There is now an emerging consensus on how to solve the problem; lowering government fees and taxes, attracting capital of all types to support residential construction, and expediting approvals. Governments at all levels, stakeholders, media, government agencies, and the industry itself now recognize the solution. Taxes must be reduced, land must be made available, a capital-friendly environment created, and red tape cut to allow the industry to do its job and build the homes residents of the GTA need.

However, the ability to create change is now caught among competing priorities, primarily fiscal in nature, and to a lesser extent in philosophical beliefs about what road defines the solution. As we look ahead to 2026, we must all work in partnership (the housing industry, interested stakeholders, governments) to seek out the solutions that will work not just in lower cost jurisdictions in the rest of Canada, but right here in the GTA where the need is the greatest. 

The roadmap is very clear:

• Update the GST rebate to cover the first $1 million of the purchase price and apply it to all new homes and those substantially renovated existing dwellings. The current first-time buyer focused GST exception is too narrow and will benefit very few prospective buyers in the GTA. In fact, Canada’s own Parliamentary Budget Officer estimates that nationally only 12,000 buyers will benefit – this is generationally and geographically unfair and falls short of the relief required.
• We must substantially reduce development charges and other new housing charges through structural changes to ensure only those costs directly related to growth are the responsibility of new homeowners. The inflationary impacts of these fees on housing must be brought under control.
• We need to develop a collective sense of urgency around building new homes. Municipalities must speed approvals, residents must understand the collective need and negative impacts of slowing development, both socially and economically, and the industry must get shovels in the ground and ensure their products meet the evolving needs of residents.
• RBC estimates that a trillion dollars of capital is required to meet Canada’s housing requirements over the next decade. We must all ensure that in the global competition for capital, Canada’s policies and programs embrace and welcome capital of all forms, including adjusting foreign buyers’ requirements to align with similar countries like Australia and New Zealand.