End of the Single Family Home and the Manhattanization of Toronto

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For more and more Canadians the dream of home ownership is becoming unattainable. And today a new rule comes into affect that will make it even tougher to buy a house... especially one with a yard. The federal government is capping insurance-backed mortgages at 25 years. The idea is to keep Canadians from diving too deeply into debt. Many people applaud the move. Others worry it will just make it harder for people to get onto the property ladder. Today, we talk about the death of the single family home.


Today's guest host was Mike Finnerty.

Part One of The Current

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It's Monday, July 9.

Former game show host Bob Barker wants an end to the Calgary Stampede.
Curently, Stampede organizers say they will comply, if Barker can correctly guess how much Calgary's economy would lose, without going over.

This is The Current.

End of the Single Family Home and the Manhattanization of Toronto

The federal government is capping insurance-backed mortgages at 25 years. The idea is to keep Canadians from diving too deeply into debt and many people applaud the move. Others worry it will just make it harder for people to get onto the property ladder.

Dave Foran is a mortgage broker in Vancouver. He says getting rid of 30-year mortgages aggravates a larger problem: and that is the amount of money people need to borrow to buy a house, especially in Vancouver and Toronto.

Brad Lamb is a real estate broker, developer and President of Brad J. Lamb Realty & Lamb Development Corp and he goes a step further. He calls this the "Manhattan-ization" of Toronto and he thinks that the days of owning a stand-alone, single-family home in the centre of a major city are rapidly disappearing. Brad Lamb was in Toronto.

End of the Single Family Home and the Manhattanization of Toronto

So, it looks like we don't have to take Manhattan... we're just going to get it. Fears that a certain type of downtown living is growing further out of reach are not unique to Toronto. The Current surveyed people across Canada about owning a home downtown. We begin in Vancouver and heard voices from Saskatoon and St. John's.

My next guest says not enough is being done to manage the growth of city centres like Toronto. David Hulchanski is the Associate Director for Research at Cities Centre, the University of Toronto's urban research centre. He's also a professor at the University of Toronto Housing & Community Development centre. He was in our Toronto studio.

We also heard from Toronto City Councillor Shelley Carroll. She is also the vice-chair of Toronto's Economic Development Committee.

This segment was produced by The Current's Pacinthe Mattar, Josh Bloch and Sujata Berry.

Other segments from today's show:

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