Toronto, March 30, 2022 (GLOBE NEWSWIRE) — Greater Toronto Area, March 30, 2022 — The Building Industry and Land Development Association (BILD) commends the provincial government for taking action to address the housing supply crisis in the GTA through legislation and other measures.
“For decades, previous provincial governments and successive municipal governments have made it harder, more expensive and time-consuming to build new housing,” said Dave Wilkes, President and CEO of BILD. “The market conditions we are currently seeing are the result of these homecoming decisions, to the detriment of families looking to buy or rent a home in the GTA. The consequences of these decisions will push many potential buyers out of the area in search of affordable housing and affect the overall competitiveness of the GTA. With the measures introduced today, building on the 2019 Housing Supply Action Plan, this government is enabling the region to turn its back on supply and address the generational challenges facing the GTA is confronted.
As it takes an average of 10 years to complete a high-rise building 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. Allowing additional supply to come to market will begin to address the current imbalance between supply and demand in the housing market, decreasing pressures from escalating prices, increasing choice and beginning to resolve affordability issues.
The changes described today are positive, but much remains to be done. Future measures must take into account the costs that municipal governments impose on new homes, adding tens of thousands of dollars to the cost of each new unit. Zoning also needs to be reviewed, as in most municipalities it is far too restrictive, preventing the addition of soft density across cities and towns in the GTA. Finally, current inclusive zoning policies are out of step with best practice and will force new home buyers to subsidize affordable housing, 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 solving the housing crisis,” Wilkes said. “We applaud today’s announcement and the government’s commitment to implementing longer-term, progressive solutions. BILD will continue to work with municipalities, the provincial government and our industry partners to make it faster, cheaper and more efficient to bring more housing supply to market.
With over 1,300 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The construction and renovation industry provides over 230,000 jobs in the region and $26.9 billion in investment value. BILD is proudly affiliated with the Home Builders Associations of Ontario and Canada.
For more information or to schedule an interview, contact Justin Sherwood at firstname.lastname@example.org or 416-371-6005.