The $6.6 Billion Housing Disaster Politicians Won’t Talk About

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.Chapters00:00 Introduction01:39 Understanding the GTA housing market crash02:28 Video Link - Where Did All the Jobs Go?03:01 Governments could lose $6.6 Billion06:20 Bad housing starts numbers explained08:42 Contraction in the construction industry means 41000 jobs lost10:40 How cutting the GST on new homes makes sense14:00 We need high home construction and affordability15:09 Foreign Investment and housing supply16:40 Conclusion and future considerationsResearch:Toronto’s Housing Collapse Will Cost Governments $6.6 Billion a YearWhere DID All the Jobs Go? The Mystery of Rising UnemploymentAltus group reports: https://www.bildgta.ca/wp-content/uploads/2025/06/6.18.25-Job-Risk-Housing-Pipeline-GTA-Altus-Group.pdfhttps://www.bildgta.ca/wp-content/uploads/2025/06/Altus-Data-Solutions-media-backgrounder_May-2025.pdfToronto New Home Sales Fall To Record Low, Just 42 Condos Sold In The CityThe Next Shoe to DropHow Vaughan is Cutting Housing Costs | The AgendaHosted by Mike Moffatt & Cara Stern & Sabrina MaddeauxProduced by Meredith MartinFunded by the Neptis Foundation https://neptis.org/