Ontario NDP promises to spur construction of 1.5 million new homes in 10 years

Ontario’s New Democrats and Progressive Conservatives are both promising to build 1.5 million homes in 10 years as the province grapples with a dearth of supply and ballooning prices.  

NDP Leader Andrea Horwath said her housing plan, which would see a net cost of $3.7 billion over the first four years, aims to make it more affordable for families to have their own home, not speculators wanting to make a fortune.

“I want you to hold onto your dreams of home ownership,” she said. “We have a plan that will give you a lifeline, that will give you that chance to be able to own your own home.”

Horwath’s goal of 1.5 million homes is the same number recommended by a government-commissioned task force report earlier this year, and she said it would include a mix of starter homes, purpose-built rentals and affordable housing units.

The NDP plan would end exclusionary zoning and update growth policies to increase the supply of affordable housing in pedestrian-and transit-friendly neighbourhoods.

They also promise to establish Housing Ontario, a body that would finance and build at least 250,000 affordable and non-market rental homes over 10 years, operated by public, non-profit and co-op housing providers.

The New Democrats also said they would provide help for first-time home buyers, including giving people from households with incomes under $200,000 access to home equity loans of up to 10 per cent of the purchase price to help with their down payment.

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