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September 21 and 22
2 days, 2 disciplines, 2 ways to participate – defining our professional roles and uniting to build more equitable, accessible and inspired communities.
Research by CMHC demonstrates that new housing supply in the GTA is quite unresponsive to changes in housing demand and prices. This session starts with a description of the macro demand and supply forces in the housing marketplace and how they interact to determine housing prices. It then discusses the reasons for the low responsiveness of housing supply to changing demand and price focusing on attributes of the land use planning system. The empirical literature quantifying the relationship between land use planning and housing prices will be highlighted with references to research in New Zealand, Australia, and the United States. Also examined will be the ways in which development costs, such as development charges, get embedded in the cost structure of new housing. Lastly, alternatives for making land use planning more responsive to changes in current and expected demand are explored.