‘Sales have stopped’: Ontario developers predict layoffs if cost to build doesn’t fall
A developer lobby group is renewing calls to introduce tax cuts for new projects as housing starts continue to slow, warning that if something doesn’t change, tens of thousands of jobs could be at risk.
On Monday, the Building Industry and Land Development Association released a brief calculation considering how far new home construction could fall and how many jobs could be lost if the sale of new homes remains low.
So far this year, new single-detached family homes sales are down 50 per cent in and around Toronto, while condo sales have dropped 65 per cent compared to last year.
“We are seeing sales have stopped,” President and CEO of BILD Dave Wilkes told Global News. “Without sales, you don’t have that ability to undertake new projects, to make those investments, to provide those well-paying jobs the sector is known for.”
