TORONTO: Ontario government has put forward a new housing plan, “More Homes Built Faster Act,” that aims to construct 1.5 million homes by 2031.
An Ottawa-based think-tank released a report titled “Ontario’s Need for 1.5 Million More Homes”, stating that the province faces a housing shortage of one million homes and an additional one million will be required as the province grows.
According to details, 48% of the demand will be concentrated in three cities namely Toronto, York Region and Peel Region.
Estimates suggest that the largest housing demand is in Peel Region with 277,000 housing requirements. This is followed by Toronto and York with 259,0000 and 180,000 housing needs respectively.
In addition, Toronto has approved 28,000 homes per year that are to be constructed over the next five years. 15,000 units per year, on average, have been previously constructed.
The proposed legislation further claims that development charges will be reduced for rental construction. Further discounts of up to 25% will be offered for family-sized units.
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