Facts and Figures - Unveiled Insights
In the vibrant city of Burlington, ON, the housing market has been a topic of significant discussion recently. According to a report published by Storeys.com, the market has been affected by various factors, including tariffs and inflation.
Firstly, data published by Storey indicates that approximately 28% of Canadians have reconsidered taking out a mortgage due to tariffs. This could be due to the potential increase in the cost of homeownership, as tariffs can impact the prices of building materials and appliances.
The struggle for affordable housing is particularly evident among younger renters. A staggering 49% of Canadian renters aged 18 to 24 are spending more than half of their after-tax income on rent. This highlights the need for affordable housing solutions in Burlington and across Canada.
However, there is some good news for potential homebuyers in Toronto. Between June and July 2025, monthly mortgage payments needed to afford a home in Toronto decreased by $112. This could make homeownership more accessible for some, although rising inflation remains a concern.
In an effort to address the need for affordable housing, Premier Doug Ford announced an additional $1.8 billion in funding for the Municipal Housing Infrastructure Program. This brings the fund's total to $4 billion. The aim is to support the construction of new affordable housing units and the renovation of existing ones.
The Consumer Price Index increased by 1.7% year-over-year in July, with shelter prices up 3%. This inflationary trend has put pressure on household budgets, making it even more challenging for many to afford housing.
In addition, data from Q2 shows that 1/37 of mortgage holders missed a credit payment, compared to 1/19 for non-mortgage holders. This highlights the financial strain that homeownership can sometimes impose.
The article, published by Gazette Staff on August 22nd, 2025, provides a comprehensive overview of the current state of the housing market in Burlington, ON, and the challenges faced by both renters and homebuyers. The report serves as a call to action for policymakers and housing providers to address the issue of affordability and support those struggling to meet their housing needs.
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