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Toronto Home Sales Plunge 50%, 70,000 Jobs at Risk

6/24/2025

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Summary

Story summary

In Canada, the Building Industry and Land Development Association is sounding the alarm as single-family home sales in Toronto plummet by 50%. They warn that without urgent tax cuts for new housing projects, a staggering 70,000 construction jobs are at risk. The association advocates for waiving the harmonized sales tax on new developments to reignite the market.

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Story summary

In Canada, the Building Industry and Land Development Association is sounding the alarm as single-family home sales in Toronto plummet by 50%. They warn that without urgent tax cuts for new housing projects, a staggering 70,000 construction jobs are at risk. The association advocates for waiving the harmonized sales tax on new developments to reignite the market.