PCs Pledge to Boost Supply and Affordability in Ontario Housing Market

Housing and affordability are top priorities for Ontarians and became campaign drivers in the lead-up to the provincial election on June 2, which saw the Progressive Conservative Party claim victory with a majority win. With the Ontario housing market suffering from critically low supply, high prices and home ownership creeping (or as some might describe it, careening) further out of reach for many, it seems Premier Doug Ford’s campaign slogan to “get it done,” has hit home.

So, what exactly does “it” mean in relation to the Ontario housing market?

The Ontario 2022 budget became a “sub-pillar” for the PC campaign, and included the promise of More Homes for Everyone, which would address the housing affordability crisis and act on the proposals put forth by the Housing Affordability Task Force to build 1.5 million homes in the next 10 years, by:

• Reducing Red Tape to Build More Homes
• Investing in and Supporting Community Housing
• Protecting Homebuyers, Homeowners and Renters

“We have a critical housing supply issue that’s crept its way into almost every community across the country. It needs to be addressed, or it will continue to worsen,” said Christopher Alexander, President, RE/MAX Canada. “With the amount of developable land in Ontario dwindling, it’s high time the province explores options, such as increasing building height and density in certain neighbourhoods, making it easier for property owners to add secondary suites, converting vacant commercial units for residential use, and waiving infill development charges. We encourage collaboration across all levels of government, to put an end to the inventory shortage that is at the crux of our housing affordability crisis.”

The Ontario Real Estate Association (OREA) congratulated Premier Doug Ford and the Progressive Conservative Party for their win: “We look forward to working with the newly re-elected government, and all elected MPPs, to help keep the Canadian dream of home ownership alive for Ontario’s young people and their families,” said OREA CEO Tim Hudak. “The PCs’ commitment to build 1.5 million homes over the next decade is key to solving the housing affordability crisis. We need more homes that people can afford, and this will go a long way towards that goal. The PC plan to give financial incentives to municipalities to take pro-growth measures and increase housing supply in their regions is also a big part of the solution.”

The Ontario Home Builders’ Association (OHBA) CEO Luca Bucci also took a minute to congratulate the PCs, adding that “The government can act quickly and decisively by working with our industry to implement the recommendations of the Housing Affordability Task Force. This would be a great first step to address the housing crisis – as it would bring supply online faster and ultimately make housing more attainable for the people and families looking to call Ontario home,” Bucci said in a press release.

Of course, time will tell what promises come to pass. “Quite simply, if nothing changes, nothing changes. Let that sink in for a minute: the lack of listings, the rising prices, and ever-declining options for home ownership,” Alexander wrote in a recent op-ed, cautioning that “densification can’t happen hastily. It must be a thoughtful, coordinated effort across all levels of government, that is considerate of the character of our communities, their existing residents, and those who hope to call them home… High-density infill that meets everyone’s needs must be thoughtful and creative, in keeping with the scope of the current community while accommodating future growth. The Province of Ontario’s consultation with housing experts and the real estate industry is a great thought-starter, and collaboration with municipal and federal governments, can help make that 1.5-million-home milestone a reality.”