Burlington Chamber of Commerce talks real estate over breakfast

The impacts caused by a lack of housing inventory on the market, pricing and interest rates are being felt close to home.

On Friday morning, approximately 100 members of the Burlington Chamber of Commerce, and representatives from various real estate agencies from the area, gathered at the Art Gallery of Burlington for insights on the market and buyers, as well as plans for the future. 

“When I bought my first home in my early thirties, it was not only my best financial investment, but there was such an emotional connection to it as well,” Tim Hudak, CEO of the Ontario Real Estate Association, says. “Being a homeowner is the Canadian dream. The good news is although things are tough right now for first-time buyers, there are solutions on the table to help more Canadians find a place to call home.”

Hudak, former leader of the Ontario PC party from 2009 to 2014, was the featured speaker at the Chamber’s Business Before 9 breakfast. 

During his keynote address, Hudak discussed the removal of GST on new rental housing, the elimination of the land transfer tax, and overcoming the mentality of ‘not in my back yard,’ or NIMBY. 

“We need to overcome NIMBY forces that slow down projects, put them through years of process, or get them cancelled,” Hudak says. “The real victims of that are young Canadians who did everything right, got their degree and a job, but can’t find a place to live. Black Canadians, indigenous Canadians, and new Canadians all feel the brunt of that.”

Burlington expects more than 100,000 people to move to the city in the next 30 years, Ward 5 Councillor Paul Sharman says. 

Sharman aids the city in strategy, budget planning, and financial planning. He wants to focus on developing the entire community for new residents, not just home building. 

“We can’t allow the traditional planning process to define what the next 30 years look like,” Sharman says. “We have to start thinking about planning the city as a complete entity, with all the services, amenities, parks, and rec centres, right now.”

Though housing remains at the core of the issue, and the majority of focus is placed on building new, affordable homes, prices remain stagnant even when interest rates skyrocket. 

The key to affordable housing is supply, and right now there just isn’t enough for everyone. 

“There’s not much choice for people, and because there’s not much choice that means existing properties aren’t coming to market, which holds inventory even lower,” Nicolas Von Bredow, Owner of Macro Realty, says. 

Von Bredow spoke after Hudak about the interest rate pause from the Bank of Canada, and how it may take a few months, or a few more pauses, for people to make a move on the market. 

Von Bredow sees the pent-up demand that consumers have, and if interest rates drop by just a hair, he thinks buyers will jump at the opportunity.