Projections in Ontario's budget for housing starts show the province's target to build 1.5 million homes in 10 years slipping further out of reach with each passing year.
Nearly 100,000 homes were built in the province in 2022, the first year counting toward the goal, but the forecast shows the number of housing starts in the next few years struggling to crack 80,000 annually.
He says the numbers don't reflect some of the government's recent steps to spur new home construction, including a law that, in part, freezes, reduces and exempts fees developers pay on certain builds such as affordable housing. "With a massive skilled trades shortage looming, training the next generation of workers to build those houses is equally important ," he said in a written statement.
"These are the types of decisions that the Ontario Government must encourage in other cities and communities across the province if we want to solve the housing affordability crisis." The number of home resales is expected to decline by nearly nine per cent in 2023, though they are expected to rebound 21 per cent the next year before returning to more consistent levels, the government said in the budget.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario budget shows lower projections for new home constructionProjections in Ontario's budget for housing starts show the province's target to build 1.5 million homes in 10 years slipping further out of reach with each passing year.
Read more »
Ontario deficit forecast plunges to $2.2 billion from near-$20 billion as budget unveiledAn increase in tax revenue allowed the Ontario government to drastically reduce its deficit projections in its latest budget. Read more here
Read more »
Ontario deficit forecast plunges to $2.2 billion from near-$20 billion as budget unveiledAn increase in tax revenue allowed the Ontario government to drastically reduce its deficit projections in its latest budget. Read more here
Read more »
Breakdown of Ontario’s 2023 budgetOntario Finance Minister Peter Bethlenfalvy unveiled the province's 2023 budget on Thursday. It shows Ontario plans to start posting surpluses in a year.
Read more »
No sign Ontario budget will bail out Toronto, says Deputy Mayor Jennifer McKelvieDeputy Mayor Jennifer McKelvie says Premier Doug Ford’s government has given no sign its incoming provincial budget will include money to plug the gaps in Toronto’s COVID-ravaged finances.
Read more »
Ontario to table budget amid both surging revenues, potential slowdownOntario\u0027s budget is set to be tabled Thursday amid both surging revenues and a potential economic slowdown.
Read more »