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Ontario cuts 2025 home construction forecast to 64,300 units amid rising costs and tariffs.
Ontario has revised its 2025 home construction forecast down to 64,300 units, well below the 1.5 million goal over a decade, now labeled "soft."
The slowdown is driven by tariff uncertainty, rising material costs, and reduced condo building, though purpose-built rentals have partially offset the decline.
Home resales are expected to drop 8% in 2025 before rebounding, with prices falling 3.3% this year and rising 2.8% next.
The province faces a $576 million shortfall in land transfer tax revenue.
An HST rebate for first-time buyers on homes up to $1 million will cost $35 million in 2025, rising to $190 million and $245 million in the following years, but critics say it won’t help many in high-cost areas.
Ontario reduce la previsión de construcción de viviendas para 2025 a 64,300 unidades en medio del aumento de costos y tarifas.