Put simply, Ontario is experiencing a housing supply crisis.
Housing affordability for young families is at an all-time low and home ownership rates are on the decline (Census/RBC, 2018). The lack of supply and housing options continues to impact communities across the province. Growing families cannot find an affordable home to fit their needs, while seniors struggle to find an affordable home to downsize into. Outdated rules, Government-imposed charges, and needless red tape have created barriers to getting more homes built in our province.
With 100,000 new Ontarians moving to the Greater Toronto and Hamilton Area (GTHA) each year, this problem is going to get worse before it gets better.
OREA’s 10-Point Action Plan
Ontario needs action and REALTORS® have a bold plan to protect the Canadian dream of home ownership. Our 10-point plan will build thousands of affordable homes right across Ontario, reduce costs for first-time buyers and protect the dream of home ownership for generations to come.
- Implement as-of-right zoning along Ontario’s transit hubs to encourage transit-oriented communities and support the development of thousands of new homes.
- Reduce taxes for new neighbours by finding solutions to reduce development charges.
- Protect Ontario home buyers against new taxes. Municipal Land Transfer Tax (MLTT) powers should not be granted to other municipalities, as the tax is proven to reduce housing supply and makes it more difficult for middle-class families to purchase a home.
- Standardize existing legislation and municipal standards to bring uniformity to municipal by-laws on secondary suites and require that municipalities provide clear reasons for refusal to streamline the reapplication process.
- Give young families a tax break on their first home by removing the Provincial Land Transfer Tax for first-time home buyers.
- Eliminate the one-size-fits-all Growth Plan to provide municipalities across Ontario with the ability to accommodate more missing-middle housing.
- Create a more streamlined and transparent approval process by implementing clear guidelines and requirements for development applications.
- Stand with middle-class families and call on the Federal Government to fix and rebalance the OFSI stress test.
- Call on the Federal Government to rebalance Canada’s strict mortgage rules and extend the amortization period from 25 years to 30 years.
- Identify surplus public lands that have development potential and create partnerships with the private sector to build more housing on underutilized public lands
To read OREA’s Bold Plan to Save the Dream of Home Ownership in Ontario, click here.