More Homes Built Faster Act (2022)
Ontario Government Introduces New Act
To get homes built faster
More Homes Built Faster Act, 2022
On October 25, 2022 the Ontario govemment introduced the More Homes Built Faster Act. It will support Ontario's newest Housing Supply Action Plan, More Homes Built Faster. The plan takes action to address the housing crisis by building 1.5 million homes over the next 10 years. The Ford government states that, "Ontario’s Housing Supply Action Plan 2022-2023 is the next step to getting there. The plan addresses the crisis by reducing goverment fees and fixing dovelopment approval delays that slow housing construction and increase costs. They intend to reform these processes at the provincial and municipal levels to ensure all Ontarians can find a home that meets their needs and budgets.
Highlights in the plan include:
Addressing the Missing Middle- Ontario is proposing changes to the Planning Act to create a new province-wide standard threshold for what's allowed to be built by strengthening the additional residential unit framework.
Supporting the Growth and Standardization of Affordable and Rental Housing Ontario is creating the conditions for building more affordable and purpose-built rental housing across the province. Reducing Taxes on Affordable Rental Housing-Ontario is calling on the federal government to work with the province on potential GST/HST incentives. including rebates, exemptions and deferrals, to support new ownership and rental housing development.
Promoting Fairness to Support Affordable and Other Rental Housing- Ontario will explore potential refinements to the assessment method used to access affordable rental housing so that it better reflects the reduced rents that are received by these housing providers. Ontario will also consult with municipalities on potential methods to reduce the current property tax burden on multi-residential apartment buildings in the province.
Helpinq Homebuyers and Renters: Addressing Vacant Homes-There will be a consultation on a policy framework setting out the key elements of local vacant home taxes. A provincial-municipal working group will be established to consult on this framework, and to facilitate sharing of information and best practices.
For more information please visit: https://news.ontario.ca/en/backgrounder/1002422/more-homes-built-faster-act-2022