Cross-laminated timber (CLT) is a large prefabricated solid engineering plank made of multiple layers of planks glued together and it is primarily used in structures such as the floors, walls, and roofs of buildings. ANSI/APA PRG 320 is the world recognized CLT lumber production standard, and the main raw material of CLT has always been softwood rather than hardwood. However, the bending strength, compressive strength, and shear strength of hardwood CLT lumber are stronger than softwood CLT lumber. The large and underutilized hardwood resources in central and southern Ontario provide a huge resource advantage for the hardwood CLT project. This article uses the Cost-Benefit Assessments model to assess the feasibility of investing in hardwood CLT plants in central and southern Ontario. The results show that the payback period of the hardwood CLT factory is 5 years, and the rate of return on investment of 10 years, 15 years, and 20 years are all-around 11%. This study could strengthen investor confidence and it also identifies the direction for the development of hardwood CLT plants in central and southern Ontario.