New home construction in Ontario has slowed to a pace not seen since 2018, putting Premier Doug Ford's government further off track from hitting its housing ...
Construction began on 5,589 homes in Ontario last month, fewer than in any April since 2018. Multi-unit residential projects accounted for the bulk of the decline in housing starts .
"It's sometimes forgotten that the developers are also having to arrange financing for these large-scale projects," said Scott Andison, chief executive officer of the Ontario Home Builders' Association.Higher interest rates have curtailed some of the optimism that developers were feeling during the housing construction boom in 2021 and 2022, said Andison.
Construction in the first quarter puts Ontario's urban areas on pace for just 77,920 housing starts in 2024, CMHC. That would be a 15 per cent drop from 2023 and the lowest annual total since 2020, when the pandemic began.Ontario saw 4,587 starts in April for non-detached homes , down 41 per cent from the same month in 2023, according to the CMHC numbers.
Still, that does not mean the single-family home construction sector is healthy. In the first quarter of the year, non-multi-unit housing starts in Ontario totalled fewer than 5,000, and it's only the third time that has happened this century, The slump has got developers and some economists urging the government to take steps to bring down the costs of new construction.
Ontario's drop-in housing starts last month compared with April of 2023 was largely driven by a 38 per cent decline in Toronto and the GTA, which typically accounts for more than half of new home construction in the province. A report from the Canadian Federation of Independent Business shows St. John's has the highest permit fees of Atlantic Canada's major cities, costing businesses nearly $2,700. The Canadian Federation of Independent Business says St. John's has the highest downtown patio permit cost of any major city in Atlantic Canada, and says fees need to be lowered to help businesses prosper.
Interest Rates Ontario CMHC Southern Ontario Canada Mortgage And Housing Corporation Construction Scott Andison Housing Minister Paul Calandra
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