May 6th, 2022
Horwath’s NDP commits to spur 1.5 million new homes people can afford
NDP updates housing platform with new supply commitments, creation of Housing Ontario
BURLINGTON – Andrea Horwath’s NDP will spur the construction of 1.5 million homes over the next 10 years — a combination of starter homes, rental homes and affordable housing.
“I want folks to hold on to their dream of home ownership, that’s why our housing plan offers a lifeline and hope. Together, we can fix what’s broken — so that more housing is for families that want to have their own home, not speculators that want to make a fortune,” said Horwath.
On Friday, the NDP is re-releasing the NDP’s Homes You Can Afford platform with a few key improvements:
- Spurring the construction of 1.5 million homes over 10 years, in a mix of starter homes, purpose-built rentals and affordable housing units.
- Ending exclusionary zoning and updating growth policies to increase the supply of affordable housing in pedestrian and transit-friendly neighbourhoods.
- Establishing Housing Ontario, that will finance and build at least 250,000 affordable and non-market rental homes over the next 10 years, operated by public, non-profit and co-op housing providers in mixed-income communities.
In addition to the NDP’s existing commitments to protect renters from gouging, the NDP will also ensure tenants can move back into their apartment after renovations at the same rent price.
“For years, the Liberals and Conservatives made life more expensive — including letting speculators drive our housing out of control. And Doug Ford favouring his developer buddies will only make things worse. Building big highways to big mansions no one can afford isn’t going to help anyone afford a home,” said Horwath. “But together, we can start to fix it. We can make sure there are affordable homes for people, not speculators.
Background
Andrea Horwath and the NDP first released Homes You Can Afford in November 2020. It includes:
- The Homes in Ontario Program (HOP). First-time home buyers with household incomes under $200,000 would be able to access home equity loans of up to 10 per cent of the purchase price of the home to help with their down payment. They don’t have to repay it until they sell or move.
- The NDP will create a revenue-neutral fund to finance repayable loans as a part of the HOP. That fund will be self-sustaining. Gains in the fund over time will be used to maintain the fund.
- Creating a new Residents’ Rights Act to make it easier for homeowners to convert an unused garage, basement or floor of their home into an affordable rental home.
- The net costs of the NDP’s updated plan are $3.7 billion over the first four years, representing direct provincial transfers or costs housing operators can’t recover from rents.
- The total additional annual projected revenue is $300 million from new speculation and vacancy taxes, taxes on pre-construction condo flipping and licensing short-term rentals — not a dime will come from everyday families who rent or buy in Ontario.
