Ontario housing market slumps, developers warn situation will "get worse" before improving

This is a Canadian Federal government problem .. not just Ontario and Ford can't fix what needs to be fixed . That's Trudeau.

Complete failure of the Conservative government of Ontario.

Wait till Pierre gets elected 😂. Canadians are cooked.

I live in Vancouver area, most of my Chinese friends own more than 1 property, some even have 3....meanwhile i am still renting, cant win the rat race.😢

One of my Chinese friend just bought a 1.2m apartment in Burnaby, and she told me she didn't see any Caucasian in the building, i swear they building new apartments just for Chinese ppl now😂

Umm, we all have the answer to this problem maybe, just maybe, make housing affordable? I don’t care to hear how developers are struggling to gouge the population. They can get f’d.

Canada these days just lurches from one crisis to the next, while displaying a staggering lack of imagination, leadership, and entrepreneurial spirit. We’ve institutionalized mediocrity and rewarded apathy, so every problem stumps us and fuels hopelessness. Not a country we can celebrate despite politicians’ histrionics and empty gestures.

Open the Alberta Pipeline…. Gather some lumber… use our land….. WHY are home sooo expensive in Canada? Why does Canada pay 💰 me of the most in carbon taxes when we only have 33 million people and all this land and fresh air???

Lies and corruption perfectly planned to destroy the middle class. Finish the investigation on the Wuhan Lab in China.

Contractors going to be rich to fix all these garbage homes in the future

When unionized electricians and plumbers cost the company $170,000 including all the benefits, pension, wages, union costs. No wonder it's time to stop construction. Both labour and materials are way too high. Crazy

The last thing I need to hear from is developers.

The fckn wooden homes. Ridiculous. We should build our own houses. If no one purchase these houses, price will adjust.

You forgot to mention that there are no workers lining up for construction jobs😮

30k new homes, meanwhile millions more entering the country. Totally sustainable. What could possibly go wrong? Oh wait, it has.

You can tell ford never hammered a nail in his life😊

Doug is wrong. We need the prices to go down to have affordable homes.

This is the exact situation where government is supposed to come in and build houses. Economic conditions will not let profit makers build. BoC is stepping in for banks to not run out of money. Government is stepping in to offer support for overleveraged mortgage holders. why cant government invest in things that will actually bring growth?

We really need to focus on growing Canadian economy. Most people who own a house, just lock their investments into buy new houses. Ponzi scheme. If those people actually invest in growing Canadian economy, things would get better.

Add more taxes on multiple property owners, make down payment for second property at 60%. remove principal residence exemption. These extra revenues should channel through building more houses quickly/cheaply to provide a place for young Canadians who want to contribute to the economy.

When you force a young people to work two jobs and still cant afford to rent a house. How can that young person be into working and create a family. The temporary immigration patch just provides temporary relief. without a strong base and skills to grow economy. I don't see any good signs for Canada ahead.

This industry of "development" needs a good shaking up and maybe even a collapse. Hopefully, it will slow down the destruction of farmlands and small communities forced to take on these mass shoddy subdivisions without proper infrastructure, hospitals, schools, etc and that bring nothing but more crime, drugs, human trafficking, violence, homelessness and addicts. Brantford/Paris Ontario are a perfect example of the mess and degradation this industry and govt have caused, absolutely disgusting!! And now they are targeting Norfolk County, the designated official "Garden of Ontario" - NO FARMS, NO FOOD, go be somewhere else!

Building houses is their business and make big money but people can’t afford anything over half a million dollars. Who are they building the mansions for. ?Government should stop giving permits for larger than 2000 square feet homes .

Doug will take care of everything folks!

After 9 years of Trudeau, more people than ever can’t afford home.

Why does it not surprise me liberal owned media blames Ford. You know who butters your bread.

Greed... God's punishment is coming!

Who cares Ontario 480 billion in debt only name me one job Ford made with open for business, taxed, carbon, property, capital gains tax etc. open is closed.

