Housing in Ontario
Housing in Ontario
The housing industry in Ontario faces a variety of inter-related challenges that affect our members ability to build the necessary supply of new housing to meet growing demand for Ontario #homebelievers. Ninety-five per cent of Ontario’s new housing supply is built by the private sector, and new home prices reflect both market conditions and the legislative framework set by government policy through municipal approvals, provincial legislation and regulatory frameworks as well as the federal rules on mortgage qualifications. Government sets the rules on where, what type and when housing supply comes to the market and the market prices homes accordingly.
In an environment where housing of all types and tenures is becoming more expensive, and pricing more people out of the market, OHBA believes that the government has an important opportunity to consider the impacts of planning, fiscal and labour policy decisions on housing supply and ultimately prices. The government has many levers it can push and pull that influence housing supply and OHBA works to affect better public policy and work to create solutions to address the challenges and opportunities of bringing new housing supply to the province.
OHBA strongly believes that a healthy housing system exists when a city or region has the right mix of housing choices and supply that are able to address all residents’ shelter needs through their full life cycle. Ontario is expecting over 2.6 million people to come to Ontario in the next 10-12 years and we need one million homes to accommodate this growth. A properly functioning housing system should provide stability to both renters and owners, at prices people can afford and in the choice that meets their needs. High home prices and rents have affected all parts of Ontario, from big cities, to northern and rural communities, where a lack of supply has made ownership more difficult and quality rental housing hard to find. Transformative action by the province is required to address the complex issues impacting the housing system and our members ability to deliver new supply.