March 29, 2023

Improving Access to Housing for Diverse Communities a Highlight of 2023 Federal Budget

The housing affordability crisis is a problem across Canada, but it is one that is disproportionately affecting BIPOC and LGBTQ2S+ communities.

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“The housing affordability crisis is a problem across Canada, but it is one that is disproportionately affecting BIPOC and LGBTQ2S+ communities who experience higher barriers to housing attainment.

The Ontario Real Estate Association (OREA) has repeatedly called on all levels of government to work on improving access to housing for all Canadians and the 2023 Federal Budget is a welcomed step in the right direction.

Ontario REALTORS® commend the Government of Canada’s commitments to helping disadvantaged communities gain access to housing, which will help level the playing field and lead to even more vibrant neighbourhoods across the country. Specifically, the federal government aims to:

  • Commit an additional $4 billion starting in 2024-25 to implement a co-developed Urban, Rural, and Northern Indigenous Housing Strategy which is currently under co-development with Indigenous partners
  • Consult on changes required to remove regulatory barriers for homebuyers from diverse communities seeking access to alternative financing products

These commitments reflect OREA’s recommendations in the Fighting for Fair Housing report, launched in 2022 by OREA’s Presidential Advisory Group (PAG) on Diversity, Equity, and Inclusion (DEI). Since its launch, OREA has been working to implement all 19 recommendations within the report, aimed at tackling racism and discrimination in real estate.

One early achievement in this regard is the addition of a discrimination provision within the modernized Trust In Real Estate Services Act (TRESA) Code of Ethics by the Government of Ontario, which explicitly requires compliance with the Ontario Human Rights Code. This change is a direct result of the PAG’s work and recommendations.

Housing is a spectrum issue, and OREA is pleased to see that the Government of Canada recognizes that and is willing to ensure that everyone has access to affordable places to live in and thrive.”

- Tim Hudak, CEO of the Ontario Real Estate Association

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Statement on the Delayed Implementation of Phase 2 Regulations Supporting the Trust in Real Estate Services Act Cooling-Off Period for New Freehold Homes Will Improve Balance in Pre-Construction Buying and Selling Process

For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

416-445-9910 ext. 246

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