Becoming funniest country in the world!!!! Already been funny but nobody has penny in the pocket

The housing crisis has very little to do with supply, demand, or the current BoC rate. It has everything to do with 20yrs of monetary devaluation.

Let supply and demand do its work.

We need cheaper homes, the government needs to balance the budget. We have too much crime and war.

The mess and corruption..
missing.low income homes''''.....

Sure build more houses with an average price tag of $1.2 million in the GTA, who can afford this?????

"We wanna build more homes..." because we can make a F'K of a LOT of MONEY off naieve buyers!!!

It's worse in BC where investors are unloading real estate due to taxes and incredibly restrictive rental laws. I've never seen a spring market so slow. Aside from investors, many hope to downsize before the principal residency tax drops as most homes here are over $1 million.

Everyone keep saying GTA housing is expensive. Yet they still prefer to stick around. Because after all the expenses, they are still better off here in GTA that no other place can offer. Otherwise they will leave long time back, yet here they are hoping one day they can own. That is the demand, everyone prefer to pay most they can just to stay ( rent or own). Where can you go? Just stay and pay.

2012 prices is what the fundamental reality is for GTA. Anything more than that is a bubble.

Rent is just to damn high.

Make canada affordable again.

Homes are not worth 1 million. It's 200k of materials and maybe 350 in labour. Get to work

Working as a draftsperson in BC, work in residential dried up for me around aug/sept, simply dried up, not many people wanting to build. I got a job working in industrial design, and while less glamourous, in a lot of ways its a lot better, I make more money, for simpler designs, less drama, less headaches. We have introduced the step code (energy efficienct) into residential housing starts, and simply put another headache, another cost, and a lot of builders designers do not know what there doing, in order to build energy efficient homes. All housing designs need an energy advisor to do an audit on all new builds, and if not "Energy Efficient" enough you can't get a permit. Sad part is, a simple way to build an energy effiecnt home, is to keep it simple. Square or rectangular design, less windows, but better quality, simpler roof designs, etc. etc. Just think of houses in scandanavia or germany...Instead we get energy advisors who use a software call Hot 2000, that does the energy rating for the house. The name alone sounds like something a high school kid designed, and the software itself, looks like something a high school kid designed...Ah just more headaches with diminishing returns...

This is what happens when immigration outpaces construction builds.

Let's see costs. Buy land 120k. Cut trees 8.6k survey 4.7k. Culvert and gravel for access 6k. Still need engineered plans 10k. Energy enginer 8k. Blower test 3k. Engineered nail pattern 8k. Then permits hook up fees ect another 20k. So far haven't done any foundation work or building and people go broke. Costs are way to high banks loan out way to much driving costs sky high. Basicly it's a rigged system to keep prices up so people buy more homes as investments and driving rents up and people have simply stopped paying it. The costs need to drop or incomes have to shoot up way more. So thr costs are 188.3k+330k for a 500 sqft pre-made home. Want bigger say 1500 it's 550k for the shell that's insane priceing

Finally, some good news. House prices are coming down to reality. It’s about time!

Greedy developers can only blame themselves. The market is finally correcting itself.

Hello India......we need another 4 million people.

I thought trudeau said he was gonna get housing construction to go up...

Why was it expensive in the first place? Recall those bills that were printed and gave away for loans. Time to buy them back yet?

Developers want dumb money! Housing should have never been this inflated but the money was too good to stop it. The ones that benefited for so many years are now stuck on what to do. It's simple stop what were you doing by using real estate to exploit people and use it like a stock market

the push for condo by transit was really for investors. Shame on the governement for pushing boxes. NO ONE GROWS A FAMILY IN A CONDO. SO i hope the developers lose and lose big.

The developers are refusing to build.. it is gross

The socialists dont want house and car ownership, fight for you car and house. That is freedom

Let me guess: these houses will end up being bought by major investment banks or foreign investors and used for renting only. Homeownership for ordinary people? Just a dream.

Just increase the interest rate back to 25% so people who cannot afford homes can earn some GIC interest.