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Experts say Ontario is the reason for Canada's housing downturn

Ontario real estate has been performing so sluggishly this year that the province is now being blamed for skewing market trends for the entire country.In a new report, experts at RBC point out how poorly the industry is faring around the GTA, especially emphasizing just how dramatically home sales — and, somewhat by extension, new home construction — have fallen in Canada's most populous region.In the aptly-titled "Canada isn't in a housing starts slump — Ontario is," published on Wednesday, the Big Five bank's economists outline the factors that have caused residential construction in and around Toronto to lag far behind almost everywhere else nationwide.RBCThe first roadblock to new units coming onto the market is the cost, which is sky-high in Ontario, and not just because of heightened price tags for lumber, labour, land and more."High development charges and heavy regulatory requireme...


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