Lack of vision among governments hindering Ontario housing targets

Judging by the current state of affairs in the residential construction industry, it would be a Herculean feat for Ontario to reach its targets of building 1.5-million new housing units by 2031.

“We did the math and, with the recent population growth, we’re forecasting that Ontario needs to actually build 1.7 million homes. That would be incredibly challenging. If we had all orders of government aligned and going bold on this, I think we could do it. But we’ve got the federal government and the province and municipalities arguing over fourplexes. There’s a real lack of vision.

“People are more hopeful that if interest rates go back down that will ease conditions. But without extra supply, I think we’ll see prices shoot back up again. It’s a lot of people chasing a limited number of units.”, noted in a recent blog that 55 per cent of Canadians expect housing prices to continue to rise, and only 25 per cent are optimistic about an improvement in housing availability.

BuildForce Canada indicates in its latest outlook report that the residential construction sector in Ontario will experience a rough couple of years before it returns to growth between 2025 and 2028.

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