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:
- Community Benefits Charges: The act replaces the previous development charges with a new system of community benefits charges. This system is intended to be more flexible and to better reflect the actual costs of new development, while also providing additional funding for community infrastructure and services.
- Local Planning Appeal Tribunal: The act makes significant changes to the Local Planning Appeal Tribunal (LPAT), which is responsible for hearing appeals related to land-use planning and development decisions. The changes are intended to streamline the appeal process and provide more certainty and predictability for developers.
- Transit-Oriented Development: The act includes provisions to encourage transit-oriented development, which involves building new housing and other amenities near public transit hubs. This type of development is intended to reduce reliance on cars and improve access to transit, while also supporting economic growth and reducing greenhouse gas emissions.
- Housing Supply Action Plan: The act requires the government to develop and implement a Housing Supply Action Plan, which will set targets for new housing construction and identify strategies for achieving those targets. The plan is intended to provide a comprehensive and coordinated approach to increasing the supply of affordable housing in Ontario.
- Streamlined Approval Process: The act includes measures to streamline the approval process for new housing developments, including reducing the number of required studies and reports, and providing for more efficient processing of applications.
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.
Back to BCIN Blog
Back to BCIN Directory