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In one fell swoop, the debt-to-income ratio jumped to 173.8 per cent.

On one hand, the strong local job market and inflow of new residents to the region lead him to believe the fundamentals remain strong for Vancouver real estate. Thank households for that. Meanwhile, 20 per cent of refinancings in Toronto in the second quarter were with private lenders, a 67 per cent jump in just two years, according to research by Realosophy, a Toronto brokerage, and Teranet, which operates Ontario’s land registration system. Toronto is receiving more than $220 million in provincial dollars over 2019 and 2020, including funds for homelessness prevention, she wrote.At a press conference on Tuesday, Tory — who has staked his mayoral reputation, in part, on the housing agenda — called the plan a “comprehensive blueprint” to help solve the city’s housing crisis.Toronto spent years campaigning for outside funds for Toronto Community Housing after both the provincial and federal governments stepped back from the file decades ago.The city currently provides land and financial incentives to developers through two housing programs designed under Tory’s administration, Open Door and Housing Now.The new HOT report will go to the city’s planning and housing committee next week, before heading to council for approval at a meeting that begins Dec. 17.While the city approved just over 10,000 new affordable units in the last decade, only half will be completed by the end of 2019.Tory said Tuesday that much of the city’s investment is already committed and the rest would be collected “in the appropriate manner or allocating land.”Kira Heineck, executive lead of the Toronto Alliance to End Homelessness, said robust data will mean complex and mounting problems can be tackled in real time.The new plan also proposes that of the 40,000 units, 18,000 should be supportive units meant for vulnerable people at risk of homelessness. The city approved the creation of 18,000 new supportive units in 2018 as part of a separate plan to address homelessness.Of the $3 billion outstanding, the vast majority is not actual cash but financial incentives — such as waiver of development charges — or land leases.The report itself speaks to a lack of funding, saying that amidst a booming housing market “lower and moderate-income residents” have been faced with increasing unaffordability.When council approved the Housing Now program earlier this year, it included 3,700 affordable rental homes over the next 10 years. It is therefore cheap credit in the context of spectacular imbalances of economic power (that shape policy at every level) that has helped accelerate housing price inflation and encumbered access to shelter — something that by all reasonable accounts should be a human right — for many working and low-income people.In 1993, the last federal budget tabled by Brian Mulroney’s Progressive Conservative government ended all new federal funding for social housing construction outside of First Nations reserves.

Here are our thoughts on the top 5 contributing factors.Yet, despite this, the city has one of the lowest vacancy rates at 0.5%.