Assessing Ontario Housing Supply Initiatives Progress Challenges and Future Directions
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The Ontario Real Estate Association (OREA) has released its latest policy report, evaluating the Government of Ontario's progress in response to recommendations from the Housing Affordability Task Force (HATF). The report, titled "Analysis of Ontario’s Efforts to Boost Housing Supply," focuses on assessing the government's initiatives aimed at bolstering Ontario's housing supply to achieve the overarching goal of adding 1.5 million new homes by 2031. According to OREA's analysis, 76 percent of the 55 recommendations outlined in the HATF's 2022 report have either been fully implemented (33 percent) or are in progress (43 percent), while the remaining 13 recommendations have yet to be acted upon.
While Ontario has made significant strides in addressing the housing affordability crisis, OREA highlights the pressing need to expedite housing projects and bring more homes to the market. Despite commendable legislative reforms, recent momentum has slowed due to challenges such as high interest rates working against these reforms. The report emphasizes the importance of confronting red tape and municipal resistance (NIMBYism) to maintain momentum in solving the housing affordability crisis and fostering future generations of homeowners in the province.
OREA proposes 10 action items for the province to undertake in 2024 to alleviate Ontario's housing supply crisis promptly. These include initiatives such as allowing water and wastewater services through a municipal services corporation to reduce upfront building costs, implementing land use changes to eliminate exclusionary zoning, and modernizing zoning to increase density along transit corridors. OREA CEO Tim Hudak underscores the urgency of addressing Ontario's housing affordability crisis and calls on the Ford Government to champion pro-homeownership policies vigorously. The report stresses the importance of resuming efforts to fulfill housing ambitions and bring affordability closer to home in Ontario.
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