Today, the Minister of Municipal Affairs and Housing revealed More Homes, More Choice: Ontario's Housing Supply Action Plan. People struggling to find affordable housing that fits their family budget will see real relief and real choices thanks to the Ontario Government's comprehensive housing supply action plan.
More Homes, More Choice: Ontario's Housing Supply Action Plan is a full-spectrum suite of legislative changes to increase the supply of housing that is affordable and provide families with more meaningful choices on where to live, work and raise their families.
Minister highlighted that the Housing Supply Action Plan will require a provincewide effort that includes municipalities, nonprofits and private industry and will also be a comprehensive all-of-government initiative that will include legislative amendments to 13 government Acts. Minister was joined by the Minister for Seniors and Accessibility.
The new measures proposed in More Homes, More Choice would streamline the overly complex development approvals process to remove unnecessary duplication and barriers, making costs and timelines more predictable. The plan would also streamline and simplify the process for creating new rental housing options.
As part of the action plan, the government is also launching A Place to Grow: Growth Plan for the Greater Golden Horseshoe to address the needs of the region's growing population, diversity and local priorities.
More Homes, More Choice introduces new measures, across multiple ministries that focus on five themes: Speed, Cost, Mix, Rent and Innovation that will improve housing supply and affordability, while protecting health and safety, a vibrant agricultural sector and the environment - including the Greenbelt. The increase in construction activity that will result from the action plan will also spur new investment and create thousands of private sector construction jobs.
- More Homes, More Choice was informed by a broad public consultation that included feedback from the public, as well as business and industry, research and development sectors, municipalities, the agricultural and environmental sector and many others. The government received more than 2,000 submissions and 85 per cent came from the public.
- 83 per cent of Ontario households couldn’t afford the average price of a resale home in 2018, according to ministry estimates.
- It takes approximately 10 years to complete either a low-rise or high-rise development project in the Greater Toronto Area.
- Adding 10,000 housing starts per year is estimated to grow real GDP by 0.3 per cent and create about 15,000 new jobs over three years.
- Over the last 20 years, less than seven per cent of all housing built in Ontario was purpose-built rentals. The province’s overall rental vacancy rate in 2018 was 1.8 per cent, close to historical lows (three per cent is considered a healthy market).