If ever there was a time for government leaders — federal, provincial and municipal — to put their heads together with residential construction industry innovators, builders and developers, this is it. The housing supply situation is at a critical point.
September 15, 2023
The challenge is daunting. To succeed, all key players must be at the table. There are lingering systemic issues that need to be resolved by all levels of government and the industry if we are to succeed. The Ontario government has set a target to get 1.5 million homes built by 2031. But the need is actually much higher. The CMHC now estimates 1.85 million homes need to be built to restore affordability.
The report outlines six challenges that stand in the way of homebuilding in the province and echoes many of the ideas that RESCON has put forward. Specifically, it notes the regulatory environment needs to allow housing to be built with minimal delays while producing them safely and protecting the environment.
We released a 15-point plan that outlines specific changes each level of government can make to boost the supply of housing. In putting the plan together, we consulted a wide array of stakeholders. Federally, we asked for an exemption or rebate on HST collected on construction of residential buildings and more tax incentive programs, as well as for the feds to reinvest more of the excessive tax revenue they collect from new home construction into housing supply and public infrastructure.
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