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Toronto homebuilding is lagging behind other cities: report

“In Ontario, we really haven’t seen much in the way of sort of positive housing reforms,” said housing expert Mike Moffatt. “We often think of interest rates as a key role in the housing slowdown…, but interest rates aren’t any different in Vancouver than they are in Toronto.”

Published Mar 27, 2024 at 7:47pm

Davis Legree
By
Davis Legree
Toronto homebuilding is lagging behind other cities: report
A new condo development is constructed in Toronto, Friday, Feb. 23, 2023. (Chris Young/The Canadian Press)

Housing construction in Toronto is lagging behind other major Canadian cities, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).

Toronto saw a five per cent increase in housing starts last year compared to 2022, but that was outpaced by cities like Vancouver (28 per cent) and Calgary (13 per cent), both of which saw more significant upticks.

For housing expert Mike Moffatt, the year-over-year data is somewhat skewered by how good Toronto’s numbers were in 2022, but he emphasized that continued inaction from the provincial government will cause Ontario’s capital to fall further behind other metropolitan areas.

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