New OREA Report Calls for Bold Action to Build Homes

TORONTO, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Today, the Ontario Real Estate Association (OREA) released its latest policy report, analyzing the progress that the Ford Government has made on the recommendations made by the Housing Affordability Task Force (HATF) to boost housing supply in Ontario.

The report, Analysis of Ontario's Efforts to Boost Housing Supply analyzes the Government of Ontario's efforts to increase housing supply and assesses progress made to date to implement the 55 recommendations made in the HATF's 2022 report, with the goal of adding 1.5 million new homes in the province by 2031.

OREA's analysis of HATF's 2022 55 recommendations found that 76% have been fully implemented or are in progress - 18 fully implemented (33%), 9 with major progress (16%), 15 with progress underway (27%) - and just 13 have yet to be acted on (24%).

Ontario has set a bold goal to address the housing affordability crisis, and while there has been substantial progress, we need to continue getting more shovels in the ground and bring more homes to market. While initial legislative reforms were commendable ? aligning official plans with provincial priorities, encouraging growth, and ensuring short-term land is available for homes ? momentum has recently slowed due to high interest rates that are working against reforms. The Government of Ontario needs to continue 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.

Building on HATF's initial recommendations, OREA is recommending 10 action items for the province to take in 2024 that will have a significant and immediate impact on Ontario's housing supply crisis, including:

• Allowing water and wastewater services to be provided through a municipal services corporation, which would lower the upfront costs of building homes by allowing them to borrow and amortize costs among customers instead of using development charges.
• Implementing land use changes to end exclusionary zoning, in order to unlock more housing supply in urban neighbourhoods.
• Modernizing zoning to support commercial-to-residential conversions and greater density along transit corridors, which would bring more supply to market and save Ontarians time and money when commuting to work.
  

"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," said OREA CEO, Tim Hudak. "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."

Together, OREA's 10 action items are critical to ensuring we are creating future generations of homeowners by enabling growth, improving planning consistency, and addressing short-term land and infrastructure needs.

Click here for the backgrounder and here to view the full policy report.

For more information, please contact:

Jean-Adrien Delicano
Manager, Media Relations
[email protected]
416-459-6059