TRREB welcomes Ontario's measures for fair taxation and housing supply

The Toronto Regional Real Estate Board (TRREB) applauds the Ontario government for introducing several key measures to support a fair and affordable property tax system while promoting housing supply across the province in the 2024 Fall Economic Statement.

Long-standing commitment

TRREB says the government’s ongoing review of the property assessment and taxation system, which focuses on fairness, affordability, business competitiveness and modernized administration tools, aligns with its long-standing commitment to advocating for greater tax fairness for Ontario homeowners. TRREB is working on new research to contribute to the government’s consultations.

“We also encourage the province to remain focused on housing supply,” says TRREB President Jennifer Pearce. “This should include a mix of residential units, student housing, long-term care facilities and retirement homes, which are critical to meeting the diverse needs of Ontario’s growing population.

Champion of public policy solutions

“TRREB is a champion of public policy solutions that will boost housing supply and enhance affordability for homebuyers, and we look forward to working with Minister Calandra and Premier Ford as they strive towards the ambitious goal of 1.5 million new hones by 2031.”

TRREB also says it welcomes the government’s exploration of a beneficial ownership registry, requiring private corporations to disclose information about their beneficial owners. “Such a registry is an essential tool in combating financial crimes, such as money laundering and tax evasion within the real estate sector. It will empower law enforcement to better detect and prevent illegal activities, safeguarding Ontario’s real estate market and protecting consumers.”