Tag Archives: Ontario Real Estate Association

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Housing sector calls on Queen’s Park to take immediate action to address home affordability

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Housing sector calls on Queen’s Park to take immediate action to address home affordability

(Marketwired) — Population growth and a strong economy in the Greater Toronto and Hamilton Area (GTHA) have created a high-demand housing market where housing supply is critically low and home prices are becoming out of reach for many families and first-time homebuyers.

The Ontario Home Builders’ Association (OHBA) and the Ontario Real Estate Association (OREA) are urging the provincial government to create a housing experts task force to provide ideas for increasing housing supply in Ontario, thus alleviating the growing home affordability challenges facing Ontarians.

Off the top, they list four things the government can do to relieve the underlying housing supply crunch that threatens the dream of homeownership for young families and future generations:

Fix the “One Size Fits All” Growth Plan

Instead of a blanket provincial preference for high density, give municipalities more flexibility and create more choice in housing for growing families and empty nesters, such as family homes and townhomes.

Improve the Planning Approvals Process

With better alignment of municipal and provincial housing priorities, including the requirement for updated zoning around transit corridors, the industry can get new homes to the market quickly in exactly the places where we want them.

Address the “Missing Middle” of Housing Supply

There is huge opportunity to modernize outdated zoning laws and build the “missing middle” of housing supply in existing communities that are connected to transit and closer to jobs. This includes innovative solutions like laneway housing and multi-unit homes, such as townhouses, stacked flats or midrise buildings.

Target Infrastructure to Support New Housing Supply

The province should support new housing supply with targeted infrastructure investments to get more housing to the market for consumers.

The OHBA and OREA agree that sustainable, long-term solutions are necessary to get to the root of the affordability problem, and it starts with increasing housing supply. Together, they are appealing to the provincial government to take stock of the housing supply problem and work with real estate industry leaders to design solutions that will improve home affordability for all Ontarians.

“Ninety-five per cent of Ontario’s new housing supply is built by our industry, and new home prices reflect the market conditions affected by government policy, like municipal and provincial approvals,” said Joe Vaccaro, CEO at OHBA. “It only makes sense to bring together private sector expertise and government policy makers if we are serious about making home ownership more affordable.”

“The Canadian dream of home ownership is at risk in the GTA,” said Tim Hudak, CEO at OREA. “This is the year for provincial and municipal governments to step up with solutions to ensure the dream of home ownership does not slip away from future generations. The housing supply issue is a real problem, but the solutions exist. We need the government to get real estate experts together on this issue, to hammer out a plan for putting more homes on the market and making home ownership more affordable for young families and first-time buyers.”

OHBA is the voice of the land development, new housing and professional renovation industries in Ontario. OHBA represents over 4,000 member companies, organized through a network of 29 local associations across the province. ohba.ca

OREA represents 70,000 brokers and salespeople who are members of the 39 real estate boards throughout the province. OREA serves its realtor members through a wide variety of professional publications, educational programs, advocacy, and other services. OREA.com


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Greenbelt forcing up homes prices in GTA: Critics

Greenbelt forcing up homes prices in GTA: Critics

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Greenbelt forcing up homes prices in GTA: Critics

Toronto Sun

The Greenbelt has become a developmental noose around the GTA, forcing up home prices and squeezing out a new generation of buyers, critics say.

While there are many factors affecting GTA house prices, those in the industry of building and selling homes point to the Greenbelt as a key cost driver.

Tim Hudak, CEO of the Ontario Real Estate Association (OREA), said Vancouver has limited land available because it’s bordered by ocean and mountains, leading to the highest house prices in the country.

“But in the Toronto area, the government’s created its own artificial barriers that are spiking prices,” he said. “So if we don’t address that, then I do worry that young people won’t be able to find a home of their own, and secondly, it will slow down economic activity.”

http://www.torontosun.com/2017/01/28/greenbelt-forcing-up-home-prices-in-gta-critics


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Tim Hudak, OREA CEO

OREA calls on government to strike affordable homeownership task force

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OREA calls on government to strike affordable homeownership task force

(Marketwired) — The best way to ensure millennials have a good shot at achieving the Canadian dream of homeownership is by putting more homes on the market, the Ontario Real Estate Association (OREA) told the Standing Committee on Finance and Economic Affairs January 18, 2017. In its 2017 pre-budget consultation, OREA recommended the creation of an affordable homeownership task force to determine how government can best improve housing supply and expand consumer choice.

“We are facing a critical housing supply shortage that is putting homeownership out of reach for Ontario’s first-time buyers and young families,” said Valerie Miles, OREA government relations committee chair. “In some markets, housing inventory is at all-time lows and prices are at record highs. Increasing the housing stock is necessary to give buyers more options at affordable levels. We need industry leaders to come together on this issue before the supply problem gets any worse.”

The Building Industry and Land Development Association (BILD) recently reported that housing supply has plummeted over the past decade. The lack of housing supply is a main driving factor for increasing prices of new single-family detached houses and highrise condos in the GTA.

In its pre-budget consultation, OREA recommended several ways to increase housing stock, including: reducing the red-tape around getting building permits approved; dedicated funding to help service land designated for development to incent builders to start projects sooner; and moving away from the proposed one-size-fits-all intensification targets under the provincial growth plan to allow developers to build “missing middle” housing types, namely townhomes, duplexes and stacked townhomes.

Tim Hudak, OREO CEO
Tim Hudak, OREO CEO

“The government is asking Ontarians for ways to create jobs, grow the economy and help people in their everyday lives — a strong real estate market checks off all three boxes,” said Tim Hudak, OREA CEO. “Every home transaction generates $55,000 in economic spin-offs which creates jobs and supports local business, while homeownership offers endless social benefits for families and communities. If the goal of the pre-budget consultation is to build up Ontario’s future, then finding ways to make home ownership affordable is a great place to start.”

This month, Ontario increased the land transfer tax rebate to $4,000, which was previously $2,000, to help make homeownership more affordable for first-time buyers.

“The government deserves credit for taking positive steps to address affordability,” said Hudak. “We need more efforts like this to keep the dream of homeownership alive in Ontario. We look forward to continuing to work with policy makers on improving affordability even further.”

The Ontario Real Estate Association represents 70,000 brokers and salespeople who are members of the 39 real estate boards throughout the province. OREA serves its members through a wide variety of professional publications, educational programs, advocacy, and other services.

OREA.com


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