If you are someone considering entering the real estate market in Toronto as a first-time buyer, it’s completely understandable if you feel like you are being screwed over. You are, and let me explain why and how.

Toronto (and Vancouver) housing have much been talked about ad nauseam, both on how fragile and how expensive Canada’s two most popular cities are to own real estate in. You can now add renting in to the mix as well.

You sit idly by as decisions are being made that will drastically affect YOUR financial future, mostly by a generation of people who have benefited handsomely from the singular thing that has propelled their wealth and secured their financial futures. It sucks, and it’s completely misguided and unfair!

We all know that the city of Toronto is only going to become more expensive than it is today. Sure, there will be some bumps along the road, but without a doubt, in 10-15 years time, it will be way more expensive that it is today.

Benjamin Tal, Deputy Chief Economist of CIBC World Markets Inc. is an economist I’ve been following for years. At an speaking event I attended about 18 months ago he noted, ‘Toronto could become a city of renters’ in ten years time. His meaning behind it was that real estate would probably become too expensive for the average citizen.

Why I am so bothered by this it that our governments and organizations that provide housing policy seem to be either ignoring or missing the obvious. A generation of potential home owners are getting screwed.

Everyone is quick to point out that Toronto is attracting about 100,000 newcomers on annual basis. It’s easy to find this by googling it. But when you look into how much new housing we are actually delivering (note: very different from what we are selling), it’s about a third of what’s needed on an annual basis.

Where do these people go to live? You know what, and this may sound a little “un-Canadian” of me, right now, my concerns are for the children of my clients, friends and family who are already here, and have little hopes of owning real estate in the city they have contributed to and have set roots in.

Friendships forged, communities set up, and most are being held back from taking that next step, which is actually the foundation and biggest step for their futures.

B20 was hastily put together in a time where little understanding or any actual accountability is taking place. Accountability, when was the last time we heard anyone in a position of power own up to that?

Listening to the likes of CHMC and select University Professors paint what’s an obvious complex issue, as one that is working fine, is a criminal act in my opinion.

Builders, Lenders and Realtors have all come out in support for changes to the current rules. To have CMHC CEO Evan Siddall brush it aside by stating it’s “plain self interest” of the above groups. That’s simply not accurate.

I’m not advocating for the elimination of the stress test, although I do think they need to make changes to it in order to allow for first time buyers and select others, to have a chance of home ownership in the regions they live, work and play.

Follow this link for an article from MSN Money related to this topic