No Time To Rest On Housing Supply

BY ALEX PICCINI, MANAGER OF GOVERNMENT RELATIONS, OHBA

AROUND THE DINNER table, at the local pub—heck, even on the bus—no matter where you go today or who you meet, housing seems to be a topic of discussion for Ontarians. It’s often spoken about with strong opinions and significant frustration—even despair. The once vibrant and realistic dream of saving up and owning a home, particularly for young, first-time buyers, has moved further out of reach for individuals and families who want to live in Ontario.

In most cases, they are doing everything right: saving up, stretching their budget, limiting expenses and moving up the employment ladder—yet it never seems to be enough. It’s not an exaggeration to say this is a generational challenge that is locking Ontarians out of opportunity, out of the economy and out of a place to call home.

What is also evident is that housing supply is on the minds of decisionmakers. There are ideas from all levels of government as to what we can do to build more homes, reduce costs and put the great Canadian dream of homeownership back within reach of more Ontarians. This is fundamentally a good thing, because we need elected officials bringing forward bold and innovative thinking to address a generational housing shortfall. Piecemeal solutions simply will not address the underlying challenge: an imbalance between the supply and demand for homes.

In the most recent provincial election, all four major parties identified a supply gap as the underlying challenge of the housing affordability crisis. This is a profound agreement on an issue impacting major life decisions for countless Ontarians who want to live, work and raise a family in our province. While the shortage may be the obvious challenge for our industry, it isn’t always as visible a problem outside of the sector. This convergence on the fundamental cause of the affordability crisis (a lack of supply) didn’t happen by accident. Efforts from OHBA, our local associations, industry partners and housing advocates made it clear to all parties that a plan for housing in Ontario had to have strong measures to rapidly increase supply, and that demand-side solutions would not be sufficient to meaningfully address the issue.

Bold changes, and not half measures, are what is needed if we are going to construct the 1.5 million homes need to restore affordability to Ontario. Thousands of current and future Ontarians are counting on homes that are not yet built, so it is incumbent on the Province to set the right stage for the industry to build. The costs of not doing so will vastly outweigh the required investment in new housing. If we do not start to address the supply deficit, Ontarians will face further economic pressures. Employers and jobs will leave for more affordable jurisdictions, where homes are more attainable. This would put our province at an economic disadvantage, unable to attract the talent and skills we need to thrive.

Beyond economic considerations are the social and family implications that a lack of housing supply will have. Without a dramatic increase in the number of homes in communities both big and small, many will be forced to move further away from existing residences, their friends and family.

The Doug Ford Progressive Conservatives won a strong majority mandate from voters in June. Now is the time for the provincial government to take bold steps to unleash the capacity of industry. While supply challenges won’t be fixed overnight, the sooner we start, the more opportunities Ontarians will have in the years ahead.

The Ontario we want to live in, the one we can build, is a province of opportunity, a land where we can live, work and play. Building 1.5 million new homes over the next decade is not just an aspirational goal, but a generational imperative. There is no time to rest. We agree on the problem. Let’s get down to the solutions.