Opinion: 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.
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.
Ontario’s Housing Affordability Task Force, in its February 2022 report, identified the factors limiting new housing supply and driving up housing costs across the province. The task force found that it simply takes too long to get building approvals, it is too difficult to add the gentle density needed in our cities, and too many fees and charges are layered onto new homes by municipalities.
These delays do not only slow down the addition of much-needed new supply into the housing market, they also add direct and indirect costs to new homes in the form of additional carrying costs, taxes, labour, inflationary costs in material and labour . All of this adds a further $50,000 to $100,000 in costs to each new homeowner.
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.
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