New OREA report calls for bold action to build homes

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The Ontario Real Estate Association (OREA) has released its latest policy report, analyzing the progress the Ford government has made on recommendations made by the Housing Affordability Task Force (HATF) to increase housing supply in Ontario.

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calculation, An Analysis of Ontario's Efforts to Increase Housing Supply Analyzes the Ontario government's efforts to increase housing supply and assesses the progress made to date on the 55 recommendations made to date. HATF 2022 ReportWith the goal of adding 1.5 million new homes in the province by 2031.

OREA's analysis of HATF's 55 recommendations for 2022 found that 76% have been fully implemented or are being implemented – 18 are fully implemented (33%), 9 are making great progress (16%), 15 are being implemented (27%) – and only 13 completed. action is yet to be taken (24%).

“Ontario has set a bold goal to address the housing affordability crisis, and despite significant progress, we must continue to get more shovels in the ground and more homes on the market,” says OREA.

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While progress has been made, OREA is concerned that momentum has slowed recently due to high interest rates working against reforms.

The Ontario government must continue to fight red tape and municipal NIMBYism, and continue the momentum to solve the housing affordability crisis and create the next generation of homeowners in the province.

“In the past, each generation had a better chance of owning a home than the last, but the dream of homeownership is fading and Ontario's housing affordability crisis needs to be addressed,” said OREA CEO Tim Hudak.

“The Ford government needs to keep its foot on the gas while continuing to support homeownership policies, as Ontario REALTORS® will continue to put on the table. We fully support the provincial government's full-speed resumption of its efforts to realize our housing ambitions and bring home affordability closer to Ontario.”

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Based on HATF's original recommendations, OREA recommends 10 action items to the province in 2024 that will have a significant and immediate impact on Ontario's housing supply crisis, including:

1. Reform the Land Tribunal of Ontario by preventing, eliminating abuses
   allowing fines for backlogs and unreasonable delays.
2. Enact land-use changes to stop exclusionary zoning, which will help increase housing supply in high-growth urban areas.
3. Modernize zoning to support conversion from commercial to residential
   and high density along transit corridors.
4. Streamline new development applications by requiring pre-consultation.
5. Permit to provide water and wastewater services through a
   municipal services corporation and amortize these costs between customers instead of using development charges.
6. Abolish the Land Transfer Tax., or at least drastically reduce the rate.
7. Reform how municipalities collect and spend development fees.
8. Increase the number of qualified professionals in Ontario, including by considering providing income tax credits after five years in the trade.
9. Fund pilot programs that create innovative pathways
   homeownership, especially for first-time home buyers and disproportionately for marginalized people who are not homeowners.
10. Guaranteeing provincial loans and introducing innovation support
    ownership projects and supporting new models of home ownership.

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