Two years and multiple housing laws since the Ford government promised to build 1.5 million new homes in a decade to solve Ontario’s housing crisis, key indicators suggest home construction is grinding to a trickle.
The number of housing starts in the first half of 2024 has lagged behind the previous year, while June saw a 44-per cent drop year-on-year. At the same time, new home sales — which can predict future home construction — are also falling.
Data from the Canadian Mortgage and Housing Corporation (CMHC) shows that, between January and June, 36,371 new homes were started in areas of Ontario with more than 10,000 residents. Those figures were a 14-per cent decrease from the previous year.
Last month, the CMHC reported particularly dire figures. In June 2023, 10,114 new homes were started in Ontario, while this year that plummeted to 5,681.
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