Yesterday, the Ontario Government announced their Budget for 2018.
The Budget did not propose any new housing policies and personal real estate corporations (PRECs) were not addressed.
OREA was not expecting any major housing announcements in the budget, given our recent success in securing a stop on the Home Energy Rating and Disclosure (HER&D) program.
However, for a Budget that proposed additional spending with a deficit of $6.7 billion, we would have liked to see new proposal for housing that would help young families afford a home.
The Budget builds on the Premier’s focus on “fairness”. Priorities for the government include:
- New Ontario Drug and Dental Program for those without extended health plans;
- Free preschool for children aged two-and-a-half until eligible for kindergarten, beginning in 2020;
- Extending OHIP+ to provide people aged 65+ with free prescription medication;
- Minimum wage increase to $15/hr in 2019;
- Free college and university tuition for 225,000 students, and;
- Investment of $2.1 billion to improve mental health car.
As we move forward, OREA will continue to work to make housing a major issue in the June election and collaborate with all political parties to reduce costs for first-time home buyers and create more supply in the housing market.