2 w. ago
Nobody is building homes in Ontario anymore as market tumbles
Ontario is has found itself in quite the confounding real estate situation, with officials issuing urgent calls for more new housing while a record number of homes sit up for sale each month, untouched.With home sales in such a lull, developers have acutely pulled back from building in the province, especially in Toronto, while pleading for government intervention in the form of less red tape, lower taxes and a cut to sky-high development charges that have, along with low levels of market activity, stalled tens of thousands of new units.According to a new snapshot from the Canada Mortgage and Housing Corporation (CMHC), Ontario continues to pull down the residential construction stats for the rest of the country, as it has been for months while other areas see some recovery.While the level of new housing starts has risen across Canada as of August (based on the six-month moving average of the seasonally adjusted annual rate), Ontario saw a dismal development turn...
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