This a bright red warning light’: Toronto’s housing crisis to get worse as development applications drop off

Toronto's housing crisis is worsening due to a significant decline in development applications, according to a study by Altus Group for BILD. New home construction is lagging behind population growth, with applications dropping from 2,482 in 2021 to 1,225 in 2023. The gap between housing stock and population growth is the widest in over 50 years. High construction costs and lengthy approval times contribute to the issue. To improve affordability, immediate government action is needed to accelerate approvals and reduce taxes on new home buyers.