Canada’s housing crisis can be solved, and here’s how
Collaboration between private and public sectors is the solution to Canada’s housing crisis, according to a housing expert at Starlight Investments.
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In the GTA, a staggering 87 per cent of purpose-built rental apartments were built before 1980. This aging stock contrasts starkly with the surge in condo development, leaving a glaring hole in the market for purpose-built rental housing.
This imbalance has fueled a critical shortage of rental options across the housing spectrum in Canada.
“Decades of escalating fees and construction costs have led to a significant reduction in the number of new homes being created,” says Howard Paskowitz, vice-president of development at Starlight Investments, one of Canada’s most active developers of purpose-built rental housing.
“Simply put, Canada is not building fast enough to keep pace with market demand. There is now an urgent need for every type of housing in every community across the country.”
Starlight’s approach to housing: Innovation in action
As one of the largest providers of rental housing in Canada, Starlight Investments is committed to being a part of the solution to addressing the housing crisis by increasing the supply of purpose-built rental housing suites on the market.
“We are proud to be building thousands of new homes annually in communities across Canada,” says Paskowitz, who works with all key players, including government, to expedite the building process.
“We’re committed to leading transformational residential housing projects, building safe and welcoming communities for Canadians to live, thrive and grow in over the long-term.”
Focused on bringing more housing options to the market as efficiently as possible, Starlight Investments is actively assessing and expanding its development pipeline to deliver more than 28,000 new purpose-built rental suites in the next decade.
As part of Starlight’s housing creation strategy, infill housing offers a unique solution, where the company evaluates its existing portfolio to identify underutilized land, such as parking lots and single-storey structures, to develop net new rental homes and maximize the number of suites it can provide.
Unlocking housing supply: The policy changes we need now
A housing expert with over 25 years of experience, Paskowitz believes the current housing crisis is an incredible opportunity for all players in Canada to work together toward solutions.
“Addressing the crisis requires that all three levels of government, the private sector and non-profit stakeholders, work together to increase the supply of all housing. For example, the federal government’s removal of the GST from new rental construction allows us to be more efficient with what we build and provides opportunities to invest in new projects,” he says.
“Growth pays for growth, but society pays for decline. So, all levels of government must work together to grow communities, bolster infrastructure and support the creation of more housing.”
Mississauga also recently voted to reduce development charges significantly for all types of development, and especially for three-bedroom housing suites, which Paskowitz applauds.
Toronto’s Golden Mile neighbourhood, reimagined
A powerful example of transformative collaboration to create much-needed housing is unfolding in Toronto’s Golden Mile district.
Over the past 50 years, Toronto’s Golden Mile neighbourhood has evolved from a primarily commercial district into a growing residential community.
In 2016, the City of Toronto initiated the Golden Mile secondary plan study to transform the area by supporting appropriate residential and mixed-use growth in the community with services, retail, parks, schools and even employment opportunities. Ultimately, Golden Mile will be a complete community where people can work, live and play.
Starlight Investments’ proposed project in the Golden Mile neighbourhood is focused on purpose-built rental housing, with an ambition to introduce more than 1,500 multi-family residential suites in the neighborhood in the coming years, all connected to the future Eglinton Crosstown LRT.
“Our plan is ambitious and exciting,” says Paskowitz. “We’re proud to be building more homes in the GTA and are dedicated to increasing the supply of safe and attainable housing across Canada for individuals and families. Our proposed Golden Mile development is a great example of this.”
For more information about Starlight Investments’ approach to purpose-built rental housing in Canada, visit starlightinvest.com.
This story was created by Content Works, Postmedia’s commercial content division, on behalf of Starlight Investments.
