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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