NEWS

OMDREB REALTORS® Call on All Provincial Parties to Save The Dream of Home Ownership in Ontario

OMDREB REALTORS® Call on All Provincial Parties to Save The Dream of Home Ownership in Ontario

Lack of supply in Oakville, Milton, and Halton Hills pushing home ownership further out of reach for all types of home buyers

Milton, ON, June 1, 2022 – With the Canadian dream of home ownership on life support in Ontario, Ontario REALTORS® are calling on all political parties and candidates running in the 2022 Ontario election to prioritize housing policies that will ensure future generations have a shot at owning a home. Together with the Ontario Real Estate Association, The Oakville, Milton and District Real Estate Board is putting real solutions to the housing affordability crisis on the table through the 2022 Election Housing Platform: A Home for Everyone.

“Oakville, Milton, and Halton Hills share in what many other places around the province are experiencing. Currently, eight real estate markets in Ontario have average home prices over a million, and six other markets are approaching the million-dollar mark. There are many things that should be addressed to achieve a significant market balancing, the most obvious being an increase in varying supply. This would help meet the needs of all kinds of home buyers, from first-timers to downsizers,” said OMDREB President Vishal Kapoor. “We need a Government that will act on our recommendations if we want to save the dream of homeownership in this province.”

OREA’s 2022 Election Housing Platform offers eight bold solutions to address Ontario’s housing affordability crisis, including:

• Doubling the Land Transfer Tax (LTT) Rebate for First-Time Home Buyers- To keep pace with the rapid increase to housing prices, the LTT should be indexed to inflation and doubled from $4,000 to $8,000.
• Ending Exclusionary Zoning- Local zoning rules continue to hold back much needed gentle density that could serve areas experiencing rapid growth.
• Making Homeownership Affordable Through Green Ontario Homes -Home energy audits are a long-term tool that will allow homeowners to take the first step in figuring out what retrofits their home requires to operate at peak efficiency. OREA recommends that the Government of Ontario implement a voluntary Home Energy Audit program and provide incentives to encourage consumers to purchase green home retrofits.

“Ontario’s housing crisis is truly a province-wide problem and will not fix itself. We are at a turning point, and we need significant leadership from the government to ensure more Ontarians can find a great place to call home,” said Kapoor. “With housing at the forefront of this election, it’s now up to voters to decide which provincial political party they are supporting.”

Limited housing supply, pandemic-related factors, and changing demographics have all had an impact on housing across the province. Ontario home prices have tripled in the last ten years, but average household incomes have increased only 30 per cent.

The housing policies brought forward by Ontario REALTORS® will ensure that Ontario’s housing affordability crisis is addressed through well-researched and proven innovative solutions.

For more information and to view OREA’s 2022 Election Housing Platform, visit www.AHomeForEveryone.info.