Today, the Ford Government introduced the More Homes Built Faster Act, 2022 (“MHBFA”) – their third housing supply bill in the last 5 years.
OREA has led the charge in support of new measures to boost housing supply in Ontario and the MHBFA is a bold step towards getting more attainable homes built in communities right across the Province.
This is the second major pro-housing announcement of 2022 under Premier Doug Ford, and Ontario is on-track to becoming one of the most pro-housing jurisdictions in Canada.
The MHBFA includes five major REALTOR® recommendations including:
- Enabling and expediting additional residential units in existing residential areas (OREA Recommendation)
- As-of right zoning for higher density around transit (OREA Recommendation)
- Limiting the influence of NIMBY groups by preventing third-party appeals for all planning matters (OREA Recommendation)
- Consulting potential Rent-To-Own arrangements (OREA Recommendation)
- Making available at least 4 surplus government-owned properties as pilots for attainable housing (OREA Recommendation)
- A policy review of Ontario’s growth plan to create 1.5 million homes
- Providing a tiered discount on Development Charges for purpose-built rental units, as well as a Development Charge and Community Benefits Charge exemption for affordable housing and inclusionary zoning units
Read OREA’s statement here:www.orea.com/News-and-Events/News-and-Press-Releases/Press-Releases/October-25-2022
There are over 50 new measures in the bill. OREA’s policy team is diving into the changes and will be communicating more info to REALTORS® soon.
While this new legislation is a progressive step forward on tackling Ontario’s housing crisis, OREA knows that more can be done. We will continue to push for a beneficial ownership registry, the reduction of Land Transfer Tax for homebuyers, and the conversion of commercial real estate into residential homes.
To stay on top of OREA’s efforts to make home ownership affordable in Ontario, follow us on our social media channels:
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Vice President, Public Affairs & Communications
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