Faced with real estate market heated beyond their expectations, Ontario government pledges to create task force
Telling figures illustrating the province's heated housing markets can be found in the government's recently released fall economic statement. In 2020-21, Ontario got about $3.7 billion in revenue from land transfer taxes. In this fiscal year, it's projected to skyrocket to more than $5 billion.
A spokeswoman for Municipal Affairs and Housing Minister Steve Clark said the government is hoping to build on its housing supply action plan. The current plan has the Progressive Conservative government investing more in new housing, and they note that year-to-date home starts are 16 per cent higher than in the previous year, and rental housing starts are 14 per cent higher.
The Ontario Real Estate Association said it would like to see the government take several steps to address the housing affordability crisis, including ending exclusionary single-family zoning, doubling the land transfer tax rebate, and making surplus government land available for development. Liberal Leader Steven Del Duca said the government should already know what needs to be done to boost supply.
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