Ontario Government Announces New Builds Are Exempt From Rent Control

On Thursday afternoon, Ontario Finance Minister Vic Fedeli delivered the fall economic statement. Entitled A Plan for the People, the 155-page document details how the Progressive Conservative government plans to improve housing supply.

The document acknowledged that the housing supply in Ontario has been unable to keep up with the high demand for housing, specifically within the GTA. As a result, house prices and rent have increased across the board.

READ: Home Prices Across Canada Fall For First Time In Eight Months

In response, the Ministry of Municipal Affairs and Housing is set to launch a Housing Supply Action Plan next spring. The plan will be rolled out over the next 18 months.

In a statement, Tim Hudak, CEO for the Ontario Real Estate Association said "We’re pleased to see the Ford Government following our advice and ensuring the fading dream of home ownership will become a reality for more Ontario women, men and children. OREA looks forward to being a key advisor as the Government finalizes the Housing Supply Action Plan to provide solutions to make home ownership more affordable for Ontario families like speeding up approval times, intensifying along transportation corridors and building more missing middle housing."

READ: Toronto’s Record-High Rent May Stop Setting Records As Increases Expected To Slow

Exact details of the plan have yet to be revealed, however, the Ontario government says it will focus on increasing supply by addressing the barriers that inhibit housing development.

On the rental front, things are a little more clear.

Citing a need for more rental units, the government announced a reintroduction of rent control exemption on new rental units. The government hopes this move will encourage developers to build more affordable housing.

READ: Toronto Rent Is STILL The Most Expensive In Canada, GTA Dominates List

Existing rental units will still have rent control inforced. "OREA advocated for this change because increased rental supply will be good news for renters looking for more choice in the market..." Hudak stated.

The document also announced plans to cancel the Development Charges Rebate Program. The program which was described as "expensive and ineffective" provides rebates on the development of rental housing. By cancelling it, the government estimates a savings of $100 million over four years.

Renting

Ontario Government Announces New Builds Are Exempt From Rent Control

READ: Home Prices Across Canada Fall For First Time In Eight Months

READ: Toronto’s Record-High Rent May Stop Setting Records As Increases Expected To Slow

READ: Toronto Rent Is STILL The Most Expensive In Canada, GTA Dominates List

Trending

You may also like

In particular, the development charge rate for low-rise residential has been brought down by over $44,000, the City of Vaughan said.

The massive project would include 20% affordable units, "enabling one of the largest yields of new affordable homes in a single development application," as well as one school, three daycares, 9.4 acres of parks, and much, much more.

Canadian real estate company Longridge Partners is turning to the next generation for insight as it offers up $100,000 in prize money for students who put together the winning plans for its 624-acre greenbelt property.

Many first-time home buyers and wise investors are turning their sights west, to beautiful Burlington. And waiting for them there is Latch Development's 1989 Condominium.

​The project, located at 134-226 Harwood Avenue South in Ajax, was being undertaken by LeMine Investment Group when it was placed under receivership in April 2021.

​The receivership application was filed by KingSett Capital against Thind's Highline and Minoru Square projects.

Ontario has consistently ranked in the bottom half of provinces in terms of homebuilding per capita over the last six years — the data for 2024 being an indicator that things are only getting worse.

The potential lawsuit is coming from Mappro Realty, the owner of an adjacent property, over the staging area being used for construction of The One.

​The District Northwest project by Thind Properties is set for 13438 105A Avenue in Surrey and consists of two high-rise towers.

According to CMHC, housing starts across Canada shifted up from 223,391 units in September to 240,761 units this October, though the six-month trend remains "flat."

Chacon Developments is currently facing two receiverships and two of its other properties have been made available via power of sale.

Nestled amongst lush foliage, 32 Arjay Crescent, with its grand exterior and sophisticated interior designs, offers one of the most stunning homes in the neighbourhood.

For those looking to lay down roots in Sherwood Park, a true best-of-both-worlds destination, now may be just the right time — as the community welcomes Hearthstone.

Revised development plans from Pinnacle International ask for increased heights across the board, bringing the proposed storey-count up to 54, 44, and 15 storeys.

The Canada Lands Company and the MST Nations acquired the Jericho, Heather, and Marine Drive Lands in Fall 2014.

Though the Bank of Canada has delivered four interest rate cuts since June, including a healthy 50-bps cut in October, the growth in sales is being attributed to a jump in listings.

2024 © STOREYS Publishing Inc. | All Rights Reserved

The project, located at 134-226 Harwood Avenue South in Ajax, was being undertaken by LeMine Investment Group when it was placed under receivership in April 2021.

The receivership application was filed by KingSett Capital against Thind's Highline and Minoru Square projects.

The District Northwest project by Thind Properties is set for 13438 105A Avenue in Surrey and consists of two high-rise towers.