Just The Facts: Housing Hits a Wall
OTTAWA, ON – After the lost Liberal decade, the dream of homeownership is even further out of reach in our largest housing market. This was confirmed today by BILD GTA, which found Toronto’s pre-construction home sales have collapsed and warned of a dire housing shortage within 2 years.
Last month, sales of pre-construction homes were 89 percent below the 10-year average and decreased 72 percent from April 2024. This marks the seventh consecutive month of record-low sales of new homes across the GTA.
Condos saw the biggest drop, with sales declining 80 percent since April 2024 and collapsing 94 percent compared to the 10-year average. Sales of new single-family homes also dropped, with a 66 percent decline from April of last year and a 77 percent decrease from the 10-year average.
It’s expected to get worse, with BILD GTA saying that “the new housing industry is decelerating quickly, and a massive supply deficit in the 2027 to 2029 period is taking shape.” They also confirmed the Liberals’ GST cut for first-time homebuyers “will not substantially help address affordability, nor will it help significantly stimulate sales and construction.”
Meanwhile, existing homeowners are also struggling with the rising costs of housing and groceries. According to Equifax, homeowners experienced a 6.5 percent increase in delinquency as 90+ day mortgage delinquencies increased 71.5 percent in Ontario, and 33.3 percent in BC since the first quarter of 2024.
They aren’t alone, as 1.4 million Canadians were unable to make a credit payment in the first quarter of 2025. Canadians without mortgages saw delinquency rates rise 8.9 percent year-over-year, with non-mortgage delinquencies being most severe in Ontario (up 24 percent), Alberta (up 15.9 percent) and Quebec (up 13.9 percent).
Rising costs and squeezed paycheques have hit youth especially hard, as Canadians 25 and under experienced a 15.1 percent increase in missed payments. 90+ day delinquency rates for just credit cards saw a 21.7 percent spike among those under 26 years old, year-over-year.
Canadians want action that will build homes you can afford and create good-paying jobs that deliver powerful paycheques. Conservatives will continue to support a real plan that will lower taxes to make life more affordable and restore the dream of homeownership.