Ontario Slash Housing Targets, Prioritize Affordability

0:00Ontario has slashed its housing star forecasts again in the latest provincial budget. Officials now predict just 64,800 new homes will break ground this year. That puts them even further from the 1,500,000 home target set for the next 10 years ending in 2031. This year's number drops 10,000 from last year's budget estimate and 30,000 below earlier 2024 plans. Back in 2022, the math call for 175,000 annual starts to hit the goal. But leaders say market conditions have shifted dramatically since then. Ministers are dialing back emphasis on the big number, prioritizing affordability instead. Finance and housing officials stress practical steps over rigid targets amidst sluggish construction. The budget rolls out a short-term expansion of the HST rebate on new builds, hoping to spark 8,000 more units. Members welcome it, while the province works with Ottawa to ease municipal development charges that cover roads, sewers, and water lines.

1:03Opposition voices call the efforts insufficient against rising rents, tough buying markets, and growing homelessness. With inflation, labor gaps, and high-cost lingering, Ontario's housing push faces steep ongoing hurdles. From your city, powered by AI, this is Toronto News Today. I'm Corey with The Story.