It isn’t uncommon for GTA’s residents to oppose proposed new developments in their neighbourhoods because they would like to keep their slice of the Greater Toronto Area just the way it is; but is this doing more harm than good?
Why the Not-In-My-Backyard Mentality Should Be Ditched
The NIMBY or Not-In-My-Backyard mentality is alive and well. You may even have the same sentiments! But how come is this type of mentality seen as detrimental to your neighbourhood and real estate’s value in the long run?
At present time, the average price of a detached home in Toronto is at $1.3 million. This price is just bound to get higher because the population is steadily rising, thus creating a problem in the form of lack of affordable housing.
Now, this isn’t an obvious pro if you already own your home. However, this same scenario can have severe negative effects that can, in turn, make living in your neighborhood a not-so-palatable thought in the future. Here they are:
Buying a Home Won’t Be an Option for Younger People
Millennials are already complaining that they’re doomed to just rent forever in GTA. House prices continue to soar as the increased population push up demand in the face of very limited supply. Although this is great for using equity in your home, if you own one. What happens when no new blood can afford homes in your area? Who will be buying homes then?
GTA Real Estate Will Cease to Be Sought-After
Once buyers learn that it is next to impossible to buy a home in GTA, they will turn to looking elsewhere – and that can become a trend that won’t be easy to break.
When people start buying elsewhere, who then will take new jobs? Who will be keeping businesses thriving when the younger generation has turned to buying anywhere else but the GTA?
GTAs Greenspaces May Have to Be Sacrificed
"If new homes can’t be built in existing communities, then the government may have no choice but to use existing greenspaces to support the population boom." says Michael Smith of Mortgage Central Nationwide. GTA’s population is growing at a rate of 100,000 individuals per year. Housing these people may result in the loss of a sizable track of greenspace.
GTA’s Economy Will Be Left Behind
New housing developments attract younger people which in turn, attracts job opportunities, businesses, and more opportunities. More so, new housing developments help in the community’s growth by keeping things fresh, interesting, and moving forward. An aging population in an old neighbourhood has limited opportunities and room for growth.
Amenities Will Suffer
Do you love community centres, having good schools, well-staffed hospitals, and having a variety of choices for establishments such as stores and restaurants? Well. You can’t have those in a stagnated community. Communities need a good source of tax to ensure good amenities and infrastructure for residents. What’s a better tax source than a healthy resident base?
All in all, wouldn’t it be better to have a controlled housing development boom by giving up a bit of your lawn space to make way for new builds than to reap the possible consequences above?