The Ontario Real Estate Association (OREA) recently published its latest policy report, evaluating the progress made by the Government of Ontario in response to recommendations from the Housing Affordability Task Force (HATF) aimed at bolstering Ontario’s housing supply.
The goal: 1.5 million new homes by 2031
Analysis of Ontario’s Efforts to Boost Housing Supply analyzes the government’s endeavors to boost housing supply and gauges advancements in implementing the 55 recommendations outlined in the HATF’s 2022 report. The overarching goal is to add 1.5 million new homes in Ontario by 2031.
How the Province is faring
OREA’s analysis revealed that 76 per cent of the 55 recommendations have either been fully implemented (33 per cent) or are in progress (43 per cent). The remaining 13 recommendations have not yet been acted on.
While Ontario has set ambitious goals to tackle the housing affordability crisis and notable progress has been achieved, there remains a pressing need to expedite housing projects and bring more homes to market, OREA notes. Initial legislative reforms were commendable, but recent momentum has slowed due to high interest rates working against these reforms.
“Stand up against red tape and municipal NIMBYism”
The report calls for the Government of Ontario to “stand up against red tape and municipal NIMBYism, and keep up the momentum to solve the housing affordability crisis and create future generations of homeowners in the province.”
Action items to alleviate the housing supply crisis
Building on the HATF’s initial recommendations, OREA proposes 10 action items for the province to undertake in 2024, which could significantly and promptly alleviate Ontario’s housing supply crisis, including:
- Allowing water and wastewater services to be provided through a municipal services corporation, to reduce upfront building costs.
- Implementing land use changes to eliminate exclusionary zoning and create housing supply in urban areas.
- Modernizing zoning to facilitate commercial-to-residential conversions and increase density along transit corridors.
“The Ford Government must keep its foot on the gas by continuing to champion pro-homeownership policies”
“It used to be that every generation had a better shot at owning a home than the last, but the dream of homeownership is slipping away and there is an urgent need to address Ontario’s housing affordability crisis,” OREA CEO, Tim Hudak, says.
The Ford Government must keep its foot on the gas by continuing to champion pro-homeownership policies like the ones that Ontario realtors continue to put on the table. We fully support the Provincial Government resuming, at full speed, their efforts to fulfill our housing ambition and bring affordability closer to home in Ontario.”
Read the full report here.