Tackling Ontario’s Housing Affordability Crisis
The housing affordability crisis is significantly impacting the ability of businesses to attract and retain talent, exacerbating challenges associated with ongoing labour shortages, an aging workforce, and the housing crisis itself, as the labor needed to build more housing is increasingly priced out of communities across the province.
The OCC’s most recent annual Business Confidence Survey found that most organizations in Ontario continue to report labor shortages in their respective industries (68%), with heightened job vacancies in the construction sector. Compounding these shortages is the record pace of net interprovincial migration losses, partly driven by poor housing affordability.
