Ontario industry group calls on all candidates and parties in recent election to take serious action on housing policies
The largest real estate board in Canada has issued a call to all political parties in Ontario to take on the issue of housing affordability head-on by addressing supply challenges in the province.
In a statement immediately prior to the 2022 Ontario election, the Toronto Regional Real Estate Board (TRREB) urged all political parties and candidates to take significant action after the election and prioritize housing policies that will assist increase the supply of houses for sale and rent, hence increasing affordability.
It noted that housing prices have risen across the GTA and Ontario due to a lack of availability, pandemic-related causes, and shifting demographics.
TRREB also urged the government to think about stronger consumer protection for home purchasers and sellers. Home buyers ought to be protected under the new Trust in Real Estate Services Act, it said, since purchasing a home is often the single largest financial decision they will make (TRESA).
It also encouraged the government to reconsider outdated exemptions that allow some participants to sidestep consumer protection requirements.
The group said it is working with the rest of the real estate industry to find meaningful solutions to housing affordability and consumer protection issues.
“The Greater Toronto Area (GTA) is one of eight real estate markets in Ontario to have an average home price over a million dollars. If we don’t take bold steps now, we risk driving young families right out of the GTA and province to find a home they can afford,” TRREB President Kevin Crigger emphasized.
He added, “Our recommendations are based on clear evidence, and we urge the government to make this the key criteria when making policy decisions.”
The statement said realtors in Ontario are putting forward a variety of ideas to address housing affordability issues and strengthen consumer protection in the province, including:
- Taking steps to encourage towns to update their exclusionary zoning policies;
- Reviewing exemptions under the Trust in Real Estate Services Act (TRESA) to protect consumers.
- Raising the Land Transfer Tax rebate for first-time home buyers from $4,000 to $8,000; and
- Indexing the first-time home buyer Land Transfer Tax rebate to inflation to ensure that it retains its purchasing power in the future.
TRREB CEO John DiMichele said, “Ontario’s housing affordability challenge is truly a province-wide issue 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.”
