Real Estate News

Ontario Housing Report Progress Challenges and Urgent Calls for Action

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Ontario has reached approximately 19% of its target to build 1.5 million homes by 2031, according to a report from the Ontario Real Estate Association (OREA). Since Premier Doug Ford set the 10-year goal in 2021, the province has witnessed 285,377 housing starts. However, the report reveals a slowdown in construction, with 96,000 housing starts in 2022 and 90,000 in early 2023, falling short of the 150,000 new units required annually to meet the ambitious goal. OREA attributes this deceleration to factors such as high interest rates, construction financing challenges, a shortage of builders and land, and a general bias against development.

OREA CEO Tim Hudak emphasized the need for urgent action to overcome these hurdles and achieve the housing target. The report recommends ten actions for the government, focusing on zoning rules, fixing the Ontario Land Tribunal, and reducing housing costs. It suggests ending exclusionary zoning, converting commercial properties to new homes, and rezoning land along transit corridors for mixed commercial and residential use. OREA also proposes abolishing the Land Transfer Tax, reforming how municipalities collect and spend development charges, increasing skilled tradespeople, and implementing provincial loan guarantees for rental projects.

Despite the progress made with four pieces of legislation under the Ford government, OREA highlights that nearly 25% of the recommendations from the Housing Affordability Task Force remain unaddressed as of February 1, 2024. The report urges the government to take further steps, emphasizing the importance of ongoing efforts to meet housing goals, particularly in the face of economic and social implications if decisive action is not taken.

Read the full article on: CP24


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Amandeep Singh
Amandeep Singh
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