Latest news with #2024HousingNeedsAssessment
Ottawa Citizen
06-07-2025
- Business
- Ottawa Citizen
Affordable homeownership in Ottawa dwindling as mortgages, costs soar: study
A study from the City of Ottawa suggest that thousands of homeowners are experiencing heightened vulnerability in the housing market due to soaring mortgage rates and costs. Article content According to the 2024 Housing Needs Assessment, the proportion of homeowners in Ottawa paying $2,000 or more per month for housing costs nearly tripled from 2006 to 2021 (from 11.5 per cent to 34.2 per cent). Article content Article content Article content The percentage of homeowners paying between $1,500 and $1,999 per month dipped from 20.4 per cent in 2006 to 17.8 per cent in 2021. Article content Article content The proportion of homeowners paying less than $500 per month for housing also decreased by nearly three quarters, while the percentage paying $1,000 and $1,499 a month dropped by almost half. Article content The report also said the proportion of homeowners paying between $500 to $999 a month increased slightly from 29.1 per cent in 2006 to 31.5 per cent in 2021. Article content 'Affordability in Ottawa's ownership market has consistently eroded, with fewer households able to secure housing at lower costs,' the report read. Article content 'Yet, despite these cost changes, median home prices have remained relatively stable, suggesting that ownership expenses are being driven more by higher borrowing costs, taxes and other financial pressures than by price inflation alone.' Article content Article content The report said median housing prices increased by 1.6 per cent year-over-year from December 2023 to December 2024, from $620,000 to $630,000. Article content By housing type, the largest increase was in median townhouse prices, which increased from $550,000 to $580,000 (5.5 per cent increase). This is followed by apartments, which increased from $390,000 to $398,000 (2.1 per cent increase) and single-family homes from $750,000 to $755,000 (0.7 per cent increase. Article content However, median housing prices jumped by more than 64 per cent since 2018, when the median housing price was $382,952. Article content Meanwhile, housing starts have fallen. The number of housing starts peaked between 2020 to 2022, when numbers were consistently above 11,000. However, that number dipped to 9,245 in 2023 and 6,800 in 2024. Article content 'Housing starts have fallen to a decade-low, limiting future supply growth,' the 2024 Housing Needs Assessment reads. Article content 'Planned zoning changes may create opportunities for more diverse housing options. Still, with rising development costs and economic constraints on construction, affordability improvements will likely remain constrained in the near term.' Article content Core housing need (CHN) is said to be a key measure of housing instability, according to the 2024 Housing Needs Assessment. It identifies households that lack adequate, suitable and affordable housing without access to alternatives in their local market. Article content It is also a measure of heightened vulnerability within the housing market, the report added, with many residents spending well beyond affordability thresholds. Article content 'Households in CHN are not necessarily at risk of homelessness, but do face heightened vulnerability, with many spending well beyond affordability thresholds with few viable options,' the report said. Article content Article content According to the report, there were 92,895 people in CHN in Ottawa in 2021. The largest group was those aged 25 to 54 at 34,025 (36.6 per cent). Around 25,295 people were children and youth aged zero to 17 years (27.2 per cent) and 15,220 people were seniors aged 65 years and over (16.4 per cent). Article content The groups with the fewest people in CHN were young adults aged 18 to 24 years at 8,630 people (9.3 per cent) and older adults aged 55 to 64 years at 9,725 people (10.5 per cent). Article content 'Over 25,000 children and youth live in households in core housing need, placing added strain on parents and caregivers who must balance housing costs with other essentials. Children in core housing need may face disruptions in education and social stability, particularly if housing conditions are unstable,' the report read. Article content The report also suggested that the number of owner households in CHN decreased from 12,655 in 2016 to 11,865 in 2021. Article content Article content Proportionally, 26.7 per cent of all households in CHN in 2021 were owner households. This is a slight decrease from 2016, when it was 26.8 per cent. Article content City staff suggested that the decline in homeowner CHN numbers was likely influenced by temporary income supports during the early days of the COVID-19 pandemic, such as the Canada Emergency Response Benefit (CERB). Article content The report noted that many households that briefly exited CHN in 2021 may have re-entered in subsequent years. Article content The majority of households in CHN are also considered very low income or low income. Around 62.1 per cent of households (both renters and homeowners) in CHN in 2021 were considered very low income, while 48.1 per cent were considered low income. Article content 'While the proportion of households in core housing need decreased from 2016 to 2021, this does not necessarily reflect long-term improvement … Core housing need remains prevalent among very low- and low-income households, reinforcing the direct link between affordability and financial constraints,' the report read.
Yahoo
07-04-2025
- Business
- Yahoo
Renters competing for each housing unit in "unaffordable" Port St. Lucie rental market
PORT ST. LUCIE — Renters are jockeying just to live here. There are nine renters competing for each available housing unit, according to an analysis by RentCafe, a nationwide apartment-search website. The city's rental market is the sixth-most competitive in Florida, RentCafe found, despite the rental market last year experiencing the largest percent increase in new apartments in the U.S. The high competition in the Port St. Lucie rental market stems from a variety of factors, RentCafe determined: Apartments don't stay long on the market High occupancy rate A high share of residents renew their leases Multiple renters apply for the same vacant unit A relatively low supply of new apartments Last year, there were 12 renters, on average, competing for each unit, according to RentCafe. The city's immense growth has done little to make housing more affordable, with housing developments typically consisting of single-family homes and luxury apartments. The city has "very little naturally occurring affordable units, if any," according to the 2024 Housing Needs Assessment — a collaborative countywide report funded by St. Lucie County, Port St. Lucie and Fort Pierce. There are 37,401 renter households in St. Lucie County, according to the 2024 Annual Report from University of Florida's Shimberg Center for Housing Studies. But there are only 1,384 total low-income housing units among seven affordable-housing complexes, according to HudHousingNetwork, an affordable-housing-search website. Affordable housing: Huge growth in Port St. Lucie has failed to make housing more affordable New restaurants: 13 restaurants in the Heart of Tradition in Port St. Lucie The median rent in 2024 for all housing units in Port St. Lucie was $2,575, which was 29% greater than the national average, according to a report by St. Lucie County. Housing costs in St. Lucie County are are among the highest in Florida, the report said. "This has forced large segments of middle class and working class families to either live here un-affordably or live in other counties." Jack Randall is TCPalm's economy and real estate reporter. You can reach him at or 904-466-4755. This article originally appeared on Treasure Coast Newspapers: Florida real estate: Port St. Lucie affordable housing in short supply
