‘Drive ’til you qualify’ no longer realistic, as ten real estate markets in Ontario break the million-dollar mark on average home price
TORONTO, May 09, 2022 (GLOBE NEWSWIRE) — With the Canadian dream of homeownership on life support in Ontario, Ontario REALTORS® are calling on all political parties and candidates running in the 2022 Ontario election to prioritize housing policies that will ensure future generations have a shot at owning a home. Released today by the Ontario Real Estate Association (OREA), the 2022 Election Housing Platform: A Home for Everyone puts forward bold solutions to save the Canadian Dream of homeownership in Ontario.
“As of March, ten out of 36 real estate markets in Ontario had an average home price over a million dollars, and six others are on the verge of breaking the million-dollar mark. High prices are driving young families right out of the province to find a home they can afford,” said OREA CEO Tim Hudak. “Ontario stands to lose its edge as one of the most attractive places to raise a family or start a business because of the runaway cost of housing. For a political party to win in June, they need to show voters they have the solutions for Ontario’s housing affordability crisis.”
OREA’s platform offers eight bold solutions to address Ontario’s housing affordability crisis, including:
- Doubling the Land Transfer Tax (LTT) Rebate for First-Time Home Buyers – To keep pace with the rapid increase to housing prices, the LTT should be indexed to inflation and doubled from $4,000 to $8,000.
- Ending Exclusionary Zoning – Local zoning rules continue to hold back much-needed starter homes that people can afford. The Province should use the Planning Act to implement as-of-right zoning in Ontario’s highest-demand urban neighbourhoods to allow for the building of duplexes, triplexes and fourplexes on lots traditionally zoned for single-family housing.
- Getting dirty money out of Ontario Real Estate – The Government of Ontario should create an Ontario-made public beneficial ownership registry that would require home purchasers to identify themselves to land-titled authorities to reduce instances of money laundering through real estate.
“What used to be a GTA issue, is now a province-wide problem. Smaller, more rural communities are seeing rapid increases in housing prices unlike any other time in history,” said OREA President, Stacey Evoy. “The housing affordability crisis will not fix itself. We are at a turning point and Ontario needs significant leadership from the government to ensure more Ontarians can find a great place to call home.”
Limited housing supply, pandemic-related factors, and changing demographics have resulted in skyrocketing housing prices across the province. Ontario home prices have tripled in the last ten years, but average household incomes have increased only 30 percent. According to a recent affordability report from the National Bank of Canada, it would take 26.5 years – or 318 months – for a Toronto resident (making $195,000) to save a down payment on an average-priced home in the city.
The housing policies brought forward by Ontario REALTORS® will ensure that Ontario’s housing affordability crisis is addressed through well-researched and proven innovative solutions.
For more information and to view OREA’s 2022 Election Housing Platform, visit www.AHomeForEveryone.info.