Report raises alarm that development may start to slow because of waning demand, a big concern with Ontario’s undersupply of housing.
recommended Ontario set a goal of 1.5 million new homes built in the next 10 years.
With demand faltering under rising costs, building output may fall. This could hamper efforts to restore housing affordability.from Canada Mortgage and Housing Corp. last month found Ontario may need as many as 1.85 million new homes to push affordability back up to a level where the cost of an average home could be covered by 40 per cent of the average household’s income.
The solution, Wilkes said, is more comprehensive use of available land, a faster development approval system and “fairer” taxes.
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