The government in Ontario should establish a housing affordability task force to tackle the increasing barriers for first-time buyers, the province’s real estate body says.
“We are facing a critical housing supply shortage that is putting home ownership out of reach for Ontario’s first-time buyers and young families,” said Valerie Miles, Ontario Real Estate Association Government Relations Committee Chair. “In some markets, housing inventory is at all-time lows and prices are at record highs. Increasing the housing stock is necessary to give buyers more options at affordable levels. We need industry leaders to come together on this issue before the supply problem gets any worse.”
The association has made several recommendations to the government including cutting red tape surrounding building permits and zoning.
OREA CEO Tim Hudak says the benefits to boosting affordability of housing is far-reaching.
“Every home transaction generates $55,000 in economic spin-offs which creates jobs and supports local business, while home ownership offers endless social benefits for families and communities. If the goal of the pre-budget consultation is to build up Ontario’s future, then finding ways to make home ownership affordable is a great place to start.”
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