CHV2O - U2A3

My plan as Premier of Ontario

The housing landscape in Canada has been undergoing significant changes in recent years,
influenced by various economic, social, and policy factors. As housing has become more and more
unaffordable, it becomes increasingly difficult for young adults looking to move out. There are two
measures I would want to implement in order to combat this issue; providing funding towards non-profit
housing, and implementing a ban for investors who buy housing units for profit.

According to Statistics Canada, the growth of renter households has outpaced the growth of
owner households, contributing to a decline in the homeownership rate. The passing of the National
Housing Strategy Act in 2019 recognized housing as a fundamental human right, emphasizing the need
for equitable and accessible housing. Data from Statistica.com says that the average monthly rent for a
two-bedroom apartment in Toronto, ON, was 3,215 Canadian dollars as of January 2023– the second
highest in Canada after Vancouver, BC. On average, buying a condo in central Toronto cost home buyers
688,000 Canadian dollars in 2022, but some areas exhibited prices as high as one million Canadian
dollars. For a large portion of the working class, this is unaffordable.

Recognizing the urgency of addressing skyrocketing housing prices and ensuring affordable
housing options for all Ontarians, my administration would prioritize a multi-faceted approach to tackle
this challenge. Firstly, I would provide substantial funding towards the creation and expansion of
non-profit housing initiatives. These non-profit housing units would have prices that are not dictated by
the market; their rates would be influenced purely by how much it costs to maintain the building’s
function. By partnering with community organizations and leveraging public funds, we can bolster the
construction of affordable housing units that cater to the needs of families, students, and individuals
across the province. These non-profit developments would be designed to prioritize accessibility,
inclusivity, and long-term affordability, ultimately easing the burden on those struggling to find suitable
housing options.

Additionally, I would advocate for the implementation of measures to curb speculative investment
in the housing market. It is important to ensure that housing units are primarily accessible to those seeking
shelter and not treated solely as profit-generating assets. To achieve this, I would propose a ban on
Canadian and international investors who purchase housing units with the sole intention of turning a profit
through resale or short-term rentals. This ban would help stabilize housing prices, deter speculative
practices, and encourage a more equitable distribution of available housing units.

By combining these two approaches, Ontario can work towards a more balanced and accessible
housing market. These measures would not only address the immediate concerns of housing affordability
but also contribute to the long-term stability and resilience of Ontario's housing sector. As Premier, my
commitment would be to prioritize the well-being of all Ontarians, ensuring that a safe, secure, and
affordable place to call home remains a fundamental right for every resident.
 Works Cited

Canada, Department of Finance. “Making Housing More Affordable.” Canada.Ca, 3 Nov. 2022,
www.canada.ca/en/department-finance/news/2022/11/making-housing-more-affordable.html.

Government of Canada, Statistics Canada. “To Buy or to Rent: The Housing Market Continues to Be
Reshaped by Several Factors as Canadians Search for an Affordable Place to Call Home.” The
Daily - , 21 Nov. 2022, www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.htm.

“Topic: Housing Market in Canada.” Statista,

www.statista.com/topics/3139/residential-housing-in-canada/#editorsPicks. Accessed 8 Aug.
2023.

Zimonjic , Peter. “Trudeau Says New Housing-Based Long-Term Infrastructure Plan Coming This Fall | CBC
News.” CBCnews, 26 May 2023,
www.cbc.ca/news/politics/trudeau-housing-long-term-infrastructure-1.6856234#:~:text=Politics-,
Trudeau%20says%20new%20housing%2Dbased%20long%2Dterm%20infrastructure%20plan%2
0coming,affordable%20housing%20across%20the%20country.