Ontario homebuilders urge action as housing outlook worsens

Ontario’s homebuilders are calling for urgent government action following a grim report from the Residential Construction Council of Ontario (RESCON), which forecasts a continued decline in new housing starts and employment over the next few years.

The report, Housing Market Outlooks in Ontario, prepared by Toronto economist Will Dunning, warns that a prolonged downturn could exacerbate Ontario’s already critical housing shortage. Both economic and housing sector recoveries are projected to be slow, with conditions remaining subdued through 2028.

“It is imperative that all levels of government take immediate action to boost construction by lowering the taxes, fees and levies and reducing the red tape and bureaucracy which slows the industry and adds to the cost of housing,” said RESCON president Richard Lyall.

The average municipal fee for new homes in the Greater Toronto Area has risen by approximately $42,000 since 2022.