Ontario housing starts at lowest level since 2009, financial watchdog says

Ontario’s financial accountability officer says in a report today that the province’s housing starts for the first quarter of this year were at the lowest levels since 2009.

The FAO’s economic monitor report says the latest economic indicators are largely positive, with employment, retail and wholesale trade, manufacturing sales and exports all seeing gains, but there is “significant weakness” in the housing sector.

In the first quarter of 2025, construction started on 12,700 housing units, which financial accountability officer Jeffrey Novak says is the lowest level since 2009.

That’s down 20 per cent from the first quarter of 2024, a year that also saw relatively low levels of housing starts.

The government set a goal of getting 1.5 million new homes built over 10 years, by 2031, but the province is not currently on track to meet that target.

A spokesperson for Housing Minister Rob Flack says while Ontario has made progress in building new homes, it faces challenges beyond the province’s control, including global economic uncertainties and supply chain disruptions.

Source: Global News