The Financial Accountability Office (FAO) recently released an economic update that shows Ontario’s housing starts have dropped to their lowest level since 2007. This is a concerning development in a province that has set a target of building 1.5 million homes over the next decade.
Too many renters are living in housing that is too expensive and doesn’t meet their needs. Ontario legislators would benefit from the FAO’s assessment of what Ontario has done and could do to address the province’s many significant housing challenges.
To strengthen Ontario against economic threats and uncertainty, we need to attract and keep a talented and skilled workforce. But workers look elsewhere when they can’t afford to rent or buy a home to raise a family. We need to get more shovels in the ground and fix our housing affordability crisis,
In response, I’ve written to the FAO with MPP Catherine McKenney to request a review of the Ontario government’s efforts to spur private-market housing construction. Our goal is to understand what’s working, what isn’t, and what more could be done to improve housing outcomes across the province.
Here’s what we’ve asked the FAO to analyze:
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The housing sector’s contribution to Ontario’s economy.
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How housing supply is affecting rent and home prices.
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What measures the Ontario government has taken to spur private-market housing construction.
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The impact of domestic and foreign investment on housing availability and affordability.
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The province’s progress toward its target of building 1.5 million homes that meet the housing needs of current and future Ontarians by income, household size, and priority population.
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Additional measures that could be taken to spur needed private-market housing.
This request is about taking a clear, evidence-based look at Ontario’s housing strategy and construction efforts so policymakers can make informed decisions about how to improve housing supply and affordability across the province.
Full letter here