2023 isn't looking like a strong year for housing in Ontario. realestatenews realestate ONpoli housingmarket
Housing starts, previously expected to total 86,900 in 2022 are now projected to total a slightly smaller 86,600. The 2023 estimate, previously 84,000, has been downgraded to 76,900. Similar numbers are expected in 2024 with its previous projection of 87,300 housing starts now sitting at 77,800.
Deficit expectations appeared to cause a stir, as the Ontario government projected a shrinking, yet still substantial, $12.9-B deficit for the 2022/2023 fiscal year. This marks a more than $7B decline from the deficit predicted in the summer’s budget, but is still in conflict with $100-M surplus forecasted by the Financial Accountability Office, an independent financial watchdog, and the $2.1-B surplus that Public Accounts reported at the end of the fiscal year in March 2022.
“We need to be flexible and forward thinking with a fiscal plan that is ready to support people and businesses when and if the time comes, while also laying a strong foundation for future generations,” Bethlenfalvy said. Another change proposed in the legislation is the creation of a voluntary clean energy credit registry, a move that Bethlenfalvy says will “give businesses another tool to achieve their environmental and sustainable sustainability goals.
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