This article was written and submitted by Marlon Bray, Senior Director, Development Advisory - Altus Group.In the ever-dynamic realm of new construction housing, the market swings like a pendulum between desolation and hope. Currently, amidst a housing crisis gripping the GTA and beyond, the landsca...
Marlon Bray , Senior Director at Altus Group, delves into the current state of the residential construction market in the GTA and Greater Golden Horseshoe, and what's to come in the future.
Despite these nuances, high-density land transactions have nosedived by 68% year-over-year, painting a bleak picture for future developments. Extrapolating these figures paints an "unmitigated disaster" scenario unless there's a significant turnaround.Have we hit rock bottom yet? It seems we're nearing it, especially with the recent drop in interest rates offering a faint light at the end of a rather gloomy tunnel.
Building permits for residential units tell a similar story, plummeting from a robust $8B in Q2 2021 to a mere $3.5B in Q1 2024 , signifying a massive downturn for Ontario. Amidst layoffs and idle labourers, materials costs have stabilized post-COVID, settling between being above pre-pandemic levels but below the volatile peaks of 2021 and 2022.
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