cross-posted from: https://lemmy.ca/post/1242025
Home prices in Ontario have reached a point where they are pulling money out of other sectors of the economy and creating more challenges for business, warns a new report from the Ontario Chamber of Commerce.
As Ontarians spend more on housing, the report says, they have less money for other goods and services. The situation has resulted in “wide-ranging” implications for business in the province.
From the report:
"There are currently more than 1.25 million potential homes in Ontario’s municipal development pipeline, slightly the Province’s target of building 1.5 million homes by 2031. However, the CMHC estimates an additional 1.85 million units (2022) would be needed in Ontario beyond what is already being built or in the pipeline to restore housing affordability."