As the cost of buying homes skyrockets across the country, Ontario plans to create a ‘Housing Affordability Task Force’ to help make housing more affordable.
In the province’s fall economic statement, Ontario described that how it will “establish a Housing Affordability Task Force to provide recommendations to the Minister of Municipal Affairs and Housing on potential further actions to make housing more affordable for Ontario families.”
OREA has been fighting for the government to address the housing affordability crisis and we're thrilled to see that Ontario is proposing a housing affordability task force amid high prices and sales. Check out this @CTVToronto article for more athttps://t.co/a3iHmwfN69 pic.twitter.com/XwCoKl6n6B
— OREA (@OREAinfo) November 8, 2021
In a statement to Narcity, the government’s director of communications for municipal affairs and housing minister, Steve Clark, said that the task force will “explore measures to support market housing supply and affordability, and provide the government with strategies and advice to continue to address Ontario’s housing crisis.”
Back in 2020, $25.6 billion was invested in Ontario for new housing, with 73,838 new homes being built (this is more than any other year in the past decade). Further, new home building is already 16 percent higher in 2021 than it was during the same period last year.
At this point, it’s unclear what the Housing Affordability Task Force will actually do to solve the province’s housing price issue. Over the past year, housing affordability has become a significant issue and is often tied to the lack of new housing supply coming to the market amid the ongoing COVID-19 pandemic.