{"id":17651,"date":"2021-04-05T10:10:00","date_gmt":"2021-04-05T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17651"},"modified":"2021-03-26T10:36:53","modified_gmt":"2021-03-26T17:36:53","slug":"overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/","title":{"rendered":"Overheated Housing Market Needs Speeding Up New Home Approvals Process &#038; Adjusting Zoning"},"content":{"rendered":"<p style=\"text-align: justify;\">When it comes to addressing Canada\u2019s rapidly overheating housing market, getting more homes built, especially affordable rentals, is the first recommendation RBC Senior Economist Robert Hogue has for policymakers.<\/p>\n<p style=\"text-align: justify;\">The economist\u2019s recommendation, published this week in a Q&amp;A on the RBC Economics site, comes as there is a growing sense of urgency around acknowledging and addressing the country\u2019s boiling hot market.<\/p>\n<p style=\"text-align: justify;\">Hogue says in the Q&amp;A that Canadians are accustomed to hearing about affordability issues and overheating in Toronto and Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cNow, it\u2019s a national concern. In fact, prices are rising fastest in smaller markets like Mission BC, Tillsonburg ON, Sainte-Ad\u00e8le QC and Moncton NB,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">Policymakers at all levels of government should be paying attention and acting quickly as the current pace of home price gains threatens to destabilize the economy in the future. A home price correction is possible and, according to Hogue, the current situation resembles the overheated market of the 1980s.<\/p>\n<p style=\"text-align: justify;\">First on the economist\u2019s list of policy recommendations? Get more homes built.<\/p>\n<p style=\"text-align: justify;\">Housing supply issues existed before the pandemic swept across the country, so policymakers should look here first to make the changes necessary to increase supply.<\/p>\n<p style=\"text-align: justify;\">Speeding up the new housing approvals process, adjusting municipal zoning to allow for more medium-density housing in urban areas, and increasing the country\u2019s stock of affordable housing are all impactful initiatives that would boost supply, says Hogue.<\/p>\n<p style=\"text-align: justify;\">Removing disincentives to building new rental apartments, or even \u201ctipping the scale in their favour,\u201d would also be desirable.<\/p>\n<p style=\"text-align: justify;\">\u201cThe need for more affordable rental options for ordinary Canadians is greater than ever. Most of the supply-side measures we\u2019ve outlined here fall into local authorities\u2019 lap, although higher levels of government have a role to play. However, they aren\u2019t quick fixes,\u201d Hogue says.<\/p>\n<p style=\"text-align: justify;\">The RBC economist has been flagging rental supply issues in large Canadian urban markets for years. In 2019, he called out Toronto for having \u201cthe worst rental supply deficit\u201d in the country. He has long advocated for policies that actively incentivize developers to build rentals as a way to boost supply and address this deficit.<\/p>\n<p style=\"text-align: justify;\">Beyond significantly boosting housing supply, Hogue calls on policymakers to consider a broad array of demand-side options, while acknowledging there are \u201cno silver bullets\u201d to resolve the current situation.<\/p>\n<p style=\"text-align: justify;\">He suggests considering options to discourage speculative activity in the housing market and rethinking how government policies reinforce the notion that property values will rise in perpetuity.<\/p>\n<p style=\"text-align: justify;\">Finally, another round of tightening of mortgage-lending rules may be necessary as the federal government\u2019s previous efforts \u201cstrengthened the resilience of Canadian households and the financial sector.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/03\/canada-overheated-housing-market-new-homes.html\" target=\"_blank\" rel=\"noopener\">RBC : Canada&#8217;s Overheated Housing Market Needs More New Homes Built<\/a> by Sean MacKay | Livabl<\/p>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to addressing Canada\u2019s rapidly overheating housing market, getting more homes built, especially affordable rentals, is the first recommendation RBC Senior Economist Robert Hogue has for policymakers. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17651","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Overheated Housing Market Needs Speeding Up New Home Approvals Process &amp; Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Overheated Housing Market Needs Speeding Up New Home Approvals Process &amp; Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"When it comes to addressing Canada\u2019s rapidly overheating housing market, getting more homes built, especially affordable rentals, is the first recommendation RBC Senior Economist Robert Hogue has for policymakers. The &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Overheated Housing Market Needs Speeding Up New Home Approvals Process &#038; Adjusting Zoning\",\"datePublished\":\"2021-04-05T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/\"},\"wordCount\":471,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/\",\"name\":\"Overheated Housing Market Needs Speeding Up New Home Approvals Process & Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2021-04-05T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/04\\\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Overheated Housing Market Needs Speeding Up New Home Approvals Process &#038; Adjusting Zoning\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Overheated Housing Market Needs Speeding Up New Home Approvals Process & Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/","twitter_card":"summary_large_image","twitter_title":"Overheated Housing Market Needs Speeding Up New Home Approvals Process & Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"When it comes to addressing Canada\u2019s rapidly overheating housing market, getting more homes built, especially affordable rentals, is the first recommendation RBC Senior Economist Robert Hogue has for policymakers. The &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Overheated Housing Market Needs Speeding Up New Home Approvals Process &#038; Adjusting Zoning","datePublished":"2021-04-05T17:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/"},"wordCount":471,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/","url":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/","name":"Overheated Housing Market Needs Speeding Up New Home Approvals Process & Adjusting Zoning &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2021-04-05T17:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2021\/04\/overheated-housing-market-needs-speeding-up-new-home-approvals-process-adjusting-zoning\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Overheated Housing Market Needs Speeding Up New Home Approvals Process &#038; Adjusting Zoning"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/17651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=17651"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/17651\/revisions"}],"predecessor-version":[{"id":17653,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/17651\/revisions\/17653"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=17651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=17651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=17651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}