Ontario has experienced a decade’s worth of population growth in just three years, adding 1.2 million people. However, the province’s housing construction has not kept pace, with only 37,245 housing starts in the last six months, a decrease of over 6,000 from the same period in 2023. Most of these new homes are one-bedroom or studio apartments, which must be improved to meet the growing demand. This mismatch has led to historically low vacancy rates and soaring rents exceeding $2,000 for a one-bedroom apartment in the Greater Toronto Area, exacerbating the housing crisis.
