"We're asking them to provide land, provide financial support, so we could accelerate," said Chow. Toronto Mayor Olivia Chow says the city set a target to approve 40,000 new affordable rental homes by 2030, and that a new report coming to council in the next few weeks is suggesting that be increased by some 20,000 units.Īs part of that effort, she says the city has already committed $8 billion over the next decade that will go toward things like using government-owned land, speeding up development processes and consolidating city departments.īut she says the city needs more funding from both the province and the federal government, citing a gap of billions of dollars between what Toronto has requested and what both governments committed. With those problems serving as a backdrop for their terms, three mayors weighed in on their top priorities when it comes to housing. Construction labour crunch leaves Canada in need of boosting ranks of home builders.But the province faces a generational labour shortage they're going to start to look elsewhere," said Mercer. "If people don't feel comfortable with their ability to move to Canada and specifically the GTA. If it doesn't, the health of the local, provincial and even national economy is at stake, he said. That means not only is the province behind on housing supply, it needs to overcompensate for the influx of newcomers expected to arrive. ![]() Of the most pressing factors are high lending rates that hit in a short period of time and the rate of construction not keeping up with population growth over the past two decades, said Mercer. ![]() Toronto Regional Real Estate Board chief market analyst Jason Mercer says multiple factors have contributed to today's tight housing market, particularly in the GTA. The event, organized by the Residential Construction Council of Ontario, is the third by the residential builders association since the event's launch last year to help tackle the province's housing crunch. Key players in Ontario and the Greater Toronto Area's housing sector, along with municipal leaders, gathered virtually Thursday to highlight the problems perpetuating the housing crisis and to discuss possible solutions.
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