Ontario Creating More Rental Housing for Individuals and Families
Province Rebating Development Charges to Stimulate Rental Construction
Ontario is making it easier for renters to find a home by encouraging developers to build more high-rise, mid-rise and townhouse rental housing.
Thirteen municipalities are receiving funding from the province, to provide development charge rebates to developers who want to build rental housing. Funding will go to municipalities most in need of rental housing — those with low vacancy rates or high tenant populations, where affordable rentals are hard to find.This will help municipalities build complete communities that are accessible, livable, walkable, and close to transit and other services.
Providing more affordable housing is part of Ontario's plan to support care, create opportunity and make life more affordable during this period of rapid economic change. The plan includes free prescription drugs for everyone under 25, and 65 or over, through the biggest expansion of medicare in a generation, free tuition for hundreds of thousands of students, a higher minimum wage and better working conditions, and free preschool child care from 2 ½ to kindergarten.
- The funding is part of a five-year program to rebate up to $125 million in development charges.
- The Fair Housing Plan is a comprehensive package of 16 measures to help more people find an affordable place to call home, while bringing stability to the real estate market and protecting the investment of homeowners.
- Some municipalities collect development charges to help pay for infrastructure – like transit, water mains and roads – to meet the increased demand created by new development.
- In November 2017, Ontario’s Development Approvals Roundtable announced an action plan to streamline the development process and tackle some of the challenges that prevent housing projects from being built.
- Research suggests that, of all the housing built over the last two decades, only six per cent was market rental housing.
“Adequate and appropriate rentals have become increasingly hard to find and afford in a number of Ontario communities. This rebate program will stimulate the creation of new rental housing to help make it easier for families and individuals to find the housing they need. More rental housing means more options when looking for a home, all while creating vibrant communities.”