'Last month, the Ontario government introduced Bill 23, the More Homes Built Faster Act, which, if passed, will represent the most significant change in a generation to how the building of new homes is regulated in the province.' bildgta realestate
Last month, the Ontario government introduced Bill 23, the More Homes Built Faster Act, which, if passed, will represent the most significant change in a generation to how the building of new homes is regulated in the province.
Residents and newcomers looking to buy a home — and anyone concerned about the future livability and economic competitiveness of the GTA and Ontario — should take heart that the government is putting in place the policies to address our province’s housing supply and affordability challenges., in its February 2022 report, identified the factors limiting new housing supply and driving up housing costs across the province.
Government fees, taxes and charges layer on additional costs. On average, 25% of the cost of a new home in the GTA is composed of government charges. This can add as much as $250,000 to the cost of a typical single-family home and municipalities add more than half of that. The most significant of the municipal fees and charges — development charges — have increased between 250 and 800 per cent since the early 2000s.
The housing supply and affordability crisis in the GTA and Ontario arose over the course of a decade and a half as a result of policies that acted as barriers to meeting the housing needs of residents. Once Bill 23 passes, Ontario’s new housing plan will enable us to take big steps to address the crisis.
Ontario’s government has delivered the regulatory framework to bring about necessary change. It has stood up for new and future homebuyers looking to live in our province and has brought forward measures to help preserve the livability and competitiveness of Canada’s economic engine. The new housing plan deserves the support of all Ontarians.
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Opinion | Accountability, fees and red tape are addressed in Ontario’s housing planOpinion: Last month, the Ontario government introduced Bill 23, the More Homes Built Faster Act. If passed, it will represent the most significant change in a generation about how the building of new homes is regulated in the province.
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