The Ontario Real Estate Association (OREA) recently commended the Ford Government on its introduction of the Helping Homebuyers, Protecting Tenants Act. This new act is a significant step forward in addressing the housing supply and affordability crisis facing Ontario families.
One of the key features of this act is the commitment to building 1.5 million homes by 2031. To achieve this, the government is bringing more affordable supply to the market through new tools that support growth in Ontario's large, fast-growing municipalities. This includes requiring planning for growth near transit stations and streamlining rules around land-use planning. These initiatives are a welcomed step in the right direction as they will provide municipalities with increased flexibility, create more homes in urban and rural communities, and support local economies by creating new jobs.
Another feature of the Helping Homebuyers, Protecting Tenants Act is the doubling of adjudicators and staff at the Landlord and Tenant Board (LTB) via a $6.5 million investment. This will improve service standards and decision-making timeframes, delivering faster, more definitive results for both tenants and landlords. Additionally, the government is strengthening protections for Ontario's renters by doubling fines for landlords who break the rules, helping tenants remain housed during hardships, and ensuring tenants better understand their rights and responsibilities.
The act also expands consumer protection and insurance coverage for First Home Savings Accounts at credit unions, providing more ways for young Ontarians - particularly those in smaller rural and Northern communities - to save for their first home. OREA has repeatedly called for access to alternative financing options as a path to homeownership and this plan does just that.
While the Helping Homebuyers, Protecting Tenants Act is a significant step forward in addressing the housing supply and affordability crisis in Ontario, more action can still be taken. This includes continued roll-back of exclusionary zoning across the province, converting underused commercial space to residential housing, and increasing tax breaks for first-time buyers.
Ontario REALTORS® commend Premier Doug Ford, Minister of Municipal Affairs and Housing Steve Clark, and Associate Minister of Housing Nina Tangri for bringing these proposals forward and for supporting future homeowners, tenants, and landlords across the province. With the implementation of these measures, Ontario will be one step closer to providing all its residents with safe, affordable housing opportunities.
Source: OREA
