The government of Ontario announced that it is taking steps to provide quality homes to the people in the province. These actions include introducing a new legislation and putting an end to the Development Charges Rebate program, among others.
“In communities all across Ontario, people are struggling to find housing they can afford. We’re taking action to help create more housing faster, give people more choice and bring down housing costs,” said Steve Clark, minister of Municipal Affairs and Housing.
In order to aid people when it comes to home ownership, the government is banking on legislation, effective Nov. 15, that would make new rental units exempt from rent control while preserving rent-increase limits for existing tenants. Additionally, the Development Charges Rebate Program established by the previous government is set to be abolished after being deemed ineffective.
Ontario’s government said that it was open to public input on ways the government can eliminate barriers to building the right kind of housing in the right places.
The demand for housing in Ontario has risen rapidly in recent years due to strong population growth and low interest rates. However, the supply of housing has not kept pace, leading to higher prices and rents. Hence, building more housing will pave the way for the influx of more businesses and investors in Ontario.
“High housing costs are a barrier to job creators, large and small, because employees need affordable places to live. Making housing more affordable will encourage people to start and grow businesses, right here at home,” said Todd Smith, minister of economic development, job creation and trade.
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