A new housing report says that buying a home in Milton is likely not affordable for most people.
The report, presented to the town council on February 24, is meant to help identify housing issues and possible solutions. It also sets out what the provincial government considers an "affordable" home price in Milton. According to the province, an affordable home should cost no more than $524,600, and rent for a bachelor unit should be around $1,243 per month.
However, Kelly Martel, a project manager with the Town of Milton, said that home prices have been rising every year, making them much more expensive than what is considered affordable.
“The average price of homes in 2022 and 2023 was higher than in the past five years. Both new and resale homes are getting more expensive,” Martel said. “In 2024, the average home price was around $1 million, far above the province’s affordable rate of $524,600.”
The most affordable housing options in Milton are apartments and condos, which typically cost between $550,000 and $745,000.
The report suggests that the town should take steps to improve housing availability, such as increasing the number of rental properties, working with developers to create more affordable housing, and building more below-market homes for both renters and buyers.
Ward 2 Councillor John Challinor believes the town has little control over the biggest factors affecting home prices—inflation, borrowing costs, and immigration. He suggests the focus should be on assisted housing rather than trying to make all housing affordable.
Milton has very few rental buildings built specifically for that purpose. Most renters—about 90%—live in basement apartments or other secondary units. In 2024, the town approved 433 permits for adding more of these units. However, the report says that these rentals can be unstable and are often more expensive than traditional rental buildings.
Ward 1 Councillor Colin Best said developers should be encouraged to build smaller homes to make them more affordable.
“I’m surprised that new townhouses start at 1,700 square feet and cost at least $1 million. It’s shocking when you consider that baby boomers grew up in homes smaller than 1,000 square feet,” Best said.
Comentários