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No Vacancy: Tackling Ontario’s Rental Housing Supply Crisis
With low rental vacancy rates across the province and continued uncertainty about Toronto’s volatile housing market, it’s becoming more difficult to meet the increasing demand for quality long term rental options for Ontarians. The increase in demand for rental housing is being led by two groups: millennials, who rank urban location as more important than home size or type and are less likely to purchase a home than any other generation in modern history, and boomers, who are downsizing in their later years and looking to rent, while retaining the equity from their former home.
For the second year in a row Toronto’s rental vacancy rate is just 1.1% and 1.8% across Ontario. Many believe that more needs to be done to keep up with the demand from new housing seekers and new immigrants. Ontarians need policy solutions from all levels of government that will stimulate vital new rental supply, and reduce pressure on prices for both traditional home ownership and rental.
FRPO’s President and CEO Tony Irwin will address the issue of Ontario’s insufficient rental housing supply head on, discussing potential short term and long term solutions.
Tony Irwin is President and CEO at the Federation of Rental housing Providers of Ontario. Before joining FRPO, Tony was President and CEO with the Canadian Consumer Finance Association; a national trade association representing businesses that provide a range of financial product to Canadians. Previously, Tony was Vice President, North American Government Affairs, with Dollar Financial Group, Inc., where he served as Chairman of the Canadian Payday Loan Association and was active with the Community Financial Services Association of America. From March 2009 to July 2012 Tony was Manager of External Affairs and Consumer Relations with Allstate Insurance Company of Canada, where he implemented a national government relations strategy and served as official company spokesperson.
Prior to joining Allstate, Tony served as Executive Director of the Justin Eves Foundation, a non profit organization granting scholarships and bursaries to learning disabled and disadvantaged young people to assist them to achieve a post secondary education. Tony has also held key political roles and was Senior Advisor to an Ontario Premier and Executive Assistant to the Leader of the Official Opposition.