Statement from Tim Hudak re: Fall Economic Statement

Home ownership is a fundamental Canadian value and builds stronger communities. That is why OREA launched the Keep the Dream Alive campaign – to help create the next generation of Ontario home owners. We’re pleased to see the Ford Government following our advice and ensuring the fading dream of home ownership will become a reality for more Ontario women, men and children.

In today’s Fall Economic Statement, Ontario Finance Minister Vic Fedeli announced the Housing Supply Action Plan. The Government will develop a strategy to increase housing supply quickly and responsibly. OREA looks forward to being a key advisor as the Government finalizes the Housing Supply Action Plan to provide solutions to make home ownership more affordable for Ontario families like speeding up approval times, intensifying along transportation corridors and building more missing middle housing. This works builds off the Province’s commitment to build new housing above GO stations – something that OREA has been pushing for since 2017.

The Ford Government committed to increase rental housing supply by exempting new units from rent control. OREA advocated for this change because increased rental supply will be good news for renters looking for more choice in the market as well as mom and pop investors who work with Ontario REALTORS® in achieving financial security for their family.

OREA is pleased to see the Government commit to reducing red tape on businesses by 25%. We look forward to working with the Province to ensure that this work includes implementing Bill 38, the Tax Fairness for Real Estate Professionals Act, 2018 introduced by MPP Bob Bailey. Bill 38 enjoys all Party support in the Legislature and will reduce red tape on real estate small businesses – helping them hire more staff.

- Tim Hudak, CEO for the Ontario Real Estate Association