GTA builders warn of 41,000 job losses as Toronto housing starts hit lowest level since 1996
AI Article Summary
Builders' associations in the Greater Toronto Area are warning of significant job losses, with 41,000 positions at risk, in the residential construction sector. This warning follows reports of the lowest annual housing starts in Toronto since 1996, driven by a decline in condominium sales. Richard Lyall, president of a builders' association, expressed concerns about a difficult market for high-rise developments expected between 2026 and 2028.
What This Means for Canadian Contractors
For Canadian builders, this means increased uncertainty around residential construction timelines in Toronto, potentially affecting funding and resource allocation. With the decline in housing starts, builders may need to explore alternative project types or new markets to diversify their portfolio and mitigate risks. Additionally, prefabrication and innovative construction methods may be increasingly important to manage costs and timelines effectively.
