Yesterday, 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. OREA 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.
Sincerely,
Matthew Thornton
Vice President, Public Affairs & Communications
Brampton Real Estate Board 