CETANA PROOF - Flipbook - Page 14
State of the Market:
Property development in Ontario
Ontario is one of the most populous and economically
significant provinces in Canada, and as such, the property
development industry in the province is a major contributor
to its economic growth. According to PwC’s 2023 outlook
report, key trends in the real estate industry for 2023 include
rising challenges around costs and capital availability, a growing
urgency around sustainability and ESG initiatives, and the need
to find meaningful solutions to Canada’s housing affordability
crisis.
While the industry is experiencing a period of sustained
demand for both housing and commercial real estate, driven
by population growth and economic expansion, property
developers face significant challenges, including supply chain
disruptions, labour shortages and increased competition. Amid
a series of interest rate increases that were sharper and faster
than expected, inflation at levels Canada hasn’t seen since the
1980s and an uncertain geopolitical environment, the Canadian
real estate market is experiencing and is looking ahead to a
period of significant disruption.
ONTARIO
DEMOGRAPHIC
QUARTERLY
REPORT
PWC’S 2023
OUTLOOK REPORT
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