The Ontario Government Pushes to Built 1.5 Million More Homes

On October 25, Ontario unveiled Bill 23 as part of its More Homes Built Faster plan, targeting the construction of 1.5 million homes by 2031 through tax breaks and streamlined development processes. The bill proposes a broad range of initiatives to push developers to build more housing – but is the bill helping renters and buyers? Among other proposals, the bill aims to standardize Inclusionary Zoning policies across municipalities, which limits municipalities’ abilities to develop zoning policies catered to the specific economic and social conditions in their communities. Moreover, the bill aims to limit municipalities’ abilities to adopt rental replacement policies, which are in place to regulate rental property conversion and demolition. These further restrictions on rental replacement policies provide landlords and developers more freedom, but at the cost of possibly displacing Ontario renters. Other proposals in the bill include promoting housing density increases around residential areas and transit hubs, decreasing municipal housing budgets, speeding up Ontario Land Tribunal processes and loosening municipal controls over the development of small-scale projects. All of these aim to push for more efficient housing developments. Overall, while Bill 23 aims to stimulate housing development in Ontario, its effectiveness in ensuring affordability and accessibility for all residents, particularly those with lower incomes, remains uncertain. It represents a balancing act between incentivizing development and addressing affordability concerns, and its ultimate impact will likely depend on how its provisions are implemented and enforced.