Experts and Opposition Agree Ontario's Fair Housing Plan is the Right Direction
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
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
John Tory, Mayor of Toronto
"I welcome many of the actions announced by Premier Kathleen Wynne's government
Craig Alexander, Senior Vice-President and Chief Economist, The Conference Board
"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
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."