Page 16 - LBMAO - Jul-Aug 2023 REPORTER - web optimized

Housing Market CRISIS

in Ontario

he storm clouds are forming in the The federal government has been very growth in our population has not been
Thousing market in Ontario. The big active in bringing immigrants to Canada. In matched with an increase in housing starts.
question is whether this will be a short June our population increased to over 40 New home construction starts in 2022
period of bad weather that will help plant million people. The government aims to were 92,509 new units. A slight increase
the seeds for the next period of growth or welcome 360,000 to 475,000 new people from 92,284 units in 2021 but no where
are we coming up on a hurricane that will to Canada in each 2023 and 2024. This near enough new home to house the new
decimate families and have a serious effect is in addition to the 437,180 immigrants 437,000 new residents to this province.
on our long-term financial health. and 607,782 non-permanent residents Another factor that has created a
(students from other countries, etc.) who housing crisis in Ontario is the rapid
The Causes arrived in 2022. That is a total of over increase in mortgage rates. A 5-year
Several factors have come together to 1 million new people in Canada just in mortgage rate has increased from 2.38
create a housing crisis in Ontario that will 2022. These people all need some place percent in December 2021 to 5.06 percent
influence our businesses, our staff, and our to live. Ontario was the destination of 42.3 in December 2022. Many homeowners have
families. percent of those new to Canada. This rapid variable rate mortgages, and the interest

16 LBMAO Reporter - July-August 2023 www.lbmao.on.ca