How the Ford Government Can Solve Millennials’ Biggest Heartbreak: An Affordable Place to Call Home
TORONTO, ON, October 10, 2018 –Promising to create more housing supply was the first step, now industry leaders are calling on the Ford Government to put into action the solutions that will bring much-needed supply into the marketplace and make housing affordable for Millennials.
Today, leaders from housing-related associations – the Ontario Real Estate Association (OREA), Ontario Home Builders Association (OHBA) and the Federation of Rental-Housing Providers of Ontario (FRPO) – have gathered at the second annual Housing Summit event to examine bold policy prescriptions that will help Millennials get their hands on the keys to their first home.
As advocates for greater home supply and home affordability in the province, OREA, OHBA and FRPO say the solutions to keeping housing within reach for young Ontarians include:
- Speed up the planning approvals process – The home development approvals process can take up to ten years in some parts of Ontario. Better alignment of municipal and provincial housing priorities, will get new homes to the market faster.
- Build more homes and build them higher around and above transit stations – Use “As of Right” zoning to ensure housing intensification along rail transit lines and stations, exactly where many Millennials want and need them.
- Provide first-time home buyer tax relief – Eliminate the land transfer tax for first-time home buyers or dramatically increase the current rebate offered to first-time buyers.
- Bring back the Ontario Municipal Board – The traditional role of the OMB has been to take the NIMBY out of housing decisions. Bringing back the OMB means evidence-based planning decisions, which will create more housing supply and choice.
- Create new rental stock by reducing barriers and red tape – Adjust the annual rent increase guideline to CPI plus 2%, implement a 20-year rent control rolling exemption on new construction and maintain vacancy decontrol.
The Housing Summit being held at the Toronto Region Board of Trade in Toronto brings together academia, economists, housing industry leaders, MPPs and senior government officials, including Minister of Municipal Affairs and Housing the Honourable Steve Clark to discuss the issues facing Ontario’s housing market.
“Keeping the dream of home ownership alive in Ontario requires bold policies and action from the provincial government. First and foremost, to get more new homes in the marketplace, the building approvals process must be streamlined and zoning updated to allow for more homes in the right places. The best and fastest way to give Ontario’s first-time home buyers a break is to eliminate the punishing land transfer tax for first-time buyers.”
-Tim Hudak, Chief Executive Officer, OREA
“#Homebelievers know that government can support more housing choice and supply needed to make the great Canadian dream of home ownership a reality in existing, expanding, and established communities across Ontario.”
-Joe Vaccaro, Chief Executive Officer, OHBA
“Ontario urgently needs more purpose-built rental units. By cutting red tape and removing the policy barriers that stifle new development, we can get more units built for renters of all ages.”
-Tony Irwin, President & Chief Executive Officer, FRPO
OREA represents 70,000 brokers and salespeople who are members of the 38 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com
OHBA is the voice of the land development, new housing and professional renovation industries in Ontario. OHBA represents over 4,000 member companies, organized through a network of 29 local associations across the province. www.ohba.ca
FRPO is the province’s leading advocate for quality rental housing. FRPO represents over 2,200 rental housing providers who supply and manage homes for over 350,000 tenant households across Ontario. www.frpo.org