The Ontario government’s recently announced amendments to its Growth Plan will increase the cost of homes in the province according to the Building Industry and Land Development Association (BILD).

"This announcement means that you're going to see more intensification, more condos, less choice and higher prices," said Bryan Tuckey, President and CEO of the Building Industry and Land Development Association (BILD), representing the largest of OHBA's locals affected by this announcement.  Tuckey continued, "The residential construction industry will adapt, as it has in the past - it is going to be the residents and new home buyers that are going to pay the price."

The plan will mean that in the Greater Golden Horseshoe, there will be an increase in intensification from 40 per cent to 60 per cent for existing communities; there will also be greater density for new neighbourhoods.

As well as the effect on infrastructure for these communities, BILD says that prices have increased significantly since the Growth Plan was introduced in 2006.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: