Government News
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TRREB Commends Mayor Del Duca’s Leadership in Reducing Development Charges
The Toronto Regional Real Estate Board (TRREB) commends the City of Vaughan and Mayor Del Duca for their decisive action to reduce development charges (DCs), a move that will significantly enhance housing affordability and supply in York Region. The new DCs officially took effect on November 19, 2024. Previously, the City’s published development charge rate for low-rise residential…
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TRREB Welcomes Ontario Government’s Measures to Support Fair Property Taxation and Increase Housing Supply
The Toronto Regional Real Estate Board (TRREB) applauds the Ontario government for introducing several key measures to support a fair and affordable property tax system while promoting housing supply across the province in the 2024 Fall Economic Statement. The government’s ongoing review of the property assessment and taxation system, which focuses on fairness, affordability, business competitiveness,…
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TRREB Encourages All Policymakers to Consider Lower Taxes for Home Buyers and Sellers
Families and individuals living in the Greater Toronto Area (GTA) pay some of the highest taxes on the purchase of a home in North America. In Toronto, buyers can expect a double land transfer tax, development charges and sales taxes, totalling over $200,000 in taxes and fees on the average priced home. Cutting taxes for…
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TRREB Submission on City of Toronto Avenues Review
TRREB has submitted feedback to the City of Toronto recognizing the potential of the City’s Avenues Review initiative to revitalize key corridors and add up to 160,000 new housing units. Designated Avenues, characterized by a mix of residential, commercial, and institutional uses, should guide sustainable growth and enhance urban design. Key Takeaways Areas of Concern…
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TRREB Applauds OSFI’s Decision to Eliminate Mortgage Stress Tests at Renewal for Uninsured Mortgages
The Toronto Regional Real Estate Board (TRREB) commends the Office of the Superintendent of Financial Institutions (OSFI) for its recent decision to eliminate the mortgage stress test requirement for uninsured borrowers switching lenders at renewal. This change is a significant step forward in ensuring that all Canadian homeowners, regardless of whether their mortgages are insured…
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TRREB Applauds Federal Government Mortgage Reforms
The Toronto Regional Real Estate Board (TRREB) welcomes the changes to mortgage rules announced by Deputy Prime Minister and Minister of Finance Chrystia Freeland. TRREB strongly supports the extension of 30-year insured mortgage amortizations to all first-time homebuyers which was limited to first time purchasers of new builds, and increasing the price cap for insured…
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TRREB Applauds the Homeowner Protection Act, 2024
The Toronto Regional Real Estate Board (TRREB) applauds the Government of Ontario’s introduction of the Homeowner Protection Act, 2024, aimed at enhancing consumer protections and preventing fraudulent activities in Ontario’s real estate market. TRREB commends the government’s proposal to also apply a 10-day cooling-off period to purchasers of new freehold homes, a protection already in place…
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TRREB Statement on Toronto City Council’s Approval of Townhomes and Small Six-Storey Residential Units Along Major Roads
The Toronto Regional Real Estate Board (TRREB) continues to champion the Expanding Housing Options in Neighbourhoods (EHON) initiative aimed at building more low-rise housing in residential neighbourhoods to meet the needs of our growing city. Last night’s decision by Toronto City Council to allow townhomes and small six-storey residential units with a maximum of 60…
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TRREB Statement on Toronto Council Motion to Allow Six-Storey Residential Buildings on Major Streets
With so many people struggling under the weight of the affordability crisis, the City of Toronto needs its elected leaders to step up and deliver policy action that is going to make a meaningful impact where it matters most. For families and individuals, housing is often the biggest monthly cost. To increase affordability, City Council…
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TRREB Statement on the 2024 Federal Budget
To tackle Canada’s housing affordability crisis, governments need to do two things. First, they must build more homes of all types. Second, they must lower the taxes and fees Canadians pay to find an affordable place to call home. Today’s Federal Budget gets it right on supply but needs to be careful about the impact…
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TRREB Statement on Canada’s Housing Plan
Canada is in the middle of a historic housing affordability crisis and families need governments at all levels to come forward with policies that will lower costs for home buyers and get more homes built faster. Today’s announcement by Prime Minister Trudeau, Minister Freeland and Minister Fraser of Canada’s Housing Plan is a historic commitment…
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TRREB Statement on Bill 185 and the Province’s Efforts to Expedite Housing Development
In the face of a historic housing affordability crisis, Ontario needs to continue implementing bold policy changes that clear the way to building more homes. The provincial government is continuing its work to address the province’s housing supply and affordability crisis with another piece of housing legislation, Cutting Red Tape to Build More Homes Act,…