TRREB praises new Ontario budget for addressing housing affordability

The Toronto Regional Real Estate Board (TRREB) praises the new Ontario budget, saying it provides key supports to address housing affordability crisis in the province.

Lack of housing affordability in Ontario is leaving individuals and families on the sidelines of the Canadian dream of homeownership, TRREB says. To reverse this trend, governments must prioritize bold policy changes that will speed up the building of thousands of new homes.

Critical support

“The release of the 2024 Ontario Budget provides critical support to the province’s effort to save the Canadian dream of homeownership,” says Jennifer Pearce, TRREB president. “Ontario is moving ahead with critical funding to connect developable land to water, sewer and other housing enabling infrastructure. This infrastructure funding will unlock thousands of new homes across the Greater Toronto Area.”

Pearce says the province is also following TRREB’s advice to go all-in on modular housing. Modular homes are built quickly and are a cost-effective option that will help Ontario meet its housing supply targets. The budget signals the province’s strong commitment to using modular housing and more innovative technologies to help solve the housing affordability crisis.

Streamlined approvals

TRREB has worked with the Ford government and the Ontario real estate industry to introduce five pieces of legislation, including More Homes, More Choice; More Homes Built Faster; Affordable Homes and Good Jobs; Helping Homebuyers Protecting Tenants; and Strong Mayors Build Homes. Each of these Acts have cut red tape and streamlined approvals to ensure the Greater Golden Horseshoe can meet the housing supply targets.

“We will continue to take action and work with policymakers to ensure homeownership and rental properties are affordable in our region for future generations,” says Pearce.