Tariffs from U.S. President Donald Trump are continuously pushing prices up in Ontario’s housing market, raising concerns about affordability in London.
Image Taken: (Evan Frederiksen)
Dale Marsh, chair, London and St. Thomas Association of REALTORS, said rising material prices remain one of the biggest challenges for builders and buyers. “Since Trump was elected last fall, local real estate boards, OREA at the provincial level and CREA at the national level have been advocating to the government to build more homes faster,” Marsh said.
He said among the solutions under discussion is factory-built housing, which can cut construction costs by as much as 30 per cent if undertaken on a large scale. “If you’re in a controlled environment, you can keep costs and quality pretty level and standard,” Marsh said.
Image Taken: (Evan Frederiksen XFM News)
Despite these efforts, Marsh also pointed out the province is already falling behind its goal of building 1.5 million additional homes by 2031. Permits exist in some municipalities, but a number of developers are holding back because of costly labour and materials.
For younger buyers, affordability remains a challenge. Marsh recommends taking advantage of first-time homebuyer savings plans and planning early. “It would be wise to look into that program and start setting aside some of your money towards saving for a down payment,” Marsh stated.
He indicated that with a five per cent minimum down payment, the earlier buyers plan, the better chance they’ll have of entering the market.
