The Ontario Real Estate Association (OREA) has released a new report, entitled Analysis of Ontario’s Efforts to Boost Housing Supply assessing the Ford government’s progress toward implementing the 55 recommendations issued by the Housing Affordability Task Force (HATF) in 2022.

OREA’s analysis found that of the 55 recommendations, 76 per cent have been fully implemented or are currently underway. Specifically, 18 have been fully implemented (33%), 9 are underway with major progress (16%), 15 are underway (27%) and 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,” the group stated. “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 new action items for 2024 it believes will further address Ontario’s housing supply crisis. These include:

• 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.”

For more info, visit: CBF7E4C43A5740C79307625B05129F10.ashx (orea.com)