Building hundreds of thousands of homes annually is one of Ontario's most pressing priorities, however, the construction industry has been in a slump – thanks to a perfect storm.
Two years and multiple housing laws since the Ford government promised to build 1.5 million new homes in a decade to solve the province’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.
Global’s Colin D’Mello reports.
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