"Housing construction is so behind in Toronto that a new report gives the city a failing grade for new home starts. Housing starts are down in Toronto by 58 per cent and sales are lagging by 91 per cent, according a report card by the Residential Construction Council of Ontario (RESCON), which analyzed 34 municipalities in the Greater Toronto Area and Greater Golden Horseshoe, and compared recent numbers to January-June averages from 2021 through 2024."
"Just over a month ago, updated numbers revealed the Ontario government had once again failed to meet its goal for housing starts in 2024, even after expanding ways to count them. Its goal is to build 1.5 million homes by 2031, and last year's target was 125,000 new homes. Instead, the province counted 94,753, which included long-term care beds and post-secondary dorms."
"The data paints a bleak picture of Ontario's ongoing housing crisis, says Richard Lyall, CEO of RESCON. "The housing situation is actually much worse than people think it is and it's going to be even worse going forward," he told CBC Toronto. "We have crushed the next generation. I hate to say that," Lyall said. "My generation has failed.""
Housing starts in Toronto dropped 58% and home sales fell 91% compared with January–June averages from 2021–2024. A total of 22 municipalities received failing grades for housing starts, including Brampton which saw a 50% decline. Overall housing starts across the region decreased 40%. Provincial goals aim for 1.5 million homes by 2031 and 125,000 new homes in 2024, but only 94,753 units were counted, with long-term care beds and post-secondary dorms included. Construction began on 12,700 units in Q1, the lowest quarterly level since 2009. The situation is described as far worse than commonly perceived.
Read at www.cbc.ca
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