In order to deal with the obstacles faced by first-time buyers, the government in Ontario should come up with a housing affordability task force, as mentioned by the real estate body in the province.
Real Estate Association Government Relations Committee Chair of Ontario, Valerie Miles said; “We are facing a critical housing supply shortage that is putting home ownership out of reach for Ontario’s first-time buyers and young families. In some markets, housing inventory is at all-time lows and prices are at record highs. Increasing the housing stock is necessary to give buyers more options at affordable levels. We need industry leaders to come together on this issue before the supply problem gets any worse.”
The government has been given several proposals by the association by the association, one of which includes removing red tape for zoning and building permits. Time Hudak, CEO of OREA said the advantages to increasing housing affordability is extensive.
He also added; “Every home transaction generates $55,000 in economic spin-offs which creates jobs and supports local business, while home ownership offers endless social benefits for families and communities. If the goal of the pre-budget consultation is to build up Ontario’s future, then finding ways to make home ownership affordable is a great place to start.”