In October The Lakelands’ Political Action Committee (PAC), with the support of the Ontario Real Estate Association (OREA), met with MPP Jill Dunlop (Simcoe North), MPP Jim Wilson (Simcoe-Grey), MPP Norm Miller (Parry Sound – Muskoka), and MPP Bill Walker (Bruce Grey Owen Sound) to discuss important topics around home affordability and what the government can do to support families who want to own a home.
Homeownership in Ontario has been, for generations, a cornerstone of our shared prosperity and supports families and stronger communities. In addition, housing and real estate sectors support tens of thousands of jobs and billions of dollars in economic activity. That said, the number of homes on the market has declined, prices have increased, and family incomes are not keeping pace.
When the market is balanced (good for buyers and sellers) we have between 6 and 4 months of inventory. A buyer’s market has 6+ months of inventory and 4 or less is considered a seller’s market. In Ontario, we have just under 1 month’s worth of homes on the market, and this declining trend was happening well before the pandemic hit – which is the lowest it has been in over 30 years and has resulted in home prices increasing. The Political Action Committee requested MPP support to lower costs for first-time homebuyers by increasing the first-time home buyers’ rebate from $4,000 to $8,000.
Furthermore, family incomes are not keeping pace with rising home prices. Today in the GTA, as an example, a family is dedicating nearly 70% of their after-tax income to housing-related costs – over double what experts say, families should spend. So even if they can find a home, the cost of carrying that property is stretching family budgets very thin. 46% of home buyers under 45 are looking outside of Ontario because it’s so expensive to live in our Province. The Political Action Committee requested MPP support to build more homes for families with the introduction of the “Bring Affordability Home Act, 2021” which will make it easier to build homes for families.
Our REALTOR® members go beyond buying and selling homes; they advocate to provide affordable housing in our communities and support families who want to own a home.