Ontario Government's Fall Economic Statement Supports Housing Construction and Infrastructure
The Hon. Peter Bethlenfalvy, Minister of Finance, has delivered the 2023 Fall Economic Statement (FES) titled "Building A Strong Ontario Together." The statement highlights the province's economic and fiscal progress and introduces financial supports to address rental housing construction and housing supportive infrastructure.
Accelerating Housing Supply
The Ontario Home Builders' Association (OHBA) welcomes the update and applauds the measures taken by the Ford government to accelerate housing supply across the province. The investment in vital housing supportive infrastructure is seen as crucial in achieving the industry's goal of building at least 1.5 million new homes by 2031.
Removing HST on Purpose-Built Rentals
The Fall Economic Statement includes a commitment to remove the Harmonized Sales Tax (HST) on purpose-built rental construction. This measure is expected to make rental projects more economically feasible and contribute to the development of student, seniors, and long-term rental housing.
Investing in Municipal Infrastructure
OHBA also applauds the announcement of a $200 million fund for water and wastewater infrastructure and the creation of a new Ontario Infrastructure Bank with an initial investment of $3 billion. These measures are aimed at addressing water infrastructure constraints that have been delaying the delivery of new homes.
To meet the needs of Ontario's growing population and maintain its economic powerhouse status, it is crucial to expedite the supply and choice of housing. This can be achieved by reducing costs associated with new home construction, streamlining processes, ensuring a skilled labor force, investing in housing supportive infrastructure, and implementing policies that promote housing supply and choice.
The OHBA remains committed to advocating for policies that expand housing supply, choice, and diversity to ensure that all Ontarians have access to suitable housing options.
A New Era for Housing and Infrastructure in Ontario
The Ontario Government's 2023 Fall Economic Statement (FES) has unveiled a series of measures that could revolutionize the housing and infrastructure sectors, potentially creating a wealth of opportunities for new businesses. The FES, aptly titled "Building A Strong Ontario Together," emphasizes the province's commitment to accelerating housing supply and investing in supportive infrastructure.
The Housing Boom
The Ontario Home Builders' Association (OHBA) has lauded the government's commitment to expedite housing supply. The goal is to construct at least 1.5 million new homes by 2031, a target that could stimulate a flurry of activity in the construction sector. For new businesses in this industry, this could mean a surge in demand and potential growth opportunities.
A Boost for Rental Construction
The FES also promises to remove the Harmonized Sales Tax (HST) on purpose-built rental construction. This measure could make rental projects more economically viable, opening up new avenues for businesses focused on developing student, seniors, and long-term rental housing.
Investment in Infrastructure
The announcement of a $200 million fund for water and wastewater infrastructure, coupled with the creation of a new Ontario Infrastructure Bank, is a clear signal of the government's commitment to overcoming infrastructure constraints. This could lead to a boom in infrastructure projects, providing a fertile ground for new businesses in this sector.
In conclusion, the FES presents a promising outlook for new businesses in the housing and infrastructure sectors. The government's commitment to accelerating housing supply, removing HST on rental construction, and investing in infrastructure could create a conducive environment for business growth and innovation.