Ontario’s housing affordability crisis is leaving individuals and families on the sidelines of the Canadian dream of homeownership. To reverse this trend, governments must prioritize bold policy changes that will speed up the building of thousands of new homes.

The release of the 2024 Ontario Budget provides critical support to the province’s effort to save the Canadian dream of homeownership. Ontario is moving ahead with critical funding to connect developable land to water, sewer and other housing enabling infrastructure. This infrastructure funding will unlock thousands of new homes across the Greater Toronto Area.

The province is also following TRREB’s advice to go all-in on modular housing. Modular homes are built quickly and are a cost-effective option that will help Ontario meet its housing supply targets. The budget signals the province’s strong commitment to using modular housing and more innovative technologies to help solve the housing affordability crisis.

TRREB has worked with the Ford Government and the Ontario real estate industry to introduce five pieces of legislation, including the More Homes, More Choice; More Homes Built Faster; Affordable Homes and Good Jobs; Helping Homebuyers Protecting Tenants; and Strong Mayors, Building Homes. Each of these Acts have cut red tape and streamlined approvals to ensure the Greater Golden Horseshoe can meet the housing supply targets. We will continue to take action and work with policymakers to ensure homeownership and rental properties are affordable in our region for future generations.

Jennifer Pearce
TRREB President