Richard Crenian is known for having his finger on the pulse of the Canadian real estate market. According to him, Canadian housing prices continue to rise, and affordability is becoming more of a concern within the marketplace. What role do local shopping plazas play in this dynamic and what will it mean for Canadian investors in the future?

Read on to see Richard Crenian’s take on the current housing market situation:

Housing Affordability Issues

Canadian housing prices continue to rise as new records are being set for home prices in major markets. Richard Crenian believes the growth in the market can be attributed to the growing amount of construction, and building growing on around the country. As well, a growing population means even more need for housing. Canadian cities like Calgary, and Toronto continue to grow in population, and are therefore raising the demand for housing. Renters are also experiencing a rise in rent prices, due to the rise in demand.

Rental rate spikes could push more Canadians to buy homes in the short term, but could put further pressure on individual and family finances.

Best Possible Solutions

According to Richard Crenian, Hawaii is the epicenter of housing affordability debates. The situation is in dire straits in Hawaii, where billionaires are suing locals into selling their land, and hundreds sleep in homeless camps. Fortunately, there are other options and ways that these conditions can be headed off in Canada. Smart planning, increased public services, transportation, public-private partnerships, and other factors can be used to bolster housing, and prevent too much of a drain on taxpayers and local government. Local shopping plaza’s also play a big role in a solution, and many in the industry tend to overlook their impact.  By providing access to local services and shopping, residents can find it viable to live in more affordable neighborhoods, while saving money on transportation and saving time by finding jobs closer to home. These factors can help to preserve finances, even if rents go up as residents will have less of the monthly paycheck going towards other things.

In Conclusion

While the housing situation is questionable and uneven across the country, Richard Crenian advises investors, that shopping plazas offer a way to participate in a viable solution and offer a great outlook for investment performance. A viable shopping plaza could yield the best rewards in both terms of curbing affordability issues and generating the best net returns.