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Experts and Opposition Agree Ontario's Fair Housing Plan is the Right Direction for Ontario

Queen's Park - The experts and even the opposition agree that the Ontario Government's plan to make life more affordable for home buyers and renters will benefit the people of Ontario.

Benjamin Tal, Deputy Chief Economist, CIBC
"The provincial government recognized that there is a need for a GTA specific housing policy and acted on it decisively."

Craig Wright Chief Economist and Robert Hogue Senior Economist, RBC Economics
"On the whole, this action plan is welcome... While it will take more time to assess the details of the many measures announced today, our initial take is that Ontario's plan to address the province's housing risk, on the whole, has adopted a reasonable approach. We entirely agree with the need to act now and bring forth a set of policy actions to stabilize the Toronto-area market. We also agree that a broad geographic scope—not limited to the Greater Toronto Area—is needed. Signs of overheating have clearly emerged across Southern Ontario in the past year or so. Tackling both sides of the housing equation—demand and supply—is prudent."

Tim Hudak, CEO, Ontario Real Estate Association
"We're very pleased that the government acted; bottom line here is we need to do something about affordability of homeownership. Clearly the premier herself and the finance minister…they seem to be listening to our advice and we're happy about that."

John Tory, Mayor of Toronto
"I welcome many of the actions announced by Premier Kathleen Wynne's government today."

Craig Alexander, Senior Vice-President and Chief Economist, The Conference Board of Canada
"Given the frothy real estate price growth across the Greater Golden Horseshoe, policy action was needed to reduce the growing risks to the Ontario and National economy. More sustainable and moderate price growth is in the interests of buyers, sellers, the financial system and the economy. In recent years, the federal government has delivered several rounds of housing policy tightening that impacted real estate markets from coast-to-coast. The next logical step was regional policy actions where the imbalances are greatest. It was time for Ontario to act,"

Cherise Burda, Executive Director of Ryerson University's City Building Institute "Happy to see our key recommendations in the provinces fair housing plan. Happy to see #onpoli Address demand and the right supply measures. Here's the whole housing package. I applaud it."

Warren Lovely, public sector researcher, and Stéfane Marion, chief economist and strategist, National Bank
"Cast yourself, for a moment, as finance chief of a large regional economy where housing prices are skyrocketing, a growing number of local residents are being priced out of the market and associated risks to the stability of your financial system are ratcheting up. Broadly speaking, you have two courses of action. You could do nothing, let a housing bubble inflate away, reap the economic and fiscal gains from a wholly unsustainable pattern of growth while you can, and then pick up the pieces of a broken economy when the bubble inevitably bursts. Alternatively, you could take action in the face of pronounced risks, implementing policies designed to both tame speculation and spur needed development, thereby placing the resulting housing market on a more sustainable footing. Ontario's finance minister has opted for the latter course of action, and it's a decision we applaud."

Beata Caranci, Chief Economist, Michael Dolega, Director & Senior Economist, Diana Petramala, Economist, TD Economics
"As far as the measures announced this morning, we believe the government's initiative to limit speculation in the housing market via the non-resident speculation tax and the enhancement to Toronto's (and other municipalities) ability to impose vacancy taxes are prudent. We also support the initiatives that would help support the development of additional housing stock in the province…To the extent that the recent home price acceleration has been related to speculative behaviour, measures announced today should help remove some of the froth. In particular, the tax on non-residents and ‘paper flipping' should together help stem speculative behaviour, and cool demand for properties in the Greater Golden Horseshoe."

Stuart Levings, President and CEO of Genworth Canada
"We welcome the actions announced today by the Ontario Government aimed at addressing the affordability of homeownership and expediting access to affordable housing stock suitable for aspiring first-time homebuyers...These measures will help responsible families and individuals achieve their dreams of homeownership while protecting the equity that existing GGH homeowners have invested in their properties,"

Peter Tabuns, NDP MPP
"I think many of the directions are ones that we need to be going in"

Dr. Paul Kershaw, Generation Squeeze
"Generation Squeeze congratulates the Government of Ontario for its new Fair Housing Plan. It shows that the government is addressing the concerns of younger generations who know that the economy fails us so long as skyrocketing home prices leave our earnings behind. We called for new policy measures to level the playing field between renters and owners, tax housing wealth fairly, and encourage density to increase supply, especially purpose-built rental. Premier Wynne's team has boldly started down this path."

Ernie Hardeman, PC MPP
"There's a number of issues that I think they're dealing with very well…a number of things that we've asked for they're doing"

Harvey Cooper, Managing Director, CHF Canada Ontario Region
"By making Provincial lands available for affordable rental housing at low- or no-cost, the Province is removing one of the most significant barriers to developing affordable rental housing. Land costs, particularly in the GTHA, are far above what any affordable housing provider can afford. This investment will help ensure that those most negatively affected by housing costs - low and middle income renters - have more options in the future."

Geordie Dent, Executive Direction, Federation of Metro Tenants' Association
"This will create stability for tenants, and brings everyone under the same system of rent control and contracts. It's a great day for tenants in Ontario"

Diane Dyson, Director, Research and Public Policy, Woodgreen
"Today is a happy day for tenants in Ontario. It corrects an imbalance in the system. These are very welcome measures."

Last Updated: Thursday, 20 April 2017 15:17:28 PM EST

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