The flow of new homes into Ontario’s bustling housing sector is hampered by extremely lengthy development approval timelines, according to the Ontario Building Officials Association.
Strong funding and construction activity are seemingly having negligible impact in ensuring new supply. Per OBOA estimates, it takes as long as 10 years to complete the required planning to get new building permits in the province.
“We have the best building codes in the world, which is why Ontarians feel safe in the places they live, work and play,” OBOA president Matt Farrell said.
“We need to be cutting the red tape throughout the approvals processes to bring this housing to the market as quickly as possible.”
A significant portion of funding is slated to come from the federal and provincial governments, which will make the implementation of a streamlined approvals process even more important.
“Premier Ford announced $1-billion in funding for affordable housing last month, and the prime minister committed another $1.3-billion before that, but cumbersome processes are going to delay making that housing available to the people who so desperately need it,” Farrell emphasized.
Any new supply will most likely be on the higher end, as shown by developer Cortel Group’s latest projects across the province.
The Towers 3 and 4 luxury condo buildings, the final phase in the highly anticipated Oak & Co. luxury condominium complex in Oakville, have been launched late last month. Units are expected to enter the Toronto market starting at the $300s.
Meanwhile, the 60-storey CG Tower is expected to become the tallest building in Vaughan, as well as the tallest structure in Cortel Group’s Expo City development. It is scheduled for completion by September 2021.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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