The demand for housing in Ontario has risen rapidly in recent years, driven by strong population growth and low interest rates. However, the supply of housing has not kept pace, leading to higher prices and rents. To address this challenge, the government is taking steps to expand the supply of homes and rental properties, while protecting rent control for existing tenants.
Addressing the Housing Shortage
As part of the new Housing Supply Action Plan, the government is developing a strategy to increase housing supply quickly and responsibly, so that more good-quality places to live will be available for the hardworking people of Ontario.
Addressing Housing Affordability
To make rent more affordable and promote housing development, the government proposes to:
- Keep its promise to preserve rent control for existing tenants.
- Encourage developers to build more rental housing by exempting new rental units from rent control.
- Cancel the expensive and ineffective Development Charges Rebate Program, creating savings of approximately $100 million over four years.