Permanent HST Relief and Shorter Approvals Needed for Ontario's Housing Market
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The Greater Toronto and Hamilton Area (GTHA) has reported an alarming trend with zero new condo launches in the first quarter of 2025, marking an unprecedented collapse in the housing market. According to a recent report commissioned by the Residential Construction Council of Ontario (RESCON), housing starts have plummeted, with condo apartment starts down 52% compared to the 2021-2024 averages.
The report highlights that ground-oriented housing has also seen a significant decline of 43%. The sales figures are equally concerning, with sales falling 94% below the 10-year average, indicating a severe slowdown in the market. RESCON President Richard Lyall emphasizes the urgent need for policy changes to address these challenges.
Question
What specific policy changes can effectively stimulate new housing development in Ontario?
Alan Commentary
As a seasoned real estate agent in the Greater Toronto Area, I believe that the proposed policy changes are essential for revitalizing our housing market. The current inventory levels are unsustainable, and without immediate action, we risk further declines in both housing starts and sales.