Ontario’s housing market took a sharp downturn in the first quarter of 2025, even as other parts of the province’s economy showed signs of strength, according to a new report from the Financial Accountability Office (FAO).
The report, covering October 2024 through March 2025, shows that, despite gains in jobs, trade, and GDP, the housing market remains the weakest link in Ontario’s economy, and a potential drag on its long-term prospects.
The FAO’s Ontario Economic Monitor reveals that housing starts fell to just 12,700 units in Q1, a 20.2 per cent drop from the previous quarter and the lowest level recorded since late 2009.