Ontario has only added 40% of the new homes it requires to meet the needs of its growing population
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Ontario's population grew by 500,000 between June 2023 and June 2024, but only 82,000 new homes were added, falling far short of the 200,000 needed to match growth. This 40% shortfall is a key factor in Ontario's ongoing housing crisis, which is exacerbated by limited housing availability preventing the formation of expected households.
Despite these challenges, some provinces, like Nova Scotia, performed better in aligning homebuilding with population growth, while Ontario ranks low in homebuilding per capita. The province's goal of 1.5 million new homes by 2031 seems unlikely to be met.
In response, cities like Vaughan, Toronto, and Mississauga are implementing measures to reduce development costs and incentivize affordable housing. However, the gap between housing demand and supply remains a pressing issue across Canada.
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