Ontario Premier Doug Ford announced an additional investment of $1.6 billion in municipal funds to assist in building housing. The government previously invested $2.3 billion into the Municipal Housing Infrastructure Program, which funds infrastructure necessary for housing development. Despite these investments, Ontario remains behind in its goal of constructing 1.5 million homes by 2031, with only 94,753 housing units begun in 2024 against a target of 125,000. Furthermore, housing starts in Ontario saw a significant 28 percent decline compared to last year, contrasting with a national increase of four percent in housing starts.
Ontario Premier Doug Ford announced that the province is allocating an additional $1.6 billion for municipal funds aimed at facilitating housing construction. This comes on top of the initial $2.3 billion already invested in the Municipal Housing Infrastructure Program, which supports vital housing-enabling infrastructure projects like roads, bridges, and water systems. Despite these efforts, Ontario is falling significantly short of its goal to deliver 1.5 million homes by 2031, with current housing construction figures showing only 94,753 units initiated in 2024, which is below the target of 125,000 units.
Ontario's updated housing tracker indicates that construction on housing units has lagged, with only 94,753 units started during 2024, in stark contrast to the interim goal of 125,000. This follows a troubling trend where the province faced a dramatic 28 percent decrease in housing starts compared to the previous year, despite a national rise in housing starts of four percent. The challenges are compounded by a significant gap in home production needed to meet Premier Ford's ambitious housing target of 1.5 million homes by 2031.
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