A recent report reveals a concerning downturn in the Greater Toronto Area’s new home market, with sales hitting a 45-year low. The Building Industry and Land Development Association (BILD) warns of dire economic consequences, potentially impacting up to 100,000 jobs in Ontario. Factors contributing to this slump include lingering geopolitical concerns, elevated prices, and the Bank of Canada’s pause on interest rate cuts. While some experts see this as a necessary correction after the pandemic boom, industry leaders are calling for urgent action to address affordability challenges. Discover the full story and the potential impact on the GTA’s future housing supply. For more details, read the original article on thestar.com.
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