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Ontario housing starts at lowest level since 2009, financial watchdog says
- Ontario's Financial Accountability Officer reported that construction began on 12,700 new housing units during the first three months of 2025, marking the lowest level of new homebuilding in the province since 2009.
- This decline follows a 20 percent drop compared to the first quarter of 2024 amid ongoing challenges such as high construction costs, supply chain disruptions, and global economic uncertainties.
- Despite a broadly positive economic outlook with gains in employment, manufacturing sales, and exports, the housing sector showed "significant weakness" and resale prices fell to an average of $834,900, the lowest since 2021.
- The Financial Accountability Officer Jeffrey Novak stated that housing starts’ first quarter numbers are the lowest in 15 years, and the government’s goal to build 1.5 million new homes by 2031 is currently off track.
- These trends suggest that housing affordability challenges persist in Ontario, with weaker sales and delays in construction potentially impeding progress toward meeting the province’s long-term housing targets.
23 Articles
23 Articles
Winnipeg Free Press
Ontario housing starts at lowest level since 2009, financial watchdog says
Breaking News, Sports, Manitoba, Canada
Ontario housing starts at lowest level since 2009, financial watchdog says - Ontario Construction News
Allison Jones, Canadian Press Ontario’s housing starts for the first quarter of this year were at the lowest levels since 2009, the province’s financial accountability officer said in a report Wednesday. The FAO’s economic monitor report said the latest economic indicators are largely positive, with employment, retail and wholesale trade, manufacturing sales and exports […] The post Ontario housing starts at lowest level since 2009, financial wa…
Ontario housing starts at lowest level since 2009, financial watchdog says #Canada #CDNNews #OntNews #CDN #Ontario
Ontario’s housing starts for the first quarter of this year were at the lowest levels since 2009, the province’s financial accountability officer said in a report Wednesday. The FAO’s economic monitor report said the latest economic indicators are largely positive, with employment, retail and wholesale trade, manufacturing sales and exports all seeing gains, but there is “significant weakness” in the housing sector. In the first quarter of 2025,…
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