Toronto’s housing market is in free fall — new condo sales have plunged 97% since 2021, costing governments $6.6 billion in lost tax revenue every year. In this episode, Sabrina Maddeaux and Mike Moffatt break down shocking new data on record-low home sales, how this impacts construction jobs, and why the crisis could get worse before it gets better. They explain how cutting taxes like the GST could revive housing starts without sacrificing affordability, and debate whether foreign buyers and international students should play a role in the market recovery. Don’t miss this deep dive into the numbers and policy ideas that could reshape Canada’s housing future.
Chapters
00:00 Introduction
01:39 Understanding the GTA housing market crash
02:28 Video Link - Where Did All the Jobs Go?
03:01 Governments could lose $6.6 Billion
06:20 Bad housing starts numbers explained
08:42 Contraction in the construction industry means 41000 jobs lost
10:40 How cutting the GST on new homes makes sense
14:00 We need high home construction and affordability
15:09 Foreign Investment and housing supply
16:40 Conclusion and future considerations
Research:
Toronto’s Housing Collapse Will Cost Governments $6.6 Billion a Year
Where DID All the Jobs Go? The Mystery of Rising Unemployment
Altus group reports:
Toronto New Home Sales Fall To Record Low, Just 42 Condos Sold In The City
How Vaughan is Cutting Housing Costs | The Agenda
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.
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