ONTARIO -- The Ministry of Municipal Affairs and Housing announced this weekend that they had received royal assent for legislation to support the government’s More Home for Everyone plan.
The plan, which delivers both short- and long-term commitment to ensure ownership for Ontario families, outlines the concrete action the province is taking to address Ontario’s housing crisis, such as unethical development practices and accelerating development timelines to get homes built faster.
“With the passage of the More Homes for Everyone Act, our government is taking the next step in our long-term plan to deliver on the Housing Affordability Task Force’s report, and help more Ontarians realize the dream of homeownership,” said Steve Clark, Minister of Municipal Affairs and Housing. “But there is still more work to be done. As we continue to collaborate with our municipal and industry partners, our government commits to a housing supply action plan every year over four years to deliver gentle density and multi-generational homes in communities across our province.”
The Housing Affordability Task Force report includes several problems Ontarians are faced during this housing crisis, one of which is an increase in the Non-Residence Speculation Tax to 20 per cent.
The Non-Residence Speculation Tax is meant for foreign nationals and foreign corporations that buy property in the property with the province.
On March 22, Peter Bethlenfalvy, Minister of Finance, addressed the Non-Residence Speculation Tax's concerns: “Young families, seniors and workers are desperate for housing that meets their needs. But a lack of supply and rising costs have put the dream of homeownership out of reach for too many families in the province,” said Bethlenfalvy, “That is why our government is adopting the most comprehensive Non-Resident Speculation Tax in the country. Our government is working to increase supply and help keep costs low for Ontario families and home buyers, not foreign speculators looking to turn a quick profit.”
The increased and expanded Non-Resident Speculation Tax makes it easier to build more community housing by using provincially owned lands, including providing surplus lands for non-profit housing.
The plan strengthens the community housing system for residents and workers by establishing a new regulatory framework under the Community Housing Renewal Strategy and historic investments through the nearly $1.2 billion Social Services Relief Fund and $464 million Homelessness Prevention Program.
The More Home for Every bill will crack down on land speculation, protect home buyers, and strengthen consumer protections for purchasers of new homes by doubling fines and extending building license suspensions to address unethical conduct by developers while ensuring penalties for cancelled projects.
Ontario is consulting with the public, municipalities, and stakeholders until April 29, 2022, to develop recommendations on delivering support for multi-generational communities and addressing housing needs in rural and northern communities. These consultations will feed into the Housing Supply Working Group, which the ministry will establish this summer.
