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The Budget focused on increasing investments in infrastructure, health care and affordability measures for Ontarians. The Ontario government is projecting a deficit of $9.8 billion in the coming fiscal year, almost double what was projected in its fall economic update. Some key housing highlights from the Budget include:

Addressing Housing Supply Crisis:

• The Ontario Provincial Government is introducing the Building Faster Fund, a substantial three-year, $1.2 billion initiative designed to incentivize municipalities that meet housing targets, thereby expediting housing construction.

Investment in Housing Infrastructure:

• A significant investment of $1 billion in the Municipal Housing Infrastructure Program, specifically allocated to core infrastructure projects.
• A quadrupling of the Housing-Enabling Water Systems Fund to $825 million, supporting municipal water infrastructure projects crucial for new housing developments.

Other Housing-related Initiatives:

• Extending the authority granted to impose municipal tax on vacant homes to all single- and upper-tier municipalities.
• Strengthening the Non-Resident Speculation Tax to discourage foreign investors from speculating in the housing market.
• Committing to invest an additional $152 million over three years in supportive housing initiatives, with a focus on aiding vulnerable individuals.
• Empowering municipalities to reduce property tax rates on new purpose-built rental housing to encourage the construction of more such units.

It is crucial to emphasize that these measures are part of a comprehensive strategy aimed at accelerating the construction of homes, with the overarching goal of building 1.5 million new homes by 2031.

Source: Mortgage Professionals Canada

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