The housing supply situation in Canada, Ontario, and the GTA has hit a new low. Inventory levels in many major markets are dwindling and home ownership appears to be on the decline.

Figures in a couple of reports released recently paint a relatively gloomy picture for those seeking a home. The findings also suggest that many have given up on owning a home and are moving to rentals.

A report by Re/Max which was based on Canadian Real Estate Association data looked at listings in eight Canadian centres between 2013 and 2022 and found that seven of them fell short of the 10-year average. In the GTA, the housing inventory was down almost seven per cent from the 10-year average.

The situation is only expected to get worse due to projected demographics and population growth.