Ontario passes More Homes Built Faster Act
By Adam FreillConstruction Residential
Legislation supporting provincial plan to build 1.5 million homes receives Royal Assent; RESCON applauds the move.
The More Homes Built Faster Act is now law in Ontario. The legislation, which has received Royal Assent, removes some development fees, raises the Non-Resident Speculation Tax rate, and provide most urban residential property owners a right to build up to three units on their land.
The government says the act was necessary to tackle the housing supply crisis and is critical to achieving its aim of having 1.5 million homes built in Ontario over the next 10 years.
“More Homes Built Faster helps fulfill our government’s promise to help more Ontarians find a home that meets their needs and budget,” said Steve Clark, Ontario’s minister of municipal affairs and housing. “I am proud of the action this plan takes to increase the supply of housing of all types and restore the dream of homeownership for a generation of Ontarians.”
The Residential Construction Council of Ontario (RESCON) expressed its pleasure with the passing of the act.
“We are in the middle of an unprecedented housing crisis, and it is critical that we take immediate action to speed up construction of new homes and remove obstacles to residential development,” stated RESCON president Richard Lyall. “Removing development charges for affordable and non-profit housing, one of the items in the legislation, is the right thing to do as it will spur new residential construction. These hefty fees are out of control and can result in a project being shelved. Municipalities have become dependent on them, and an alternative must be found.”
The act freezes or reduces government fees, particularly on affordable and not-for-profit housing, inclusionary zoning units and purpose-built rentals, while raising the Non-Resident Speculation Tax rate to 25 per cent – the highest level in Canada. The act also includes new consumer protection measures for homebuyers.
“Too many Ontario families are chasing too few homes that meet their needs. The bold changes passed today are laying the foundation for those currently trying to find a home that is right for them, and for generations to come,” said Michael Parsa, associate minister of housing.
Ontario is expected to grow by more than two million people by 2031, with approximately 1.5 million of those new residents expected to settle in the Greater Golden Horseshoe Region.
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