Ontario Targets 175,000 New Homes Per Year

Ontario's goal to build 1.5 million homes by 2031 is unrealistic, with annual housing starts declining from 92,000 in 2022 to 74,000 in 2024. The province raised its target to 175,000 starts per year but is projected to fall short by 600,000 homes. To address the housing shortage, efforts include incentivizing municipalities, supporting infrastructure, deferring development charges, fast-tracking approvals, and boosting mayoral powers. However, the crisis is complex and long-term, urging buyers to act now before prices rise further.