Housing starts in the Greater Toronto Area and Greater Golden Horseshoe dropped 34% in early 2025, with condo starts plunging 51%, while purpose-built rental starts rose 42%. Residential construction job losses are mounting, with 35,377 fewer person-years of employment. High taxes, making up 36% of new home costs, are a major factor. The struggling market risks worsening, impacting Ontario’s economy and housing affordability.
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