A housing development on the northern edge of London, Ont., is shown Monday. Despite the homebuilding growth in the province, the Smart Prosperity Institute says in a new report that Ontario will likely never meet its target of adding 1.5 million homes by 2031.
During the housing crisis, there have been sharp increases in rents and real estate prices, and an increased rate of homelessness in the province.
The think-tank’s report, looking at whether Ontario’s house-building goal is not only accurate but also attainable, is entitled “Ontario’s need for 1.5 million more homes.” It was published Tuesday by the Smart Prosperity Institute at the University of Ottawa.
The report says Ontario is already grappling with a shortage of about 500,000 homes and needs another one million to satisfy forecasted demand created by a growing population by 2031 — a goal Ontario is unlikely to reach.
“I would say, unfortunately no,” said Mike Moffatt, an economist with the Smart Prosperity Institute and the paper’s lead researcher. “There are so many bottlenecks that we need to address in the next five to 10 years.”
