Fixing the affordable housing crisis in Toronto is dependent on the production of a lot of new housing

Fixing the affordable housing crisis in Toronto is dependent on the production of a lot of new housing.  That’s what we heard during the @Scotiabank 2023 Affordable Housing Summit last week.  Here are two of the problems standing in the way of getting new housing built in Toronto:

1) the cost of building new units results in rents that are above the average MARKET RENT, making it harder for the lowest Two-fifths (or quintiles as in the diagram below) to afford to live in them

2) it takes a really long time for High-rise buildings to be built.

We think our new FlexPlex® home Design–which can flex from a four Two-bedroom units to a single family home, or anything in Between–can be part of the affordability solution. Wood framed Low-rise construction is the fastest way to get new housing built.  The small multiplexes that Toronto wants to see built can be a speedy alternative to high rise condos. And if families, groups of friends, or even Co-living organizations pool their resources they can get into housing that offers very low operating and maintenance costs and could represent a mortgage payment lower than average rents. Come see us at 19 Burlington Street in Humber Bay Shores if you want to see what FlexPlex® is all about.

Are you surprised to hear that there was a big audience in the room and On-line when Greenbilt spoke at the CO-OWNERSHIP OPPORTUNITIES AND OWNERSHIP OPTIONS conference at Toronto’s Centre for Social Innovation?  We were impressed with the strong Interest–even though we designed the FlexPlex® to be able to accommodate this market.

There was a mix of Boomers and Gen Zers in the audience reflecting the spectrum of issues driving interest in having Non-family groups sharing a home. There was also a spectrum of reasons to ditch the paradigm that ownership means living alone.  For some, it’s the desire for a richer and more vibrant home life.  For those without the Bank of Mom and Dad, the financial reality of never owning a Ground-oriented property is sinking in, encouraging them to explore Co-ownership.

The Greenbilt presentation on the FlexPlex® highlighted the fact it can quickly and cost effectively flex from four 2-bedroom apartments to a single family house–or a duplex or Triplex–so that Co-owners can live as together or apart as they want.  And if a Co-owner wants to exit the building can be condominiumized to allow for a partial sale. If you are thinking about Co-ownership, come to see FlexPlex® at 19 Burlington Street in Humber Bay Shores.