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TORONTO, March 14, 2018 — Housing policy, both rental and ownership, has dominated headlines in the Greater Golden Horseshoe (GGH) over the last two years. The Toronto Real Estate Board (TREB) hopes that a vigorous housing policy debate between all three major provincial parties will take place as we move toward the June 7 provincial election.
“Greater Toronto Area REALTORS® have been involved in recent discussions on provincial housing policy which impact the GGH, including the tax on foreign buyers, rent control and increases to the provincial and municipal land transfer taxes, among others. Recent issues in the housing policy debate should come to the fore as we move toward the June election. Recent research and past experiences have shown that demand-focused measures do not lead to long term affordability in the housing market,” said TREB President Tim Syrianos.
“What would go a long way in achieving sustained market balance would be policies pointed at a diversity of ownership and rental supply in the marketplace. This could include re-examining current policies constraining supply and additional policies that could help bridge the gap between traditional low-rise types and high-rise condo apartments, often referred to as the missing middle. Consumers also need relief from high taxation such as provincial and municipal land transfer taxes which is affecting affordability and discouraging mobility,” said TREB CEO John DiMichele.
Access to housing in one form or another is top-of-mind for the great majority of residents. Each party should make very clear exactly what they will do to ensure sustained affordability in all segments of the housing market over the long term.
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