The "yellow belt" refers to the 35 per cent of City of Toronto land where 70 per cent is currently zoned for detached homes. A recent city report was released in response to a City Council direction to report on options to increase "missing middle" housing options.

TRREB's Economic Recovery Initiatives brief also outlines recent market statistics, which show a significant rebound in the GTA real estate market since the start of the pandemic. It also outlines results of recent research conducted by Ipsos Public Affairs, which shows that home buying intentions remain stable and that the supply of homes listed for sale could continue to be outpaced by demand.

"Governments should approach with caution when considering any additional demand-side stimulus to the GTA real estate market. Current conditions suggest that there is adequate demand in the market; however, if there is a setback such as a sustained second wave of the pandemic or a prolonged recession, governments could consider additional measures, which we have noted in our submission," said John DiMichele, TRREB CEO.

TRREB has outlined a number of initiatives that could be considered if economic conditions worsen, including:

"TRREB has been working closely with all levels of government to provide up-to-date data on the state of the real estate market. We will continue to do so to help decision-makers respond to the current state of affairs in an informed way," continued DiMichele.

Media Inquiries:
Mary Gallagher,
Senior Manager, Public Affairs
maryg@trebnet.net
416-443-8158

The Toronto Regional Real Estate Board is Canada's largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.

www.trreb.ca/

https://www.facebook.com/groups/trebypn/
https://twitter.com/TheReal_TRREB
https://www.youtube.com/user/TREBChannel
https://www.pinterest.com/trebhome/
http://www.linkedin.com/company/toronto-regional-real-estate-board/
http://www.trebwire.com/
https://www.instagram.com/thereal_trreb/
https://soundcloud.com/readytorealestate


These press releases may also interest you

at 15:45
SK Medical Management ? a full-service property management firm aimed at delivering outstanding management services for healthcare properties throughout the United States ? has added two new properties to its portfolio, The Medical Pavilion at...

at 15:40
To honor and recognize the achievements of individuals who have made contributions to advancing the civil rights of all people, Inland Empire Health Plan (IEHP) has provided a $1,750 sponsorship to support the City of Victorville's 6th Annual Civil...

at 15:32
Nebraska's senators today approved Legislative Bill 1107, drawing praise from the Greater Omaha Chamber, regional CEOs and area business owners. "Passing LB 1107 represents a huge win for our state. It keeps Nebraska competitive with other states,...

at 15:30
Today, Governor Mike DeWine announced that Stitches USA and Buckeye Mask Company will partner to produce high-quality, cotton face masks on a large scale, bolstering domestic PPE manufacturing capacity during the COVID-19 pandemic. Using...

at 15:30
Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, is investigating certain directors and officers of Pinterest, Inc. ("Pinterest") for breaching their fiduciary duties to Pinterest and...

at 15:30
The United States Mint (Mint) will accept orders for 2020 Women's Suffrage Centennial Silver Dollar products beginning at noon EDT on August 18, the 100th anniversary of the ratification of the 19th Amendment to the Constitution of the United States,...



News published on 14 july 2020 at 05:05 and distributed by: