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Conservative Values

Greenbelt forcing up home prices in GTA: Critics

http://www.torontosun.com/2017/01/28/greenbelt-forcing-up-home-prices-in-gta-critics

TORONTO - The Greenbelt has become a developmental noose around the GTA, forcing up home prices and squeezing out a new generation of buyers, critics say.

While there are many factors affecting GTA house prices, those in the industry of building and selling homes point to the Greenbelt as a key cost driver.

Tim Hudak, CEO of the Ontario Real Estate Association (OREA), said Vancouver has limited land available because it's bordered by ocean and mountains, leading to the highest house prices in the country.

"But in the Toronto area, the government's created its own artificial barriers that are spiking prices," he said. "So if we don’t address that, then I do worry that young people won't be able to find a home of their own, and secondly, it will slow down economic activity."

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