Toronto, March 30, 2022 (GLOBE NEWSWIRE) — Greater Toronto Area, March 30, 2022 – The Building Industry and Land Development Association (BILD) applauds the provincial government for taking steps to address the housing supply crisis in the GTA through proposed legislation and other measures.
“For decades, previous provincial governments and successive municipal governments made it more difficult, expensive and time-consuming to build new housing,” said Dave Wilkes, President and CEO of BILD. “The market conditions we are seeing now are the result of these decisions coming home to roost, at the expense of families looking to buy or rent a home in the GTA. The consequences of these decisions will push many prospective home buyers out of the region in search of housing they can afford and will affect the GTA’s overall competitiveness. With the steps introduced today, building on the Housing Supply Action Plan of 2019, this government is enabling the region to turn a corner on supply and address the generational challenges being faced by the GTA.”
As it takes on average 10 years to complete a high-rise and 11 years to complete a low-rise project in the GTA, the full effects of the proposed legislation will not be felt immediately, but over time. Enabling additional supply to come to market will start to address the current imbalance between supply and demand in the housing market, decreasing price escalation pressures, increasing choice and beginning to address affordability challenges.
The changes outlined today are positive, but there is much more that can be done. Future measures must address the costs municipal governments layer onto new homes, adding tens of thousands of dollars to the cost of each new unit. Zoning must also be revisited, as in most municipalities it is far too restrictive, preventing the addition of gentle density across the cities and towns of the GTA. Lastly, current inclusionary zoning policies are out of step with best practices and will force purchasers of new homes to subsidize affordable housing units—a clear abdication of municipal government responsibilities.
“The provincial government is taking action and has recognized that the recommendations of the Housing Affordability Task Force provide a clear path to addressing the housing crisis,” said Mr. Wilkes. “We applaud today’s announcement and the government’s commitment to implementing incremental longer-term solutions. BILD will continue to work with municipalities, the provincial government and our industry partners to make it faster, less expensive and more efficient to bring more housing supply to market.”
With more than 1,300 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides more than 230,000 jobs in the region and $26.9 billion in investment value. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.
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For additional information or to schedule an interview, contact Justin Sherwood at [email protected] or 416-371-6005.
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CONTACT: Justin Sherwood Building Industry and Land Development Association (BILD) 416-371-6005 [email protected]
