Toronto is currently missing out on crucial population targets which are leading to a huge shortage of homes. Between now and 2041 – there could be 7,200 less homes built each year due to these missed targets.
This report indicates that as many as 165,600 homes would not be built, and the loss would be equal to $1.95 billion in GDP from residential construction: http://rccao.com/research/files/RCCAO_LPAT_REPORT_2018.pdf
Areas of concern are that only 15% of GTHA households occupy medium-density housing, causing an inadequate supply of housing variety. Municipalities can better optimize infrastructure by ensuring that community growth planning is based on a long-term and strategic analysis of future housing requirements.
Toronto’s number of annual starts is 5-15% higher than required to hit targets, but lack of land availability means the city’s supply will be geared toward taller buildings. York Region is the area in the GTHA with current annual starts on pace to meet its future target population. In areas with over 80,000 people, Oshawa, Brampton & Newmarket have the lowest share of higher-density starts.
For more info on this subject – visit: http://torontostoreys.com/2018/12/toronto-home-shortage-2041/