Toronto’s housing crisis to get worse as development applications drop off, BILD says [Video]

Toronto’s housing crisis is on track to get “far worse” without government intervention as the region sees a “serious decline” in development applications, according to a new study commissioned by a group representing GTA developers.

According to the study, which was developed by Altus Group Economic Consulting on behalf of the Building Industry and Land Development Association (BILD), the number of new homes being built in the Greater Toronto Area is “lagging significantly behind” population growth.

The report, published Wednesday, notes that the GTA is seeing a “serious decline” in development applications, an issue that it says signals a “further deterioration of housing supply.”

According to the study, the number of applications for new projects fell to 1,225 in 2023, down from 2,187 in 2022, and 2,482 in 2021.

“The study shows that the gap between housing stock and population growth in the GTA is the widest it has been …