Ontario has lowered its new home construction projections, moving further from its goal of 1.5 million homes in 10 years. This marks the third consecutive downward revision, with 64,300 homes expected this year, below the needed pace. Construction, especially condos, has slowed, though rental building has increased. Home resales and prices are projected to decline this year but rebound next year. Land transfer tax revenue is down by $576 million. The government plans an HST rebate for first-time buyers on homes up to $1 million.