Ontario Announces Plan to Increase Housing Supply

Wednesday, 30 March 2022 14:15

The recommendations are coming from the housing affordability task force and include a goal to build 1.5 million homes in 10 years in Ontario.

The Ontario Government has introduced new legislation designed to increase housing supply.

The legislation also calls for a crack down on speculators who are driving up the cost of housing and protect home buyers from predatory development practices.

Premier Doug Ford says this plan will help provide more attainable housing options for Ontario families.

"Ontario is the best place to live, start a business and raise a family, but we can only build on our success if all hardworking Ontarians and their families are able to find the home they need and want. As Ontario’s population and our economy continue to grow, building more homes is another way that we're keeping costs down for families across the province."

Details of the plan include increasing the non-resident speculation tax rate to 20 percent and expanding the tax province wide.

The legislation would also increase the penalties for developers using unethical practices.

The recommendations are coming from the housing affordability task force and include a goal to build 1.5 million homes in 10 years in Ontario.

Opposition NDP leader Andrea Horwath says the bill doesn't really help anyone in buying a new home.

"Young people are unable to move out because they can’t afford to rent a home, let alone buy one. People are moving away from the community they know and love because they can’t afford it. We are in a housing crisis, and it’s clear that Doug Ford is more interested in his buddies cashing in than in helping families find a home they can afford."

Horwath says Doug Ford’s bill does nothing to make homes more affordable.

"It doesn't build starter homes or 'missing middle' homes like duplexes and townhomes. The bill does nothing to take on speculation. It doesn't help renters or buyers. It doesn't even do the bare minimum its own task force recommended. The Ford government’s only plan is to build big highways to big houses that no one can afford."