York Region calculating rental demand figure to meet affordability targets

York Region Media wanted to unearth the level of demand and supply for rental housing in the region.

The region’s population is expected to grow to 1.8 million in 2041, representing the highest growth in the GTHA, with an accompanying demand for housing stock.

Yet it currently has one of the “lowest” supplies of rental units in the area, with just 14 per cent of the housing stock being rental to serve a population of 1.2 million.

Paul Freeman, Chief Planner, The Regional Municipality of York said a breakdown of current and future demand for rental versus ownership housing is expected to be in by the end of this year following revisions to the Provincial Growth Plan.

“We are now required to set affordable housing targets that are broken down by rental versus ownership,” Freeman said.

He said this work will be done through York Region’s current Municipal Comprehensive Review (MCR) process. “Historically York Region has not calculated housing demand based on rental vs. ownership tenure,” he added.

Based on the median household income in York Region, which the 2016 census shows to be $95,776, up to 70 per cent of households are expected to have “trouble finding an ownership unit that they can afford,” he said, making rentals a needed option.

So far, York Region has about five years supply of about 15,930 registered and 26,980 draft approved units, totalling to 42,910 units as of mid-year 2016. Registered units can be defined as unbuilt or under construction homes in site plans with executed agreements while approved units have been endorsed in principle.

The five-year supply period is based on its historic and forecast housing demand, which are 8,100 and 9,000 units per year respectively.

About 64 per cent of the region’s registered and draft approved supply is in ground-related units, and 36 per cent is in apartments.

The five years supply of registered and draft approved housing exceeds the York Region official plan 2010 requirement of three years.

March 8, 2019/by Mahyar Rezapour

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