Mar 24, 2023, 12:10 PM by Mortgage Professionals Canada

The 2023 Ontario budget is focused on improving housing supply by advancing the province’s More Homes Build Faster measures

Ontario’s Budget Focused on 1.5 Million Homes Built by 2031

The 2023 Ontario budget is focused on improving housing supply by advancing the province’s More Homes Build Faster measures:

What it means for Ontarians  

Ontario will advance its priority of building 1.5 million homes build by 2031 by strengthening the province’s housing approval fund

Ontario will also implement an increase to the non-resident speculation tax to 25 per cent

Calling on the federal government to work with the province on potential Goods and Services Tax and Harmonized Sales Tax (GST /HST) relief for new housing and rental development 

Ontario’s budget is also focused on addressing the labour shortage in construction, the skilled trades, and health care. It was also noted that Ontario has outpaced the United States and the rest of Canada in its economic recovery and 2021 and 2022 marked the two strongest years in job growth on record in Ontario. 

Please see the following link for the full budget here.  

We will continue our engagement with the Ontario government and to build the momentum from our recent lobby day on March 6. Our advocacy requests to the Ontario government include:

Doubling the land transfer tax rebate from $4,000 to $8,000 and index it to inflation to keep pace with today’s housing prices 

Prohibiting the extension of a municipal land transfer tax to municipalities, a penalizing “double tax” to home buyers 

Updating the provincial HST rebate to reflect current home prices and begin indexing the thresholds to housing prices 

Support the industry’s mortgage fraud prevention efforts by encouraging the federal government to grant CRA enabled income verification

Please see our pre-budget submission, here.