Ontario Boosting Rental Supply for Individuals and Families
Fair Housing Plan Encouraging New Rental Development
Ontario is making it easier for individuals and families to find a home by rebating development charges on new, purpose-built rental housing, to encourage more construction and bring more fairness to the rental market.
Peter Milczyn, Minister of Housing, was in Toronto today to announce that the province will rebate up to $125 million in development charges over five years for priority purpose-built rental developments in municipalities with low vacancy rates or high tenant populations, where affordable rentals are hard to find. This will also encourage and help to build complete communities that are accessible, livable, walkable, and close to transit and other services.
In the coming days, the province will be inviting municipalities to participate in the program.
Providing rebates for development charges for new purpose-built rental housing is one of 16 comprehensive measures under Ontario's Fair Housing Plan to bring stability to the real estate market, protect renters and homeowners' investments, increase housing supply, and help more people find a home that fits their budget.
Ensuring people have access to rental housing is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
- The Fair Housing Plan includes measures that address housing supply and demand, protect renters and homebuyers, and increase housing market information sharing among the private and public sector.
- Municipalities collect development charges to help pay for infrastructure – like transit, water mains and roads – to meet the increased demand created by new development.
- Ministry of Housing research suggests that, of all the housing built over the last two decades, only six per cent was market rental housing.
“We believe everyone deserves a place they can call home. Building more rental housing not only helps individuals and families find places to live, it creates strong, vibrant communities.”