A coalition of developers in Ontario is calling on the government to provide tax breaks in order to make home ownership more affordable for buyers.
The group, known as the Ontario Home Builders’ Association (OHBA), is asking both the provincial and federal governments to implement measures that would help reduce the cost of new homes for potential buyers.
According to the OHBA, the rising cost of construction materials and labor, combined with government fees and charges, have made it increasingly difficult for developers to build affordable homes. As a result, the burden is often passed on to homebuyers, making it challenging for many to enter the housing market.
The OHBA is proposing a number of solutions, including a reduction in development charges and property taxes, as well as a temporary freeze on municipal fees and charges. They also suggest implementing a tax credit for first-time homebuyers to help offset the cost of purchasing a new home.
The coalition argues that these measures would not only make home ownership more attainable for buyers, but also stimulate the economy by creating jobs and boosting the housing market.
In a statement, OHBA CEO Joe Vaccaro emphasized the importance of addressing the affordability crisis in the housing market. “We need to work together to find solutions that will help make home ownership a reality for more Ontarians,” he said.
The OHBA’s call for tax breaks has received support from other industry groups, including the Building Industry and Land Development Association (BILD). BILD CEO Dave Wilkes stated that “the cost of government-imposed fees and charges is one of the top reasons why new homes in the GTA are becoming increasingly unaffordable.”
The OHBA is hopeful that the government will take their proposals into consideration and work towards finding a solution to the affordability crisis in the housing market. As the demand for affordable housing continues to rise, it is crucial for all levels of government to collaborate and take action to make home ownership a reality for more Canadians.
