Statement by Ontario Real Estate Association CEO Tim Hudak on “Canada’s Housing Plan”

“Today, the Federal Government announced Canada’s Housing Plan, ahead of the 2024 Federal Budget.

The Ontario Real Estate Association (OREA) joins the Canadian Real Estate Association in commending Prime Minister Trudeau and Minister of Housing, Infrastructure and Communities Sean Fraser for the measures in this Plan aimed at ensuring critical land, infrastructure, and zoning reforms occur to get more homes built.

While OREA was pleased to see the re-introduction of 30-year mortgage amortizations for first-time homebuyers on new builds, we strongly believe this measure must be expanded for all homebuyers and types of homes. As families look for a great place to lay down their roots, their budget shouldn’t be contingent on whether they’re purchasing a newly built or pre-owned home. In the middle of a housing affordability crisis, many Ontario families, not just first-time homebuyers, would benefit from the relief of 30-year amortizations on their mortgages.

OREA is also pleased to see several REALTOR®-led solutions which we have been advocating for, to address the housing supply and affordability crisis, included in this Plan:

• A new $6-billion Canada Housing Infrastructure Fund to build and upgrade critical water, wastewater, and stormwater infrastructure to support increased housing supply;
• Launching a “Public Lands for Homes” plan designed to unlock and accelerate the use of underutilized public land for new housing supply;
• Investing in new and innovative approaches to home building, including modular and pre-fabricated housing;
• Investing in the next generation of skilled workers and removing barriers to foreign credential recognition; and
• Incentivizing zoning reform and increased density around transit hubs, legalizing fourplexes as-of-right, and cutting red tape to accelerate home construction.”

- Tim Hudak, CEO of the Ontario Real Estate Association

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