Ontario Prepares To Have 1.5 Million New Houses, Let’s Find Out How the Government Plans To Bridge the Housing Affordability Gap.

One of Canada’s most populated provinces falls below the average in housing stock per capita. As per the report of CMHC, a total of around 22 million housing units are required by 2030 to achieve house affordability in Canada. CMHC also projected the number of houses required in Ontario by 2030 (1.85 million more than the current numbers). On October 25th, new legislation was introduced by the Ontario Minister of Municipal Affairs and Housing (MMAH), Mr. Steve Clark.

The three big changes to take place are:

• The provincial government of Ontario will take intrepid action to increase house affordability. The Ontario media also released other information about the plan, including a detailed list of the proposed amendments outlined in the legislation.
• The Ontario government wants to lower the cost of construction and let landowners buildupa to three homes on a unit without changing the local zoning laws.
• The new legislation, which primarily targets municipal zoning restrictions and red tape that obstruct house construction, was described in detail by the administration.

What will change after the approval of the legislation?

The law will support a new initiative to further minimize the inefficiencies in the bureaucracy that stall buildings and raise expenses for tenants and homeowners. It will also advocate for policies to protect and assist first-time homeowners. Furthermore, it will emphasize more use of provincial properties as potential sites for affordable housing, and higher densities close to public transportation. Once new buildings are built then a person can easily find residential and rental properties. It will be easier to search for apartments for rent for students and local people.

The technical aspects

The technical documentation is accompanied by an announcement that includes proposals to simplify the procedure by which conservation authorities issue permits to develop in wetlands or flood-prone areas, potentially exempting some developments from the Conservation Authorities Acts. The approval of the legislation will increase the number of houses for sale data.

The recent developments

Recently, the Ontario government announced that they are going to raise the non-resident speculation tax on homes purchased by foreign nationals from 20 percent to 25 percent. This is the second time in the year that the government has increased the rate. The last raise happened in March when the rate was increased by 5 percent. These developments may have a slight impact on pre-construction properties for sale also.

Major takeaways

• If the More Homes Built Faster Act becomes the law, it would ensure that urban, suburban, and rural areas would develop a variety of ownership and rental housing options, including single-family homes, Condos for sale, and mid-rise apartments, that would suit the requirements of all Ontario people.
• The plan will also take actions to support developments like garden suites, duplexes, and triplexes to bridge the gap between apartments and single-family houses. The act will also remove exclusionary zoning that allows one property on one lot. Instead, builders can build three units on one lot without the hectic processes and development charges.
• The plan of action will reduce the government fees and approval time to a great extent, which are the major causes of the slowing down of house construction.
• 29 of Ontario’s largest and fastest-growing communities were asked to commit to closing the housing gap. These commitments will encourage growth by underlining the requirement for municipal infrastructures like roads and sewerage.
• The proposed legislation will streamline processes, accelerate the resolution of disputes, and speed up the Ontario Land Tribunal Act, giving priority to cases that provide the most housing and establishing service requirements.
• The province of Ontario is urging the federal government to cooperate with them on potential GST/HST incentives, such as refunds, deferrals, and exemptions, to encourage the construction of new rental and family homes.
• The plan will also increase consumer safeguards for home buyers and will provide consultation and advice for tenants interested in becoming homeowners.
• The Ontario Heritage Act would undergo a proposed revision to renew and modernize the province’s heritage policy, enhance the standards for heritage designation, and update regulations to attract tourism.

In conclusion, it seems it won’t be simple to increase Canada’s supply of affordable housing. Any rise in household borrowing capacity will lead to higher housing demand, higher home prices, and ultimately less affordability, and more properties listed with MLS listings. Certain provisions of the law, such as the addition of as-of-right zoning for triplexes on single-family lots, are surprisingly progressive and would significantly increase the level of moderate density in low-density neighbourhoods. Finding real estate properties in Ontario can be a difficult task. Hence, a proper channel should be followed and a trustworthy real estate marketplace like The Canadian Home should be accessed if you are looking for residential or commercial properties. The latest real estate listings can also be acquired with the help of experts.