Ontario has been battling a housing crisis for years, and as the population continues to grow, there are not enough homes to go around.
A new report says that the province will need around one million new homes over the next year to keep up with the current rate of demand. For reference, the report suspects that around 2.3 million more people will reside in Ontario over the next ten years.
The report says that 910,000 of these perspective homes will need to be for families while 65,000 extra homes for the current supply/demand gaps and an extra 25,000 homes to provide a cushion to provide room for more population growth moving forward.
Of the main 910,000 new homes needed, the report expects that 195,000 of them will be in high-rise apartments while the rest will be spread between the other forms of housing.
Source: Smart Prosperity