OREA CEO Hails Economic Recovery Act

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Ontario Legislative Building. Picture: Ontario Real Estate Association

TORONTO: Ontario Real Estate Association CEO Tim Hudak has issued the following statement on the Ontario Government’s Covid-19 Economic Recovery Act “Creating jobs and helping families find an affordable place to live must be part of Ontario’s COVID-19 economic recovery.

“The Government of Ontario’s announcement today of legislation that will fast-track housing construction along transit lines will help hard-working Ontarians rebound from the COVID-19 pandemic and bring more affordable housing to those who need it, along with better access to much-needed transit.

“OREA would like to congratulate Minister of Municipal Affairs & Housing Steve Clark, Minister Caroline Mulroney, Associate Minister Kinga Surma and Premier Ford on today’s introduction of the COVID-19 Economic Recovery Act which will fast track the planning and delivery of transit infrastructure projects that will help bring the Canadian dream of homeownership within reach for young families, millennials, and new Canadians.

“Ontario REALTORS® are also pleased to see this legislation acting on one of our major recommendations to fix the housing supply in this province and protect the dream of homeownership for generations to come.

According to research from OREA in partnership with Ryerson University, transit corridors have untapped development potential, with transit-oriented communities being key to unlocking more housing.

“We also cannot ignore the economic benefits of these transit-oriented projects, especially during a time like this. Development around transit nodes can bring significant positive economic impacts to communities across Ontario.

“The combined higher spending on construction and the knock-on effects to the rest of the economy could lift economic activity in Ontario by billions of dollars and create thousands of jobs.

“I want to thank Minister Clark, Minister Mulroney, Associate Minister Surma and Premier Ford for their leadership in bringing this legislation forward and helping Ontario get right back on track.

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