Government at all levels has touted the need for 1.5M new homes to be built in Ontario over the next decade to keep up with the province’s growing population, but construction capacity is not currently high enough.from Ottawa-based think tank Smart Prosperity Institute analyzed the province’s 1.5M-home goal, vetting it for accuracy as well as attainability.
Based on existing housing shortages, as well as the projected number of family formations, Smart Prosperity found that of the 1.5M homes needed, nearly half — 48% — need to be built in Peel, York, and Toronto. Peel will need the largest amount of new homes, with 277,000 required by 2031. Hemson, however, estimates that just 102,100 will be built there — a difference of 174,900. Toronto is projected to fall short by 101,200 homes, and York by 91,600 homes.
“Infrastructure and land constraints likely make it impractical for some Census Division to build the number of housing units we estimate are needed for their community,” the report reads. “Of course, suppose those communities build less, spillover demand will occur, requiring a community to build a more substantial number than we have identified to maintain the 1.5M housing unit target.”
If they plan to reach their goal, the report says that substantial changes will need to be made to Ontario’s construction process.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario will fall shy of its promise of building 1.5 million homes by 2031, says think-tank's economist | CBC NewsOntario is unlikely to meet its lofty goal of building 1.5 million homes by 2031 to alleviate the housing crisis, according to a new report from the Smart Prosperity Institute, an Ottawa-based think-tank. Like the trees Trudeau dreamed to plant? You mean Doug Ford's Cons?
Source: CBCToronto - 🏆 51. / 61 Read more »
Ottawa needs more than 100,000 new homes by 2031, to get more ambitious with building plans, says author of new report on housing supplyBetween a pre\u002Dexisting housing shortage and a growing population, Ottawa had better up its building game to meet housing needs in the coming years, according… The City of Ottawa's housing projections contained in its Official Plan is based on Statistics Canada population projections. Think Moffatt should argue with Stats Can. ottcity Ottawa ottnews
Source: OttawaCitizen - 🏆 21. / 68 Read more »
Ottawa needs more than 100,000 new homes by 2031, to get more ambitious with building plans, says author of new report on housing supplyBetween a pre\u002Dexisting housing shortage and a growing population, Ottawa had better up its building game to meet housing needs in the coming years, according… The City of Ottawa's housing projections contained in its Official Plan is based on Statistics Canada population projections. Think Moffatt should argue with Stats Can. ottcity Ottawa ottnews
Source: OttawaCitizen - 🏆 21. / 68 Read more »
Gold prices remain down as U.S. housing construction falls 9.6% in July(Kitco News) - Tighter financial conditions continues to take its toll on the U.S. housing market as construction on new homes dropped more than expected in July.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Ontario will fall shy of its promise of building 1.5 million homes by 2031, says think-tank's economist | CBC NewsOntario is unlikely to meet its lofty goal of building 1.5 million homes by 2031 to alleviate the housing crisis, according to a new report from the Smart Prosperity Institute, an Ottawa-based think-tank. Like the trees Trudeau dreamed to plant? You mean Doug Ford's Cons?
Source: CBCToronto - 🏆 51. / 61 Read more »