More Homes for Everyone
Today, the Ontario Government released new housing legislation, the More Homes for Everyone Act.
This is the second pro-housing bill that has been introduced by the Ford Government and is continuing to put Ontario on the right path towards making home ownership more affordable.
The More Homes for Everyone Act will:
- Use financial incentives to encourage municipalities to speed up zoning by-law amendments (OREA recommendation).
- Increase the certainty of development charges to bring down prices on new homes.
- Strengthen consumer protections for purchasers of new homes by doubling fines and extending building license suspensions to address unethical conduct by developers (OREA recommendation).
The new bill acts on several of the province’s Housing Affordability Task Force (HATF) recommendations. OREA CEO Tim Hudak was invited to sit on the Task Force and helped drive several of the key policy changes featured in the bill today.
The Bill also proposes to increase the non-resident speculation tax (NRST) rate to 20 per cent, expands the tax beyond the Greater Golden Horseshoe to apply province-wide and closes loopholes to fight tax avoidance. These changes come into effect March 30, 2022.
OREA is preparing a separate communication for Members on what they need to know about the NRST – expect to see that in your inbox soon.
While the bill is another good step by the Province on housing affordability, OREA knows more can be done. Specifically, OREA will be pushing all political parties heading into the June provincial election to act on HATF recommendations, like ending exclusionary zoning, so more young families have a shot at owning a home.
To stay on top of OREA’s provincial election efforts this June follow us on our social media channels:
Vice President, Public Affairs & Communications
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Disclaimer. The information contained in this post is not meant to be relied upon as legal advice by REALTORS®, or others. Members wishing further clarity or advice should seek independent legal advice specific to their circumstances. Due to the quickly changing regulatory environment during the COVID-19 emergency, this document may not be current or accurate by the time it is read.
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