Ontario reveals that cities that are set to meet targets set by Premier Doug Ford’s government that aims to build 1.5 million new homes in the province by 2031 are struggling to do so as the progress is slowing recently. The Canada Mortgage and Housing Corp show statistics on constructions of new homes from January 2022 to June 2023 which proves that cities are struggling to reach their goals.
Toronto and Vaughan, among larger cities are leading the way and are on track of building new homes whereas other cities like Ottawa, Hamilton, London, Markham, and Kitchener are only at 50-65% of the desired result with Missisauga and Brrampton at the bottom, only having achieved 23-29% of the required pace.
As interest rates increase and there is a major labour shortage in construction, there are not enough workers to help speed up the process. In order to reach the goal of 1.5 million new homes, 150, 000 new housing units must be built by 2025, which is difficult when considering the 2023 budget is not enough.
The Government of Ontario recognizes the work necessary in order to address housing supply issues and housing demands. With more collaboration between municipal parties, there may be an increase in housing starts.
As Ontario is struggling to meet the target goal and interest rates are increasing, it is essential to find innovative solutions as the population in certain cities are increasing, and not enough homes are being built. With determination and strategic planning, Ontario may be able to reach Ford’s government’s goals. The clock is ticking, and the time to act is now.
