On October 30, 2024, the Toronto Regional Real Estate Board (TRREB) expressed strong support for the Ontario government's recent initiatives aimed at creating a fairer property tax system and increasing housing supply across the province. Announced in the 2024 Fall Economic Statement, these measures are a significant step towards addressing the pressing housing needs in Ontario.
Fairness in Property Taxation
TRREB has long championed the cause of tax fairness for homeowners in Ontario. The government’s ongoing review of the property assessment and taxation system promises to prioritize fairness, affordability, and competitiveness for businesses. This aligns perfectly with TRREB’s mission to advocate for a more equitable tax environment for residents. To contribute further to this dialogue, TRREB is currently developing new research to support the government's consultations.
Focusing on Housing Supply
The issue of housing supply remains a top priority for TRREB, and the board is eager for the province to continue its focus in this area. A diverse range of residential units—including student housing, long-term care facilities, and retirement homes—is essential to meet the needs of Ontario’s expanding population. TRREB is committed to public policy solutions that not only boost housing supply but also enhance affordability for home buyers. The ambitious target of 1.5 million new homes by 2031 is one that TRREB is excited to help achieve in collaboration with Minister Calandra and Premier Ford.
Combating Financial Crimes in Real Estate
Another significant measure welcomed by TRREB is the government's consideration of a beneficial ownership registry. This registry would require private corporations to disclose information about their beneficial owners, acting as a crucial tool in the fight against financial crimes such as money laundering and tax evasion in the real estate sector. By empowering law enforcement with the information needed to detect and prevent illegal activities, this initiative aims to protect Ontario’s real estate market and safeguard consumers.
Conclusion
As Canada’s largest real estate board, with over 75,000 residential and commercial professionals, TRREB is committed to connecting people, property, and communities. The recent measures from the Ontario government represent a positive step towards achieving a fairer and more sustainable housing market in the province. TRREB looks forward to collaborating with government officials to ensure these initiatives lead to meaningful improvements for all Ontarians.