Doug Ford says the freeze or reduction in developer fees included in the bill presented Tuesday will encourage construction of new homes, including rental and affordable housing.
It also aims to increase density around subway and train stations, utilize unused state land, utilize modular construction, and offer alternative homeownership options such as lease-to-purchase.
Prime Minister and Minister for Communities and Housing Steve Clark unveiled the content of the bill at an event on Tuesday Toronto Area Chamber of Commerce.
Secretary Clark considers these to be the most important changes the government has made to housing.
The Progressive Conservatives have promised to build 1.5 million new homes in 10 years.
The province has selected 29 municipalities where the majority of construction work will take place to achieve this provincial goal.
They must commit to achieving goals and establish how they intend to do so.
New build apartments – main objectives:
- Toronto: 285,000
- Ottawa: 151,000
- Mississauga: 120,000
- Brampton: 113,000
Currently, however, there are no penalties if they don’t reach their goal.
The bill, if passed, would allow up to three units on a property, such as basement apartments or garden sheds, with no need to change regulations. These projects would also be exempt from the building project tax.
The province also announced this on Monday evening Increase in tax for foreign investors who buy a property. On Tuesday, it rose from 20% to 25%.
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