Oct. 25, 2022 — Press release from the West End Home Builders’ Association
The West End Home Builders’ Association (WE HBA) and the Ontario Home Builders’ Association (OHBA) support the introduction of the Ontario government’s new, once-in-a-generation housing plan. The More Homes, Built Faster Act will make it easier to build new homes quicker, reduce housing costs, cut red-tape and enable the construction of the 1.5 million new homes in the next decade, increasing supply and bringing affordability back to the province.
On average, 25% of the cost of a new home is composed of government fees, taxes and charges. This can add as much as $250,000 to the cost of a typical single-family home and municipalities add more than half of that. Housing approvals in Ontario take longer than in any other jurisdiction in North America. In some municipalities, it can take over three years to approve new housing projects, which adds a further $50,000 to $100,000 in costs to new homeowners.
The More Homes, Built Faster Act will help get Ontario back on track towards housing attainability and affordability, by focusing on addressing the core underlying problem: the lack of home supply. The province is taking the bold action needed to build more homes by a) incenting municipalities to meet legislated timelines for new housing approvals, b) adding more transparency on the municipal fees and charges imposed on new homebuyers, and c) designating more lands for growth. This will allow Ontario families and aspiring homeowners to have a better shot at the dream of homeownership.
“The West End Home Builders’ Association is fully supportive of landmark legislation that moves the needle to significantly increase housing supply and address Southern Ontario’s growing housing crisis. Building on the recommendations from the Housing Affordability Task Force report, the provincial government has proposed bold reforms to encourage all types of new housing to be built faster in communities across the province,” said Mike Collins-Williams, CEO of the WE HBA.
“The current housing supply and affordability crisis is a man-made problem that was created in the course of a decade and a half and will take time to fix,” said Luca Bucci, CEO of the OHBA. “It starts today with Ontario’s new big, bold housing plan.The More Homes, Built Faster Act increases accountability for municipalities in enabling the housing supply the province needs, increases transparency on the funds collected on the back of new homes, caps the fees to the economic conditions of the day and removes roadblocks to adding gentle density. Put simply, the government has delivered the regulatory framework to enable necessary change.”
The measures the province has brought forward help preserve the competitiveness of Canada’s economic engine and ensure more Ontarians have a better shot at finding a place to call home where they can live, work and play.
