The Ontario Budget is the most important piece of legislation the government introduces each year. The provincial budget is a $100 billion-dollar fiscal plan that governs almost every policy and program Ontario runs. For that reason, it’s the perfect place to help the thousands of middle class families struggling to afford the Canadian dream of home ownership.
Last year, amongst a very hot real estate market and record high prices, Ontario’s real estate market was hit by numerous government interventions. From a new stress test and rising interest rates to Ontario’s Fair Housing Plan, governments at all levels piled on new regulations to try and cool the market. Forgotten in the rush to regulate the market, are thousands of middle-class families who dream of one day owning a home.
To help the forgotten middle class, OREA is encouraging politicians at Queen’s Park to support affordable home ownership. This was the key element of our 2018 Pre-Budget Submission that was submitted to the provincial government last week. Home ownership is critical to the Ontario economy and strong communities.
“Going forward, the provincial government must focus on helping more middle-class families and young people achieve the dream of homeownership” said John Oddi, Chair of OREA’s Government Relations Committee. “The best long-term solution to give growing families and millennials a shot at affordable home ownership is to increase housing supply and choice in the marketplace. OREA would also like to see incentives for seniors to “right-size” and rebates for energy efficient retrofits.”
The submission also calls on the government to bring fairness to the tax treatment of real estate professionals in Ontario be permitting personal real estate corporations (PRECs). This issue is a priority for our members and it continues to be a priority for the Government Relations team at OREA.
Ontario REALTORS® hope that the government prioritizes these important measures in their 2018 Budget.
THE OREA 2018 PRE-BUDGET SUBMISSION