The deficit of rental housing in the Greater Toronto Area is poised to double to 177,000 units over the next decade amid “record high immigration” and declining home ownership rates, a new report warns.
, released on Thursday by the Building Industry and Land Development Association and the Federation of Rental-housing Providers of Ontario, suggests that the number of renter households in the GTA will rise by 58 per cent over the next decade to 312,000.
“There was a surge in purpose-built rental starts in the region in 2018, but that appears to be stalling out,” BILD President and CEO Dave Wilkes said in aaccompanying the report. “Purpose-built rentals represent a vital segment of the GTA and Ontario’s housing stock. They are dedicated rental housing and provide security of tenure. Unfortunately, we are just not seeing purpose-built rentals being built at the scale that is required.
During that same time period only 14,853 new units of purpose-built rental housing came to the market. “In order to tackle our housing crisis, we need to build much more purpose-built rental housing, faster,” Tony Irwin, the President and CEO of FRPO, said in the press release. “The majority of Ontario’s purpose-built rental housing stock was built before 1980, so new units are essential to provide more choice and take the pressure off aging units.
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