Ontario's Housing Market is Giving Major 🚩🚩🚩
Ontario, not Canada, is in a home construction crisis: RBC. Okay, so Canada's building houses like a Minecraft pro, but Ontario's straight-up lagging. Prices are sky-high, investors are dipping, and tbh, it's looking like a whole crisis. If they don't get their act together, we're gonna be cooked by
TL:DR
Okay, so Canada's building houses like a Minecraft pro, but Ontario's straight-up lagging. Prices are sky-high, investors are dipping, and tbh, it's looking like a whole crisis. If they don't get their act together, we're gonna be cooked by 2026, no cap.
The Deets
So, listen up, fam. Canada's out here flexin' with over a million houses built in the last four years. Places like Alberta and Atlantic Canada are straight-up vibin' with construction booming. But Ontario? Big yikes. 😬
Ontario's housing starts are hitting decade-low levels, especially in the GTA. While Canada's popping off with 250,000+ new homes annually (way above pre-pandemic levels), Ontario's doing the opposite. The government wants 1.5 million new homes in 10 years, but at this rate? It's not gonna happen, bestie.
Why the struggle bus? Well, land, labor, and materials cost a fortune. Plus, those municipal development charges? Astronomical! It's like they're gatekeeping the housing market. 😤
And get this: there's a whole stash of existing homes just sitting there, selling for less than new builds. So, nobody's hyped for the new stuff. Even investors are pulling out of pre-construction condos in the GTA. Deadass, investor appetite has nosedived.
Municipalities are handing out building permits, but builders ain't starting projects 'cause of the dough. This could seriously mess with the housing supply by 2026. We're talking a potential "construction cliff," which would make the housing crisis even worse. No one wants to be paying a month's salary for rent, right? Housing affordability? Down bad.
More than 93,000 units are under construction in the GTA, but that's still 11% lower than the record, so it's a big 📉. Ontario needs to get it together ASAP if they wanna close that housing supply gap. It's giving major stress.
Abbreviations Glossary
| Abbreviation | Full Form |
|---|---|
| 🚩🚩🚩 | Red flags, major problems or warning signs. |
| No cap | For real, not lying. |
| Flexin' | Showing off, boasting. |
| Vibin' | Doing well, things are good. |
| Big yikes | Expression of embarrassment or awkwardness. |
| GTA | Greater Toronto Area. |
| Bestie | Friend. |
| Struggle bus | Experiencing difficulties. |
| Dough | Money. |
| Gatekeeping | Controlling access to something. |
| Deadass | Seriously, honestly. |
| Down bad | In a bad situation, struggling. |
| 📉 | Decline, decrease. |
| Giving major stress | Causing a lot of anxiety. |