Earlier this week, the Ford government introduced Ontario’s new “More Homes Built Faster” Act. The plan, containing roughly 50 actions, promises to advance the province’s plan to address the housing crisis.
The underlying goal is to construct 1.5 million homes in the next 10 years.
Greater Mix of Housing Types
The measures proposed by the provincial government aim to enable the construction of a greater mix of housing types, while also encouraging the development of alternative housing types. A greater mix of housing types include single family homes, townhomes, and mid-rise apartments in Ontario’s cities, towns and rural communities. Alternative housing types include triplexes and garden suites, which act as a bridge in the gap between single-family homes and high-rise apartments.
Less Red Tape
The Ford government also made a commitment to cutting delays and red tape in the construction of homes by removing exclusionary zoning only permitting a single-detached home per lot. This allows property owners the right to build up to three units without lengthy approval processes and development charges.
Changes to Property Tax Assessment
Furthermore, the province is exploring potential refinements to property tax assessment methodologies with municipal governments. Currently, property tax assessments for affordable rental housing use the same basis as regular market rental properties. Alternatively, the Ford government hopes to refine the method of assessment for providers of affordable housing to better reflect reduced rents received.
To read the full Act, visit: https://www.ontario.ca/page/more-homes-built-faster