Ontario proposes housing affordability task force

Ontario is planning to establish a housing affordability task force. 

This comes as both prices and the number of home sales have grown in the past year. Opposition parties say the plan is meaningless. 

In the government’s recently released fall economic statement, one line promises the establishment of a housing affordability task force to provide recommendations to the minister of municipal affairs and housing. 

Also in the statement, in 2020-2021, Ontario got around $3.7 billion in revenue from land transfer taxes. In this fiscal year, it is projected to skyrocket to more than $5 billion. This is $759 million higher than the projections in Ontario`s 2021-2022 first-quarter finances, which was released three months ago. 

“We know there is still more to do, which is why we are creating a Housing Affordability Task Force to identify other opportunities to get shovels in the ground faster, remove duplication and barriers, and make housing more affordable for hardworking Ontarians,” said the Director of Communications Zoe Knowles in a statement.

The Ontario Real Estate Association said it wants to see the government take several steps to address the housing affordability crisis. This includes doubling the land transfer tax rebate, making surplus government land available for development and ending exclusionary single-family zoning. 

Ontario has also proposed in its fall economic-statement to enhance a tax incentive program that encourages the rehabilitation of contaminated land in order to spur more development.