As Ontarians spend more on housing, they have less money for other goods and services, according to a new Chamber of Commerce report.
Home prices in Ontario have reached a point where they are pulling money out of other sectors of the economy and creating more challenges for business, warnsAs Ontarians spend more on housing, the report says, they have less money for other goods and services. The situation has resulted in “wide-ranging” implications for business in the province.
According to the report, titled “Home Stretched: Tackling Ontario’s Housing Affordability Crisis Through Innovative Solutions and Partnerships,” the cost of housing is so high it’s even impacting the ability to build housing. It argues that many in the labour force are unable to afford to live in the same communities where housing is needed.
Meanwhile, Gerassime said, other business are having trouble attracting and retaining talent, as workers avoid the increasingly large patches of the province where they can’t afford to live. The provincial government wants to build 1.5 million homes by 2031 to help alleviate the pressures of the housing market. But Gerassime said it will take a “all-hands-on-deck approach” to meet thatRecommendations in the report include building a labour force able to construct more housing, preservation of affordable housing and supporting innovation to find new solutions to the housing crisis.in Canada.
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