A new study by the Ontario Chamber of Commerce (OCC) seeks to address one of the most pressing issues in the province: the housing crisis.
Housing affordability has become a pressing issue impacting communities of all sizes across Ontario. High housing costs are limiting the buying power of households, impacting businesses’ ability to attract and retain talent, and exacerbating homelessness rates throughout the province, according to a news release.
In response, the (OCC) today released, Home Stretched: Tackling Ontario's Housing Affordability Crisis Through Innovative Solutions and Partnerships, outlining opportunities for the private, public, and non-profit sectors to explore partnerships and approaches to address housing affordability and supply, and recommendations to build on successful models, the release added.
“The housing crisis in Ontario has reached a critical point, with significant challenges related to both affordability and supply,” said Orillia & District Chamber of Commerce Executive Director Allan Lafontaine.
“Orillia and Lake Country has not been immune to these pressures, as rising housing costs are impacting many of our businesses' ability to attract and retain labour. At the same time, higher housing costs leave less income available to spend on other goods and services, which directly affects our community’s long-term economic growth," Lafontaine added.
The Ontario government has committed to building 1.5 million new homes by 2031 to help mitigate this crisis. This goal will require strategic action and significant collaboration across sectors and all levels of government," the release said.
The policy brief provides all levels of government and industry with recommendations under the following themes: Labour and Demographics, the Housing Continuum, and Infrastructure and Land Use Planning. Key recommendations include:
- Continue to establish and deliver on inclusive workforce development and immigration strategies to increase the labour pool needed to build more housing.
- Incentivize the development and preservation of affordable housing options along the continuum, including purpose-built rentals, missing middle, student, nonprofit, cooperative, and supportive housing.
- Support the development and expansion of innovative technologies, data tools, retrofitting, building conversions, as well as mixed-use and climate-resilient green housing.
“The growing mismatch between housing supply and demand in communities across Ontario has made it more difficult for employers to fill labour gaps, particularly as the global competition for talent heats up,” said OCC President and CEO Rocco Rossi.
“To ensure the long-term resilience of our economy, we encourage governments to balance consultation with bold action, such as ending exclusionary zoning and working in partnership with public and private sector partners to address labour shortages.”
To help build this brief, the OCC led a series of regional housing affordability roundtables with a diverse range of housing sector stakeholders. The Orillia & District Chamber contributed to the OCC's Housing Affordability Initiative and look forward to working with all levels of government and industry to meet the housing needs of local communities.
