Ontario Faces Record Housing Shortage Amid Rapid Population Growth

A new report highlights the urgent need for government action to address the widening gap between housing supply and population increases.

The gap between Ontario's housing stock and population growth is the widest it has been in over 50 years, according to a new report by the Building Industry and Land Development Association (BILD).
High municipal fees and lengthy approval processes are significantly driving up the cost of new homes, adding between $122,000 and $165,000 to the price of a new unit.
The number of housing applications in the Toronto Area (GTA) has dropped dramatically, with developers warning of worsening conditions if bold actions are not taken.
The Ontario government aims to build 1.5 million homes by 2031 but is currently falling short of its targets, with only 109,000 new homes built in 2023.
Development fees have risen sharply, with municipalities arguing they are necessary to fund infrastructure, while developers insist these costs are passed onto homebuyers, exacerbating affordability issues.