SOURCE: Residential Construction Council of Ontario (RESCON)

Residential Construction Council of Ontario (RESCON)

Residential Construction Council of Ontario (RESCON)

December 07, 2015 15:26 ET

Ground-Breaking Ontario Housing Affordability Research to Be Released

TORONTO, ON--(Marketwired - December 07, 2015) - A new report by the Canadian Centre for Economic Analysis (CANCEA) examining housing affordability will be released at a special event at Ryerson University this coming Wednesday, Dec. 9th.

"We have known for some time that working families are finding it harder to achieve the dream of home ownership or keep up with rising rent costs, so we commissioned this research to better understand how our industry can work with others to address the challenge," says Richard Lyall, president of the Residential Construction Council of Ontario (RESCON). "Housing is critical to our long-term economic prosperity. We have to get it right."

Led by Paul Smetanin, the CANCEA team examined the causes, costs and risks influencing housing affordability in Ontario. A central feature of this research is a new measurement tool called the Shelter Consumption Affordability Ratio, or the SCAR Index. This new measurement ratio is far more comprehensive than other indices being used.

"Government and many private sector indices have not been measuring housing affordability correctly and our research should change the way they see the problem," says Smetanin, president and CEO of CANCEA.

Event co-host David Amborski, director of Ryerson's Centre for Urban Research and Land Development (CUR), says it's a crucial time to talk about housing affordability. "We're proud to be co-hosting this event with RESCON to highlight ground-breaking research into an incredibly important issue for the Greater Toronto and Hamilton Area."

The Dec. 9th event will feature Hon. Ted McMeekin, Ontario Minister of Municipal Affairs and Housing; Toronto City Councillor Ana Bailao, chair of the Affordable Housing Committee; Ted Tsiakopoulos, senior economist, Canada Mortgage and Housing Corporation; Sal Guatieri, director and senior economist at BMO Financial Group, and other experts. More than 100 industry stakeholders and business leaders are expected to attend.

Who is CANCEA?

CANCEA is a state-of-the-art interdisciplinary research organization that is dedicated to objective, independent and evidence based analysis. They have a long history of providing holistic and collaborative understanding of the short and long term risks and returns behind policy decisions and prosperity. The Residential Construction Council of Ontario (RESCON) commissioned this independent, peer-reviewed research report to better understand housing affordability in Ontario.

Contact Information

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    Aonghus Kealy
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    Tel: 905-760-7777, x. 111
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