Hamilton and Burlington are two of eight real estate markets in Ontario to break the million-dollar mark on average home price
Hamilton, ON (May 31, 2022) – With the Canadian dream of home ownership on life support in Ontario, Ontario REALTORS® are calling on all political parties and candidates running in the 2022 Ontario election to prioritize housing policies that will ensure future generations have a shot at owning a home. Together with the Ontario Real Estate Association, the REALTORS® Association Of Hamilton-Burlington, is putting real solutions to the housing affordability crisis on the table through the 2022 Election Housing Platform: A Home for Everyone.
“Hamilton and Burlington are two of eight real estate markets in Ontario with an average home price of over a million dollars. My concern is that out-of-reach house prices will drive young families right out of the province to find a home they can afford,” said Lou Piriano, President of the REALTORS® Association Of Hamilton-Burlington. “We need a Government that will act on our recommendations if we want to bring affordability within reach for those who want to buy and save the dream of homeownership in this province.”
OREA’s 2022 Election Housing Platform offers eight bold solutions to address Ontario’s housing affordability crisis, including:
• Doubling the Land Transfer Tax (LTT) Rebate for First-Time Home Buyers – To keep pace with the rapid increase to housing prices, the LTT should be indexed to inflation and doubled from $4,000 to $8,000.
• Ending Exclusionary Zoning – Local zoning rules continue to hold back much needed starter homes that people can afford. The Province should use the Planning Act to implement as-of-right zoning in Ontario’s highest-demand urban neighbourhoods to allow for the building of duplexes, triplexes and fourplexes on lots traditionally zoned for single-family housing.
• Making Homeownership Affordable Through Green Ontario Homes – Home energy audits are a long-term tool that will allow homeowners to take the first step in figuring out what retrofits their home requires to operate at peak efficiency. OREA recommends that the Government of Ontario implement a voluntary Home Energy Audit program and provide incentives to encourage consumers to purchase green home retrofits.
“Ontario’s housing affordability crisis is a province-wide problem and will not fix itself. However, we are at a turning point, and we need significant leadership from the government to ensure more Ontarians can find a great place to call home,” said Lou Piriano. “With housing at the forefront of this election, it’s now up to voters to decide which provincial political party they are supporting for solutions to housing issues.”
Limited housing supply, pandemic-related factors, and changing demographics have resulted in skyrocketing housing prices across the province. Ontario home prices have tripled in the last ten years, but average household incomes have increased only 30 per cent.
The housing policies brought forward by Ontario REALTORS® will ensure that Ontario’s housing affordability crisis is addressed through well-researched and proven innovative solutions.
For more information and to view OREA’s 2022 Election Housing Platform, visit www.AHomeForEveryone.info.