Struggling numbers in employment sector and housing industry alike are concerning.
The long-awaited housing data, which has been sitting with the government for months, is finally set to be released, according to Minister of Municipal Affairs and Housing Rob Flack. The data, provided by Central Mortgage and Housing (CMHC), a federal government agency, will shed light on the current housing situation in Ontario.
The data reveals that the number of housing starts in 2024 was down 17% year over year, raising concerns about the province's ability to meet its housing targets. The government sets targets for new homes, long-term care beds, and additional units like basements or garden suites in towns and cities around the province.
The government uses a combination of new homes, long-term care beds, and additional units to assess whether cities have hit their housing targets. Interestingly, the Ford government considers a long-term care bed as a home. However, the current job market data shows 700,000 people are looking for work, indicating a potential housing demand that exceeds the supply.
The finalized data for housing starts was ready since February 15, 2025, but the government's housing tracker, which showed which cities had hit their targets, which were on track, and which had failed, stopped updating in October 2024. By the spring, the tracker had been removed from the website, adding to the speculation and uncertainty surrounding the housing situation.
In response to these concerns, Andrea Horwath, the leader of the opposition party in Ontario, announced a comprehensive review of housing development by the Office of the Auditor General of Ontario. The Ontario NDP has also written to the Financial Accountability Office to conduct a comprehensive review of Ontario's housing progress.
The Ontario NDP also has a plan called Homes Ontario to address the housing crisis. The party aims to build 1.5 million new homes by 2031, but the current data suggests that the province is nowhere near this target.
The government's failure to meet housing targets could have significant implications for municipalities. Municipalities are waiting to hear if they qualify for Building Forward Funding (BFF) and how much they will receive. The number of incentive cheques the government will hand out to municipalities for housing will be lower this year due to the drop in housing numbers.
The provincial Ministers are expected to face a disappointed and angry municipal sector at the Association of Municipalities in Ontario (AMO) meeting later this month. The housing situation in Ontario is a pressing issue that requires immediate attention and action from the government.
Read also:
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Two farmers in Zambia take legal action against two firms with Chinese connections, alleging an ecological disaster caused by their operations.
- Deepening EU-India relations despite apprehensions regarding Moscow connections
- Ongoing Transition Towards Cleanliness
