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Originally Posted by Keith P.
That is a series of complex questions and I do not have the answers but I would make a few points. The first is that even as useless a Council as ours needs to tread very carefully if they were to go into blockbusting mode with planning regulations to allow large apartment blocks in existing long-developed single-family neighborhoods. Even the typical oblivious HRM voter might be stirred into action to to throw the bums out after they learn that their well-kept 1940s upper middle-class enclave of SFHs is being invaded by 20-storey glass apartment blocks.
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Densification does not necessarily mean upzoning single family home lots to allow 20-storey apartment buildings. I'm not aware of any North American cities that have done that across the board. Rather, the trend is for "gentle density", allowing for single family homes to be converted into 2-6 unit buildings, or allowing that many units on a smaller lot, allowing ADUs, etc. Along the edges of single family neighbourhoods you may see larger buildings, particularly along transit lines.
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The CMHC requirement for a 20% down payment probably is not helping either. So govt requires at least a $100K down payment on that entry-level $500K home if I understand the rules correctly.
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CMHC does not require 20% down. The minimum down payment is still 5% for properties under $1M.
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Add to that govt policy to encourage immigration, increasing the demand for housing, historically low interest rates for many years, and federal injections of huge amounts of cash into the economy, and it is no wonder that the housing market has become so overheated. But it is a problem largely of our own making, not shadowy 1%ers and offshore speculators for the most part.
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Definitely agree with this. Lots of scapegoats people like to blame but it really just comes down to the fact that we have not been building enough housing for many years.
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