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Ontario  + Finance  | 
Ontario real estate groups are praising the provincial buidget.

Ontario Realtors Praise Budget, Call for More Action

Ontario real estate groups are praising Premier Doug Ford’s government for supporting infrastructure development in the new provincial budget but calling for more action to spur more housing growth.

The Ontario Real Estate Association commended the government for its $190-billion investment over the next decade to expand critical infrastructure. But OREA CEO Tim Hudak said the Conservatives must “keep their foot on the gas and take bold action.”

OREA called for the province to offer water and wastewater services through a municipal services corporation, modernize zoning to support commercial-to-residential conversions and greater density along transit corridors, and eliminate exclusionary zoning. The group wants to see more multi-residential development on single lots.

“Building more homes on existing properties is an essential key to unlocking affordable homeownership,” said Hudak.

But he said OREA is pleased with the government for committing to expand highways, transit, homes and high-speed Internet connectivity. OREA said the improvements are necessary to support new communities and economic growth.

The province’s realtors also welcomed the province’s decision to offer flexibility on financing for municipal water infrastructure projects and build on a recent $825-million investment in the Housing-Enabling Water Systems Fund. OREA was also encouraged by a $99.1-million provincial investment in a site-preparation pilot program for repurposing surplus Crown properties into attainable housing and social infrastructure;ย and a commitment to support transit-oriented development and modular construction.

Meanwhile, Toronto Regional Real Estate Board President Jennifer Pearce said the government is hearing the group’s housing calls. Pearce said the budget is “the province’s effort to save the Canadian dream of home ownership.”

The province is also following TRREB’s advice “to go all-in on modular housing,” The infrastructure investment will unlock thousands of new homes across the Greater Toronto Area, TRREB added.

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Inside The Story

Tim HudakTRREB

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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