Big Wins for Housing in the Fall Economic Statement

 

I’m pleased to report some very good news from Queen’s Park today in the Fall Economic Statement (FES) presented by Finance Minister Vic Fedeli.

 

OREA’s Advocacy Heading into FES

 

As you know, OREA has been lobbying aggressively on the issue of housing affordability.

 

OREA launched it’s largest public relations initiative yet called the Keep the Dream Alive (KTDA) campaign to put pressure on provincial decision makers to make home ownership more affordable for young families.

 

OREA also met with key members of the Ford cabinet, senior civil servants and organized our second annual Housing Summit to shine the spotlight on the need for action to increase housing supply and reduce costs for first-time home buyers.

 

Fall Economic Statement and Housing

 

The FES makes two major announcements on housing – both big wins for REALTORS® and Ontarians looking to find an affordable home.

 

First, the statement signals the creation of a rent-control exemption for new rental units. This new exemption would apply to newly constructed and occupied units on a go forward basis. Existing rental units and tenants are not impacted by the change. This change will help the market build more rental housing.

 

Second, the FES announced the opening of consultations on a Housing Supply Action Plan to provide solutions to make home ownership more affordable for Ontario families.

 

OREA has been invited to be a key advisor to the Plan where we’ll continue to push for policy solutions like speeding up approval times, intensifying along transportation corridors and building more missing middle housing.

 

OREA’s government relations team has learned that the Province intends to introduce legislation implementing the Housing Supply Action Plan before the end of this session (Spring 2019).

 

Congratulations everyone – while we have more work to do, today is a testament to the hard work  ofOREA’s Leadership and our work to make housing a top priority for this new government.

 

OREA Statement

 

OREA was invited to attend the technical briefing on the FES and issued the following statement from CEO Tim Hudak.

 

Please contact Matthew Thornton at mthornton@orea.com with any questions.

 

Sincerely,

 

Matthew