The measures are meant to help the province reach its target of building 1.5 million homes by 2031
The Ontario government has announced that it will be launching a $1.2-billion fund meant to incentivize municipalities to fulfill provincial home-building targets.
The new “building faster fund” will be available to municipalities that reach a volume of housing starts at least 80% of the province’s mandated annual housing construction targets.
“These are incredible sums of money that will reward municipalities for building homes and help pay for important infrastructure and community building projects,” said Premier Doug Ford.
The premier added that the measure is meant to help the province reach its goal of building 1.5 million homes by 2031, with the ultimate objective of turbocharging supply and ensuring affordability.
“This struggle is being felt most by young people and newcomers, who are priced out of the dream of home ownership,” Ford said in a recent meeting with representatives of the province’s municipalities.
Ontario will be implementing updated rules and regulations focused on renters’ welfare, according to Steve Clark, the province’s housing minister.https://t.co/tpf331sUYP
— Canadian Mortgage Professional Magazine (@CMPmagazine) April 7, 2023
Province grants greater policy autonomy to more cities
Ford added that the Ontario government will be extending “strong mayor” powers to 21 additional municipalities with populations likely to exceed 50,000 by 2031, including Aurora, Belleville, Sarnia, and Thunder Bay.
First granted to Toronto and Ottawa in December 2022, these powers provide mayors with greater latitude when it comes to provincial policy concerning priorities like housing, Ford said.
Essentially a near carte blanche for municipal-level authorities, mayors can propose and pass housing-related bylaws even with just the support of one-third of councillors. Strong mayor powers also allow for the executive branch to override council approval of bylaws and prepare city budgets without council input.
Ford said that these powers will be granted if the heads of council for the 21 municipalities submit their targets in writing by October 15. This will bring the number of Ontario municipalities with access to strong mayor powers to 49.
“Failing to act would worsen the housing supply affordability crisis,” Ford said. “Failing to act would threaten to erode Canadians’ unwavering support for immigration at a time when our economic success depends on welcoming skilled newcomers to fill critical labour gaps.”
Read the guide to the cheapest cities in Ontario to purchase a property here.
