Toronto's Housing Dream: A Bold Call to Action for Regulatory Reform

Let's be honest: for far too many in the Greater Toronto Area, the dream of owning a home, or even finding truly affordable rent, feels increasingly out of reach. It's a crisis that touches lives, impacts businesses, and threatens the very fabric of our communities. And now, the Toronto Region Board of Trade is stepping forward with a truly urgent plea, demanding sweeping changes to the regulatory landscape to inject some much-needed life—and bricks and mortar—into Ontario's struggling housing market.

You see, the provincial government set an ambitious goal back in 2022: 1.5 million new homes by 2031. A laudable target, absolutely. But here's the kicker: based on current budget forecasts, Ontario is projected to fall short by a staggering 550,000 homes by 2029. That's a massive gap, a chasm, really, and it paints a rather grim picture for the years to come. Giles Gherson, the President and CEO of the Toronto Region Board of Trade, didn't mince words, flatly declaring that even if housing production ramps up, this 2031 target remains, quite simply, "unachievable" under the present conditions. It’s a sobering thought, isn't it?

So, what's the solution, according to the Board of Trade? They're zeroing in on a critical area: outdated regulations. Their recommendations are pretty clear-cut, urging the province to amend both zoning and building code rules. One major proposal is for a provincial zoning code, which would streamline things for municipalities. Think about it: a more uniform approach could cut through much of the red tape that currently snarls development, making it easier and faster to get homes built.

To illustrate their point, they often point to places like Edmonton. That city, it seems, has managed to foster significant housing growth partly thanks to its more flexible, permissive zoning and fewer complex zoning codes. It's a powerful example, showing that when you remove some of those intricate bureaucratic hurdles, development can indeed flourish. We need to ask ourselves, could Toronto benefit from a similar shift in mindset?

Beyond zoning, the Board of Trade is also advocating for some key adjustments to building codes. For instance, they suggest allowing single-stair buildings up to six storeys high, and even making provisions for slightly smaller elevators. These might sound like minor technical details, but in the world of construction, they can translate into significant cost savings and faster build times, particularly for mid-rise developments that often fit well into existing urban neighbourhoods. Every little bit helps when you're trying to tackle a crisis of this magnitude, right?

It’s worth remembering just how much Toronto’s housing market has shifted. Between 2006 and 2025, the composite price of Toronto-area homes skyrocketed by about 187%. Compare that to cumulative inflation over the same period, which was roughly 51%. The numbers tell a story of an market that has simply outpaced wage growth and affordability for most. While we've seen some fluctuations, with the average selling price in the Greater Toronto Area hitting $993,410 in August (down 2.7% year-over-year), and the composite benchmark price also declining by 4.5% year-over-year in the same month, let's be real: nearly a million dollars for an average home is still a monumental barrier for many families.

The message from the Toronto Region Board of Trade is unmistakable: if we genuinely want to meet our housing targets and, more importantly, create a Toronto where everyone can find a place to call home, we simply cannot continue with business as usual. It's time for the province to embrace bold regulatory reforms that will pave the way for real, tangible growth in our housing supply. The future of our city, and indeed the entire province, truly depends on it.