TORONTO – The Ontario government says it will introduce legislation today aimed at increasing the province’s housing supply.
Housing Minister Steve Clark is expected to table the bill this afternoon.
A recent report from a task force that examined housing affordability in Ontario found that house prices in the province have tripled over the past decade.
It found that increase outpaced income growth.
The same report also found the province is 1.2 million homes below the G7 average.
Ontario announced Tuesday it is increasing a tax on non-resident homebuyers to 20 percent and broadening it to the entire province as part of its action plan on housing.
Finance Minister Peter Bethlenfalvy said lack of housing supply, coupled with rising costs, have made home ownership unattainable for many families.
This report by The Canadian Press was first published March 30, 2022.
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