The Ontario government has introduced the 'More Homes Built Faster Act', which aims to build 1.5 million homes over the next 10 years.
If passed, it will support the development of “gentle density” – housing like triplexes or garden suites – that bridge the gap between single family homes and high-rise apartments by allowing property owners to build three units on one lot, without lengthy approvals and development charges.
It also scraps some government fees and fixing developmental approval delays that slow down housing construction and increase costs.
It will also increase the Non-Resident Speculation Tax rate from 20 per cent to 25 per cent to deter non-resident investors from speculating on the province’s housing market.
“For too many Ontarians, including young people, newcomers, and seniors, finding the right home is still too challenging. This is not just a big-city crisis: the housing supply shortage affects all Ontarians, including rural, urban and suburban, north and south, young and old.” said Steve Clark, Minister of Municipal Affairs and Housing.
“Our Housing Supply Action Plan is creating a strong foundation on which 1.5 million homes can be built over the next 10 years. Our government is following through on our commitment to Ontarians by cutting delays and red tape to get more homes built faster.”