In next 10 years Ontario is expected to add a whopping 2.27M people, 1.2M in GTA, from July 2016 to June 2021, in just five years Ontario’s population grew by nearly 1M people, near 1M net new households will be formed in next 10 years and 1M new family homes need be built for such immigrant volumes

https://ift.tt/2Yq0TdH, the whole Great Vancouver’s populations are about 2.7M, in 10 years Ontario will add almost a whole Great Vancouver into its current populations. That’s crazy, isn’t it?”Ontario is expected to add a whopping 2.27 million people to its current 14.5 million residents within the next ten years alone, according to the Ministry of Finance — 1.2 million of them in the Greater Toronto Area.Government officials project that the City of Toronto proper, which currently has a population of nearly three million residents, will add roughly the same number of new residents on its own by 2046.In other words, if Ontario’s Ministry of Finance is correct in its projections, nearly four million people will be living in the 416 some 25 years down the line.Where are they all going to reside? And how will they afford to?A new research paper from the Ottawa-based Smart Prosperity Institute called Baby Needs a New Home, released this week, asserts that Ontario needs to build at least one million new homes over the next ten years to meet the demands of its rapidly-growing population.Failure to do so will push young families out of many cities and communities, further and further, until they find places that are affordable to live, similar to the exodus we’ve seen from Toronto amid the COVID-19 pandemic.”Toronto’s population grew faster [from 2016-2021] than the housing needed to accommodate that growth. Accelerated housing demand, coupled with no real change to the rate of home completions, ensured that the demand for housing exceeded the supply,” notes the report.”Not surprisingly, this led to escalating home prices (as well as rents) in the City of Toronto, but it also led to an exodus of young families out of the city of Toronto in search of housing…””The ten most common ages, on net, for people to leave Toronto and Peel, to other parts of the province are 0, 1, 2, 27, 28, 29, 30, 31, 32, and 33. That is, infant and toddler-aged children and their parents.” via /r/canadahousing https://ift.tt/3ljoHbH