TORONTO — Buyers in Canada’s most overheated real estate markets paid an average of $229,000 extra per home between 2007 and 2016 because of regulations making it difficult for builders to construct more single-family houses, said a new study.
Research from the C.D. Howe Institute released Tuesday revealed zoning regulations, development charges and housing limits in and around southern Ontario’s Greenbelt have added around $168,000 to single-family houses in the Greater Toronto Area and about $644,000 to the cost of others in Vancouver — a number the non-profit research organization says draws comparisons with Manhattan and U.K. housing.
The organization’s study also found regulations caused single-family home prices in Victoria to increase by about $264,000, Calgary costs to jump by $152,000 and Ottawa-Gatineau’s to spike by about $112,000.
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