OREA CEO Tim Hudak Statement on Federal Government’s Housing-Focused Fall Economic Statement

“The Government of Canada’s housing-focused Fall Economic Statement is a clear indication the Federal Government is taking this issue seriously, and OREA commends Housing Minister Sean Fraser and the Trudeau Government for continuing to take action.

Ontario REALTORS^® are pleased to see several pro-housing, pro-supply measures on the table today, including a commitment of $15-billion in low-cost loans for new purpose-built rentals and $1-billion dedicated to new non-profit housing. As interest rates have increased over the past year, financing has become increasingly expensive – so programs such as this can help get rental housing construction underway.

To get shovels in the ground on these new homes, Canada needs more skilled tradespeople. OREA applauds the Federal Government for their commitment to work with the provinces and territories on implementing full interprovincial mobility for construction workers. This REALTOR^®-led solution was recommended in a recently released report on Canada’s skilled labour needs and immigration policies, and would allow both Canadian-born and immigrant workers to be mobile within Canada to meet changing labour demands.

REALTORS^® have also been strong advocates on the need to modernize mortgage rules, including reforms to the unfair, one-size-fits-all stress test. Hardworking families should not be punished at time of renewal by having to re-pass the test to simply change lenders, and OREA is thrilled to see this stringent requirement removed as part of the new ‘Canadian Mortgage Charter’. Homeowners will now have greater flexibility and choice when renewing their mortgages, particularly at a time when households are already feeling financial squeeze.

The challenge at the federal level is that while elected officials are unveiling worthwhile policy initiatives, federal agencies such as the Bank of Canada and Office of the Superintendent of Financial Institutions (OSFI) are rowing in the opposite direction, making homes and rentals more expensive. It’s time for them to take their foot off the brakes and accelerate to get more homes built that people can actually afford.”

– Tim Hudak, CEO, Ontario Real Estate Association

If you would like to speak with OREA CEO Tim Hudak about this statement, please reach out via the contact information below.