In 10 years, we’ll see GTA population going up by 1.2 million

Today, Toronto has a lot of issues with horrible traffic congestion, overcrowded public transit and a lack of affordable housing. However, it could become even worse, as specialists expect these issues to intensify – and not only in case of Toronto, but across the entire province, as well. The reason is sharply growing Ontario population.

According to the Ministry of Finance, Ontario will add 2.27 million people to its current 14.5 million residents during the next 10 years, with 1.2 million of them focused in the GTA.

Moreover, Government officials expect the City of Toronto, which currently has a population of almost 3 million residents, to add approximately the same number of new residents by 2046.

It means that in case these calculations are right, we’ll see almost four million residents in the 416 in 25 years.

Where will they live and how will they afford it?

A new report by Ottawa-based Smart Prosperity Institute called Baby Needs a New Home points that the province has to build at least one million new real estate units during the next 10 years in order to meet the demand of a sharply growing population.

In case it doesn’t, young families will be forced to leave many cities and communities, moving further in search of affordable homes.

“From 2016 to 2021, Toronto’s population grew faster than the housing necessary to absorb that increase. Growing housing demand, combined with unchanged pace of home completions, led to the demand for housing exceeded the supply,” – the report says.

“As a result, we’ve seen sharp housing prices growth in the City of Toronto, and an exodus of young families out of the city looking for affordable units”.

“Ontario’s population rose by almost one million people during the period from July 1, 2016 to June 30, 2021, following an increase by about 600,000 residents over the previous five years. It increased the housing demand drastically, while the pace of new homes completion remained almost unchanged,” – the report noted.

“The number of real estate units built in the province will depend on the decisions made on all levels of governments in the coming years,” – the report adds.

“In case Ontario succeeds to balance supply and demand with the help of a complex planning system requiring municipal governments to introduce Official Plans, the provincial economy and residents of Ontario will benefit greatly as the quality of life improves and housing becomes more affordable and sustainable.”