Quite a time

The housing market is changing.

Pandemic purchases seem to be coming on the market now and in all likelihood that will continue for some time. The market needs to sort itself out.

We remember many debates with friends and colleagues when the market exploded. Demand meant the market would continue forever, or so they thought.

Interest rates at the time were less than inflation, prompting one buddy to say “they’re paying us to take the money”. We would counter with yes, but the principal needs to be repaid and when the mortgage comes up for renewal there is no guarantee rates won’t have climbed.

Long story short, cheap money and inflated demand fed a boom that is now in the throes of being corrected. Financial pain for some homeowners is evident already. 

Some years back, around four to be more precise, we recall mayoral candidate Robert Foster disputing the extent of the housing crisis. That drew some backlash, but here we are years later with headlines about decreasing rents and vacancies mounting in the GTA. Where did the demand go? Were landlords gouging?

Despite efforts to encourage growth through federal and provincial plans, the housing market has stalled. A distinction must be made between cookie cutter “communities” on a mass scale and the reputable local builders who offer quality and smaller-scale development. There will always be demand for the latter.

Regrettably, the rush to bring on hundreds of homes at once, very often marketed to commuters, is a lesson that remains unlearned. Slow, steady growth allows towns and villages to grow at a sustainable clip, rather than the frenzied pace that irrevocably changes suburban living. 

It will be interesting to see this fall, as municipal elections occur, where housing fits in the discussion. Will candidates articulate a strategy that allows for sensible growth or continue on a path where development charges are viewed as a panacea for spending run amok?

The discourse running up to the election will be interesting.

Thanks Andy et al

It often goes this way, around this time in a council term.

Political junkies tend to talk about strategy and when it’s best to announce election intentions. Going early sets the tone, whereas some file late to catch an opponent by surprise. 

For Wellington North Mayor Andy Lennox – even though we haven’t chatted over the subject – there is no strategy, just a good old-fashioned dose of common courtesy. He will not seek reelection this fall after 16 years of distinguished service. The announcement at council included thanks to voters, colleagues and an acknowledgment that democracy needs to renew itself from time to time. 

That humble approach speaks to Lennox’s affable nature, but for us it allays fears that old-fashioned values and traditions are all but lost. There remain good people who get it and practice it. Public office is about the people and always has been.

As the weeks pass, other local municipal leaders will let their intentions be known. Before the fray and silliness that can come about during election cycles, we want to express a genuine appreciation for those who have served this past term of council.

Countless hours and worry have gone into the job. Opportunities to socialize with family and friends are curtailed by obligation and commitment to their council role. Let’s also not forget those occasions when social media descends into unkind words and conduct few would perform publicly.

But the upsides balance out those downsides. The chance to be part of making the community better and serving those in need validate time spent. 

On behalf of our readers, thanks Andy, and the many others who served with good intent this past term.