More Homes Build Faster Act, 2022
More Homes Build Faster Act is a provincial act that pertains specifically to Ontario.
The More Homes Build Faster Act was introduced by the Ontario government in 2019 and received Royal Assent in June of that year. The act aims to accelerate the development of new housing in Ontario and reduce red tape and regulatory barriers. Some of the key provisions of the act are as follows:
The More Homes Build Faster Act has the potential to address some of the key challenges facing Ontario's housing market, including a shortage of affordable housing and lengthy approval processes that can discourage new development. By streamlining the approval process and providing more certainty for developers, the act could encourage more investment in new housing construction, which could in turn increase the supply of affordable housing.
In addition, the act's provisions for community benefits charges and transit-oriented development could help to create more livable and sustainable communities, with improved access to infrastructure and services. This could benefit both residents and businesses, by making Ontario a more attractive place to live and work.
Overall, the More Homes Build Faster Act represents an important step forward for Ontario's housing market, and has the potential to provide significant benefits for residents, businesses, and the economy as a whole. However, it will be important to monitor the implementation of the act and ensure that its provisions are effectively and equitably applied across the province.
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